Updated Triplex with Large
New
For Sale
$522,500
804 S Olympia St, Kennewick, WA 99336
Vacant three-unit property with updated interiors, private kitchens, and shared fenced outdoor space.
Property Size2,077 SF
Lot Size0.40 Acres
Price / SF$251.56
Days on Market1
Property Features for 804 S Olympia St
General Information
Standard status
Active
Size
2,077 SF
Lot size
0.40 Acres
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
3
Additional Details
Highway Access
Yes
Building Details
Year Built
1954
Buildings
1
Listing Agency:
Homesmart Elite Brokers
Listed By:
Pamela Caldwell
(509) 949-1771
Source:
Searchresultsrealtygroup
Added: Sep 14
Last Checked: Sep 14 at 2:24PM
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 Homesmart Elite Brokers
Investment Insights
Based on property information with market context.
This Kennewick triplex contains 2,077 square feet across two 2-bedroom, 1-bath units and one 1-bedroom, 1-bath unit. All three residences are vacant and include full kitchens plus washer and dryer hookups. Improvements include updated flooring, carpet, plumbing, appliances, cabinets, countertops, blinds, windows, and doors. The property was built in 1954 and is configured for flexible owner occupancy or leasing of the full building.
The 0.40-acre parcel includes a fully fenced backyard with shared outdoor space. Its location at 804 S Olympia St places the property minutes from freeway access, shopping, dining, and everyday amenities. A large lot may support consideration of an ADU or expansion, subject to city requirements and buyer verification.
The 0.40-acre parcel includes a fully fenced backyard with shared outdoor space. Its location at 804 S Olympia St places the property minutes from freeway access, shopping, dining, and everyday amenities. A large lot may support consideration of an ADU or expansion, subject to city requirements and buyer verification.
Key Highlights
- Three‑unit layout with two 2‑bedroom, 1‑bath residences and one 1‑bedroom, 1‑bath residence
- 2,077 square feet on a 0.40‑acre lot
- Vacant property with full kitchens and washer/dryer hookups in every unit
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
$18,067
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
3.46%
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%
$361,340
$361.3K
Cap Rate 7%
$258,100
$258.1K
Cap Rate 9%
$200,744
$200.7K
Market Conditions
NOI Build-Up for 2,077 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
$28.2K $13.56/SF
− Vacancy
−$2.4K −$1.13/SF
EGI
$25.8K $12.43/SF
− OpEx
−$7.7K −$3.73/SF
NOI
$18.1K $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%
$361,340
Cap Rate 7%
$258,100
Cap Rate 9%
$200,744
Alternative Uses
Best Use
Multifamily LT 5
$258.1K
$225.8K – $301.1K
NOI $18,067 @ 7.0% cap · market cap 3.46%
Second Best
Apartment 5plus
$228.6K
$200.0K – $266.7K
NOI $16,002 @ 7.0% cap · market cap 3.06%
Theoretical Best
Office A
$576.1K
$504.1K – $672.1K
NOI $40,326 @ 7.0% cap · market cap 7.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
236
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
Check the figures for this property
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?
Triplex - Vacant three-unit property with updated interiors, private kitchens, and shared fenced outdoor space.
Where is this triplex located?
The property is located at 804 S Olympia St Kennewick, WA.
What is the asking price?
The asking price for this property is $522,500.
What are key features of this property?
This property features: Three‑unit layout with two 2‑bedroom, 1‑bath residences and one 1‑bedroom, 1‑bath residence; 2,077 square feet on a 0.40‑acre lot; Vacant property with full kitchens and washer/dryer hookups in every unit
