Two-Unit Duplex with Oversized
For Sale
$359,000
601 AYERS St, Kelso, WA 98626
MultiFamily, Kelso, WA
Property Size2,460 SF
Price / SF$145.93
Days on Market165
Property Features for 601 AYERS St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R02
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 1, Bedroom 3, Bedroom 4, Bathroom 3, Bathroom 2, Bedroom 5, Bathroom 1, Bedroom 2
Elementary school
Catlin
Middle school
Huntington
High school
Kelso
Directions
N Minor Rd and N 7th Ave to Ayers St
Subdivision
_82
Standard status
Active
APN
20381
Size
2,460 SF
Taxes and HOA fees
Tax Description
275 (KELSO OLD TOWN) -57 -5 26 -8N -2W
Tax Annual Amount
3198
Legal Description
275 (KELSO OLD TOWN) -57 -5 26 -8N -2W
Amenities
fireplace
garage
unfinished basement
Building Details
Year built
1910
Floors in Building
2
Number of units
2
Roof type
Composition
Listing Agency:
Kelly Right Real Estate Vancouver
(503) 719-6056
Listed By:
Rosilee Smith · License #49102
(360) 901-5735
Added: Apr 13
Changed: Sep 15
Last Checked: Sep 24 at 3:06AM
MLS# 539996528
Copyright © 2026 Regional Multiple Listing Services. 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.
Built in 1910, this two-story duplex contains 2,460 square feet across two separate residences. The main-floor unit offers 1,120 square feet with three bedrooms, 1.5 bathrooms, and a fireplace. Upstairs, the 864-square-foot unit includes two bedrooms, one bathroom, and its own fireplace. Interior updates and recent exterior paint add to the property's existing character, while the composition roof provides a defined roofing system.
A detached six-car garage expands the property's parking and storage capacity. The unfinished basement provides additional storage area or space for future improvements. The property is zoned R02 and is located near shopping, dining, and everyday amenities. A new Amazon distribution center is being developed nearby.
A detached six-car garage expands the property's parking and storage capacity. The unfinished basement provides additional storage area or space for future improvements. The property is zoned R02 and is located near shopping, dining, and everyday amenities. A new Amazon distribution center is being developed nearby.
Key Highlights
- 2,460‑square‑foot duplex built in 1910
- Main unit: 1,120 square feet, 3 bedrooms, and 1.5 bathrooms
- Upper unit: 864 square feet, 2 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
$28,315
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
7.89%
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%
$566,300
$566.3K
Cap Rate 7%
$404,500
$404.5K
Cap Rate 9%
$314,611
$314.6K
Market Conditions
NOI Build-Up for 2,460 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
$42.8K $17.40/SF
− Vacancy
−$2.4K −$0.96/SF
EGI
$40.4K $16.44/SF
− OpEx
−$12.1K −$4.93/SF
NOI
$28.3K $11.51/SF
Area
Cowlitz County, WA
Vacancy
5.50%
Lease Rate
$17.40 /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%
$566,300
Cap Rate 7%
$404,500
Cap Rate 9%
$314,611
Alternative Uses
Best Use
Multifamily LT 5
$404.5K
$353.9K – $471.9K
NOI $28,315 @ 7.0% cap · market cap 7.89%
Second Best
Apartment 5plus
$371.4K
$325.0K – $433.3K
NOI $26,000 @ 7.0% cap · market cap 7.24%
Theoretical Best
Office A
$810.5K
$709.2K – $945.6K
NOI $56,735 @ 7.0% cap · market cap 15.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
533
Businesses Nearby
Explore this area
Business Placement
Demographics for 98626, WA
26,291
Population
10,642
Households
2.5
Avg Household Size
39
Median Age
15%
College-Educated
90%
High-School Grad
134.6 sq mi
ZIP Area
195
Density / Sq Mi
$70,058
Median Household Income
$40,996
Median Earnings
$1,169
Median Rent
$339,800
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Duplex - Classic two-story property with two fireplaces, recent exterior paint, and an unfinished basement.
Where is this duplex located?
The property is located at 601 AYERS St Kelso, WA.
What is the asking price?
The asking price for this property is $359,000.
What are key features of this property?
This property features: 2,460‑square‑foot duplex built in 1910; Main unit: 1,120 square feet, 3 bedrooms, and 1.5 bathrooms; Upper unit: 864 square feet, 2 bedrooms, and 1 bathroom
