Remodeled Apartment Building with
For Sale
$1,399,000
741 Boyer, Walla Walla, WA 99362
Flexible multifamily property combining furnished suites, apartments, shared laundry, outdoor amenities, and off-street parking.
Property Size6,761 SF
Price / SF$206.92
Days on Market112
Property Features for 741 Boyer
General Information
Standard status
Active
Size
6,761 SF
Total Parking Spaces
4
Property subtype
Multi-family
Units
Unit Mix
3 x junior suite, 1 x studio, 1 x 1BR/1BA, 1 x 2BR/2BA
Multifamily Units
6
Amenities
covered front porch
poolside BBQ area
open patio
shared laundry facilities
Building Details
Year Built
1913
Listing Agency:
Alta Homes
Listed By:
Melissa Tetz
(360) 568-3105
Source:
Century21northhomes
Added: May 11
Changed: Aug 29
Last Checked: Aug 29 at 7:44PM
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 Alta Homes
Investment Insights
Based on property information with market context.
Built in 1913 and remodeled, this 6,761-square-foot apartment building combines preserved hardwood floors and period built-ins with a newer roof, updated electrical and plumbing systems, and modern HVAC. The main level includes expansive living areas, an office or management area, and a private owner's suite. Three furnished junior suites with compact culinary spaces occupy the upper floor, while the lower level contains three separately entered apartments: a studio, a 1bd/1ba, and a 2bd/2ba. Shared laundry serves the lower-level units.
Outdoor features include a covered front porch, a poolside BBQ area, and an open patio. Four off-street parking spaces are provided, with readiness for one EV. The property is located at 741 Boyer in Walla Walla, Washington, within blocks of Whitman College and the downtown district. Furnished month-to-month junior suites and traditional apartment leasing are both described as operating components of the property.
Outdoor features include a covered front porch, a poolside BBQ area, and an open patio. Four off-street parking spaces are provided, with readiness for one EV. The property is located at 741 Boyer in Walla Walla, Washington, within blocks of Whitman College and the downtown district. Furnished month-to-month junior suites and traditional apartment leasing are both described as operating components of the property.
Key Highlights
- 6,761‑square‑foot apartment building built in 1913
- Three furnished junior suites with compact culinary spaces
- Three lower‑level apartments: studio, 1bd/1ba, and 2bd/2ba
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
$48,192
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
3.44%
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%
$963,840
$963.8K
Cap Rate 7%
$688,457
$688.5K
Cap Rate 9%
$535,467
$535.5K
Market Conditions
NOI Build-Up for 6,761 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
$91.3K $13.50/SF
− Vacancy
−$3.7K −$0.54/SF
EGI
$87.6K $12.96/SF
− OpEx
−$39.4K −$5.83/SF
NOI
$48.2K $7.13/SF
Area
Walla Walla County, WA
Vacancy
4.00%
Lease Rate
$13.50 /SF/Yr
Expense Ratio
45.00%
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%
$963,840
Cap Rate 7%
$688,457
Cap Rate 9%
$535,467
Alternative Uses
Best Use
Apartment 5plus
$688.5K
$602.4K – $803.2K
NOI $48,192 @ 7.0% cap · market cap 3.44%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.59M
$1.39M – $1.86M
NOI $111,378 @ 7.0% cap · market cap 7.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
509
Businesses Nearby
Explore this area
Business Placement
Demographics for 99362, WA
43,249
Population
18,022
Households
2.4
Avg Household Size
40
Median Age
31%
College-Educated
90%
High-School Grad
303.1 sq mi
ZIP Area
143
Density / Sq Mi
$70,660
Median Household Income
$37,236
Median Earnings
$1,148
Median Rent
$398,000
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?
Apartment building - Flexible multifamily property combining furnished suites, apartments, shared laundry, outdoor amenities, and off-street parking.
Where is this apartment building located?
The property is located at 741 Boyer Walla Walla, WA.
What is the asking price?
The asking price for this property is $1,399,000.
What are key features of this property?
This property features: 6,761‑square‑foot apartment building built in 1913; Three furnished junior suites with compact culinary spaces; Three lower‑level apartments: studio, 1bd/1ba, and 2bd/2ba
