Two-Unit Duplex Income
For Sale
Contact for pricing
70 NE Rose St, College Place, WA 99324
Turnkey, fully leased duplex with two distinct floorplans in College Place’s rental market.
Property Size2,904 SF
Lot Size0.22 Acres
Price / SF$153.24
Days on Market57
Property Features for 70 NE Rose St
General Information
Standard status
Active
Size
2,904 SF
Class
C
Total Parking Spaces
4
Lot size
0.22 Acres
Property subtype
Multifamily
Zoning
Multi-Family
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$25,164
Additional Details
Business Included
Yes
Multifamily Units
2
Building Details
Year Built
1938
Year Renovated
1938
Buildings
1
Units
2
Tenancy
Multi
Listing Agency:
Spinoza Real Estate
Listed By:
TJ Espinoza · License #25016274
Source:
Crexi
Added: Jun 17
Changed: Aug 7
Last Checked: Aug 12 at 6:48AM
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 Spinoza Real Estate
Investment Insights
Based on property information with market context.
This turnkey duplex offers two fully leased residential units within a single 1938-built building with updated interiors. The upper unit features four bedrooms and two bathrooms, while the lower unit offers three bedrooms and one bathroom. Across both units, the property provides a total of seven bedrooms and three bathrooms, configured to support consistent rental appeal for a small, manageable residential income asset.
Located in College Place within the broader Walla Walla Valley investment market, the property is positioned minutes from Walla Walla University, downtown College Place, and surrounding employment and retail corridors. The site includes a 9,431 SF lot, providing above-average land area for a duplex setting, with buyer verification recommended for any potential expansion or accessory structure based on City of College Place planning requirements.
For buyers seeking a small, income-producing replacement property, this duplex is currently stabilized with both units occupied. The offering is supported by combined gross annual income of $40,800. Buyers should request the rent roll and expense detail for confirmation during diligence, including verification of any operating history and related underwriting items.
Located in College Place within the broader Walla Walla Valley investment market, the property is positioned minutes from Walla Walla University, downtown College Place, and surrounding employment and retail corridors. The site includes a 9,431 SF lot, providing above-average land area for a duplex setting, with buyer verification recommended for any potential expansion or accessory structure based on City of College Place planning requirements.
For buyers seeking a small, income-producing replacement property, this duplex is currently stabilized with both units occupied. The offering is supported by combined gross annual income of $40,800. Buyers should request the rent roll and expense detail for confirmation during diligence, including verification of any operating history and related underwriting items.
Key Highlights
- Turnkey duplex with both units currently occupied and fully leased
- 2‑unit layout: 4BD/2BA upper unit and 3BD/1BA lower unit (7 total bedrooms, 3 total baths)
- Gross annual income of $40,800 with rents of $3,400/month combined
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
$23,701
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
5.33%
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%
$474,020
$474.0K
Cap Rate 7%
$338,586
$338.6K
Cap Rate 9%
$263,344
$263.3K
Market Conditions
NOI Build-Up for 2,904 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
$35.2K $12.12/SF
− Vacancy
−$1.3K −$0.46/SF
EGI
$33.9K $11.66/SF
− OpEx
−$10.2K −$3.50/SF
NOI
$23.7K $8.16/SF
Area
Walla Walla County, WA
Vacancy
3.80%
Lease Rate
$12.12 /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%
$474,020
Cap Rate 7%
$338,586
Cap Rate 9%
$263,344
Alternative Uses
Best Use
Multifamily LT 5
$338.6K
$296.3K – $395.0K
NOI $23,701 @ 7.0% cap · market cap 5.33%
Second Best
Apartment 5plus
$295.7K
$258.8K – $345.0K
NOI $20,700 @ 7.0% cap · market cap 4.65%
Theoretical Best
Office A
$683.4K
$598.0K – $797.3K
NOI $47,839 @ 7.0% cap · market cap 10.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
194
Businesses Nearby
Explore this area
Business Placement
Demographics for 99324, WA
10,226
Population
3,601
Households
2.8
Avg Household Size
36
Median Age
37%
College-Educated
89%
High-School Grad
2.8 sq mi
ZIP Area
3,652
Density / Sq Mi
$64,485
Median Household Income
$29,650
Median Earnings
$1,121
Median Rent
$338,600
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 - Turnkey, fully leased duplex with two distinct floorplans in College Place’s rental market.
Where is this duplex located?
The property is located at 70 NE Rose St College Place, WA.
What is the asking price?
The asking price for this property is $445,000.
What are key features of this property?
This property features: Turnkey duplex with both units currently occupied and fully leased; 2‑unit layout: 4BD/2BA upper unit and 3BD/1BA lower unit (7 total bedrooms, 3 total baths); Gross annual income of $40,800 with rents of $3,400/month combined
