Newly Built
For Sale
$575,000
506 N Kent Pl, Kennewick, WA 99336
Two single-level residences feature contemporary finishes, private fenced yards, and existing leases.
Property Size2,038 SF
Price / SF$282.14
Days on Market15
Property Features for 506 N Kent Pl
General Information
Standard status
Active
Size
2,038 SF
Property subtype
Residential Income
Occupancy
100%
Units
Unit Mix
2 x 3BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$1,351
Amenities
fenced yard
Building Details
Year Built
2026
Buildings
1
Listing Agency:
Retter and Company Sotheby's
(509) 528-2178
Listed By:
Monroe Davis
(509) 528-2178
Source:
Exprealty
Added: Aug 6
Changed: Aug 18
Last Checked: Aug 20 at 11:13AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Retter and Company Sotheby's
Investment Insights
Based on property information with market context.
This duplex comprises two single-level residences, each measuring approximately 1,017 square feet within a 2,038-square-foot property. Both units offer three bedrooms and one bathroom, with quartz countertops, LVP flooring throughout, and contemporary interior finishes. Fenced yard areas provide each residence with dedicated outdoor space.
Completed in April 2026, the property is currently leased in both units. The configuration combines newly completed construction with an established income-producing setup and may also accommodate future owner occupancy as lease terms change.
Completed in April 2026, the property is currently leased in both units. The configuration combines newly completed construction with an established income-producing setup and may also accommodate future owner occupancy as lease terms change.
Key Highlights
- Two‑unit duplex completed in April 2026
- Each residence is approximately 1,017 square feet with 3 bedrooms and 1 bathroom
- 2,038‑square‑foot property with two single‑level residences
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$17,727
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.08%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$354,540
$354.5K
Cap Rate 7%
$253,243
$253.2K
Cap Rate 9%
$196,967
$197.0K
Market Conditions
NOI Build-Up for 2,038 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$27.6K $13.56/SF
− Vacancy
−$2.3K −$1.13/SF
EGI
$25.3K $12.43/SF
− OpEx
−$7.6K −$3.73/SF
NOI
$17.7K $8.70/SF
Area
Benton County, WA
Vacancy
8.36%
Lease Rate
$13.56 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$354,540
Cap Rate 7%
$253,243
Cap Rate 9%
$196,967
Alternative Uses
Best Use
Multifamily LT 5
$253.2K
$221.6K – $295.5K
NOI $17,727 @ 7.0% cap · market cap 3.08%
Second Best
Apartment 5plus
$224.3K
$196.3K – $261.7K
NOI $15,702 @ 7.0% cap · market cap 2.73%
Theoretical Best
Office A
$565.3K
$494.6K – $659.5K
NOI $39,569 @ 7.0% cap · market cap 6.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
487
Businesses Nearby
Explore this area
Business Placement
Demographics for 99336, WA
51,127
Population
20,915
Households
2.4
Avg Household Size
33
Median Age
21%
College-Educated
85%
High-School Grad
13.4 sq mi
ZIP Area
3,815
Density / Sq Mi
$63,308
Median Household Income
$38,211
Median Earnings
$1,155
Median Rent
$292,300
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two single-level residences feature contemporary finishes, private fenced yards, and existing leases.
Where is this duplex located?
The property is located at 506 N Kent Pl Kennewick, WA.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: Two‑unit duplex completed in April 2026; Each residence is approximately 1,017 square feet with 3 bedrooms and 1 bathroom; 2,038‑square‑foot property with two single‑level residences
