New Construction
New
For Sale
$575,000
506 N Kent Place, Kennewick, WA 99336
MULTI_FAMILY - Kennewick, WA
Property Size2,038 SF
Lot Size0.16 Acres
Price / SF$282.14
Days on Market4
Property Features for 506 N Kent Place
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Property condition
Under Construction
Zoning
MULTI-FAMILY RE
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 6, Bedroom 1, Bedroom 4, Bedroom 5, Bathroom 2, Dining Room, Bathroom 1, Bedroom 3, Bedroom 2
Parking features
Off Street
Window features
Vinyl Frames, Double Pane Windows
Patio and Porch features
Patio
Interior features
Kitchen/Dining Room Combo, New Floor Cover, New Paint, Vinyl
Exterior features
Fencing/Enclosed
Fencing
Fenced
Basement
Crawl Space
Appliances
Dishwasher, Disposal, Microwave, Range/Oven
Subdivision
GARBERS GD
Lot features
Loc in City Limits
Elementary school district
KENNEWICK
Middle school district
KENNEWICK
High school district
KENNEWICK
Directions
Take Columbia Drive and turn away from the river on Kent Place.
Standard status
Active
APN
136993070000005
Size
2,038 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
1351
Utilities
Utilities
Electricity Available
Heating system
Heat Pump (Heating), Electric (Heating), Forced Air
Cooling system
Heat Pump, Central Air
Water source
Public
Amenities
fenced yard
Building Details
Year built
2026
Number of units
2
Flooring type
Vinyl, New floor cover
Building materials
Cement Board, New Construction, Frame
Roof type
Composition
Listing Agency:
Retter and Company Sotheby's · Sotheby's International Realty
(509) 783-8811
Listed By:
Monroe Davis
(509) 528-2178
Added: Aug 6
Changed: Aug 8
Last Checked: Aug 9 at 8:06AM
MLS# 295337
Copyright © 2026 PACMLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This duplex contains 2,038 square feet across two single-level residences, with each unit measuring approximately 1,017 square feet. Both residences include three bedrooms, one bathroom, a kitchen and dining combination, quartz countertops, vinyl flooring, and updated finishes. Dishwashers, disposals, microwaves, and range/ovens are included. Heat pump systems provide heating and cooling, with central air and forced-air heating also identified.
The property occupies 0.16 acres at 506 N Kent Place in Kennewick, Washington. Exterior features include fenced yard space, patios, off-street parking, a composition roof, cement board construction, public water, and available electricity. Both units are currently leased, and the property carries MULTI-FAMILY RE zoning.
The property occupies 0.16 acres at 506 N Kent Place in Kennewick, Washington. Exterior features include fenced yard space, patios, off-street parking, a composition roof, cement board construction, public water, and available electricity. Both units are currently leased, and the property carries MULTI-FAMILY RE zoning.
Key Highlights
- 2,038‑square‑foot duplex on a 0.16‑acre lot
- Two single‑level units, each approximately 1,017 square feet
- Each residence includes 3 bedrooms and 1 bathroom
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
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
395
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 offer three-bedroom layouts, fenced yards, contemporary finishes, and separate leased-unit functionality.
Where is this duplex located?
The property is located at 506 N Kent Place 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: 2,038‑square‑foot duplex on a 0.16‑acre lot; Two single‑level units, each approximately 1,017 square feet; Each residence includes 3 bedrooms and 1 bathroom
