Updated Four-Unit Apartment
For Sale
$669,000
6702 W 1st Ave., Kennewick, WA 99336
Four two-bedroom apartments offer refreshed interiors, private outdoor areas, and in-unit washer and dryer hookups.
Property Size3,734 SF
Price / SF$179.16
Days on Market42
Property Features for 6702 W 1st Ave.
General Information
Standard status
Active
Size
3,734 SF
Property subtype
Multi-Family
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Amenities
private backyard
balconies/patios
washer/dryer hook-ups
refrigerator
stove
dishwasher
microwave
Building Details
Year Built
1978
Buildings
1
Listing Agency:
Dk Bain Real Estate, Inc
(509) 949-1771
Listed By:
Pamela Caldwell
(509) 949-1771
Source:
Searchresultsrealtygroup
Added: Jul 19
Changed: Aug 28
Last Checked: Aug 28 at 6:56AM
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 Dk Bain Real Estate, Inc
Investment Insights
Based on property information with market context.
This 3,734-square-foot fourplex, built in 1978, contains four apartments with matching two-bedroom, one-bath layouts. Each unit includes a kitchen with dining space, a utility closet with washer and dryer hookups, a family room, and either an upper-level balcony or ground-level patio. Appliances include a refrigerator, stove, dishwasher, and microwave. Units A and C also have exterior storage closets.
Recent property improvements include a new roof, HVAC systems, interior flooring and paint, fencing, parking lot, stairway, landings, and railings. The property includes a private backyard with UGS. Unit A is vacant, while Units B, C, and D are occupied. The address provides access to shopping, schools, highways, and Columbia Park.
Recent property improvements include a new roof, HVAC systems, interior flooring and paint, fencing, parking lot, stairway, landings, and railings. The property includes a private backyard with UGS. Unit A is vacant, while Units B, C, and D are occupied. The address provides access to shopping, schools, highways, and Columbia Park.
Key Highlights
- Four‑unit property with 3,734 square feet of building area
- All apartments offer 2 bedrooms and 1 bathroom
- Recent roof, HVAC, flooring, paint, fencing, parking lot, stairway, and railing updates
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
$32,480
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
4.86%
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%
$649,600
$649.6K
Cap Rate 7%
$464,000
$464.0K
Cap Rate 9%
$360,889
$360.9K
Market Conditions
NOI Build-Up for 3,734 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
$50.6K $13.56/SF
− Vacancy
−$4.2K −$1.13/SF
EGI
$46.4K $12.43/SF
− OpEx
−$13.9K −$3.73/SF
NOI
$32.5K $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%
$649,600
Cap Rate 7%
$464,000
Cap Rate 9%
$360,889
Alternative Uses
Best Use
Multifamily LT 5
$464.0K
$406.0K – $541.3K
NOI $32,480 @ 7.0% cap · market cap 4.86%
Second Best
Apartment 5plus
$411.0K
$359.6K – $479.5K
NOI $28,769 @ 7.0% cap · market cap 4.30%
Theoretical Best
Office A
$1.04M
$906.2K – $1.21M
NOI $72,497 @ 7.0% cap · market cap 10.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
883
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?
Quadplex - Four two-bedroom apartments offer refreshed interiors, private outdoor areas, and in-unit washer and dryer hookups.
Where is this quadplex located?
The property is located at 6702 W 1st Ave. Kennewick, WA.
What is the asking price?
The asking price for this property is $669,000.
What are key features of this property?
This property features: Four‑unit property with 3,734 square feet of building area; All apartments offer 2 bedrooms and 1 bathroom; Recent roof, HVAC, flooring, paint, fencing, parking lot, stairway, and railing updates
