Five-Duplex Multifamily
For Sale
$3,600,000
950 Walnut, Kelso, WA 98626
Modern duplex portfolio with fully leased units, private yards, garages, and convenient access to I-5.
Property Size16,200 SF
Price / SF$222.22
Days on Market11
Property Features for 950 Walnut
General Information
Standard status
Active
Size
16,200 SF
Property subtype
Multi-family
Building Details
Year Built
2023
Listing Agency:
Real Broker LLC
Listed By:
Daniel Belza
(253) 604-6000
Source:
Skylineproperties
Added: Jul 30
Changed: Aug 8
Last Checked: Aug 8 at 4:24PM
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 Real Broker LLC
Investment Insights
Based on property information with market context.
This 16,200 SF multifamily portfolio comprises five duplexes built in 2023, with 10 fully occupied units. Each residence offers 3 bedrooms and 2.5 bathrooms, along with quartz countertops, stainless steel appliances, walk-in closets, and walk-in showers. Private fenced backyards, heat pumps with mini-split heating and cooling, garages, and extended driveways provide practical resident amenities and parking. Three duplexes use a 1,494 SF plan per unit, while two feature 1,809 SF units.
Located at 950 Walnut in Kelso, Washington, the property offers access to I-5 and nearby grocery, retail, dining, schools, a golf course, and other everyday services. The combination of recent construction, occupied units, and consistent physical specifications across the portfolio supports efficient ownership and management.
Located at 950 Walnut in Kelso, Washington, the property offers access to I-5 and nearby grocery, retail, dining, schools, a golf course, and other everyday services. The combination of recent construction, occupied units, and consistent physical specifications across the portfolio supports efficient ownership and management.
Key Highlights
- Five duplexes built in 2023 with 10 fully occupied units
- 16,200 SF multifamily portfolio at 950 Walnut, Kelso, WA 98626
- Three duplexes offer 1,494 SF per unit; two provide 1,809 SF per 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
$186,464
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
5.18%
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%
$3,729,280
$3.7M
Cap Rate 7%
$2,663,771
$2.7M
Cap Rate 9%
$2,071,822
$2.1M
Market Conditions
NOI Build-Up for 16,200 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
$281.9K $17.40/SF
− Vacancy
−$15.5K −$0.96/SF
EGI
$266.4K $16.44/SF
− OpEx
−$79.9K −$4.93/SF
NOI
$186.5K $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%
$3,729,280
Cap Rate 7%
$2,663,771
Cap Rate 9%
$2,071,822
Alternative Uses
Best Use
Multifamily LT 5
$2.66M
$2.33M – $3.11M
NOI $186,464 @ 7.0% cap · market cap 5.18%
Second Best
Apartment 5plus
$2.45M
$2.14M – $2.85M
NOI $171,222 @ 7.0% cap · market cap 4.76%
Theoretical Best
Office A
$5.34M
$4.67M – $6.23M
NOI $373,621 @ 7.0% cap · market cap 10.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
177
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
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 - Modern duplex portfolio with fully leased units, private yards, garages, and convenient access to I-5.
Where is this duplex located?
The property is located at 950 Walnut Kelso, WA.
What is the asking price?
The asking price for this property is $3,600,000.
What are key features of this property?
This property features: Five duplexes built in 2023 with 10 fully occupied units; 16,200 SF multifamily portfolio at 950 Walnut, Kelso, WA 98626; Three duplexes offer 1,494 SF per unit; two provide 1,809 SF per unit
