Duplex Portfolio with 10
For Sale
$3,600,000
950 WALNUT St, Kelso, WA 98626
MULTI_FAMILY - Kelso, WA
Property Size16,200 SF
Price / SF$222.22
Days on Market10
Property Features for 950 WALNUT St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Multi
Bedrooms
30
Bathrooms
30
Full bathrooms
30
Rooms
Bedroom 12, Bedroom 28, Bedroom 7, Bathroom 24, Bathroom 25, Bathroom 11, Bathroom 19, Bedroom 18, Bathroom 27, Bedroom 30, Bedroom 13, Bedroom 24, Bathroom 3, Bathroom 6, Bathroom 12, Bathroom 15, Bathroom 16, Bedroom 22, Bathroom 22, Bedroom 16, Bedroom 25, Bathroom 8, Bedroom 3, Bathroom 29, Bathroom 17, Bathroom 4, Bathroom 7, Bedroom 2, Bedroom 6, Bedroom 21, Bedroom 17, Bedroom 8, Bathroom 28, Bedroom 5, Bathroom 20, Bathroom 23, Bathroom 30, Bathroom 18, Bedroom 26, Bedroom 1, Bathroom 5, Bedroom 15, Bathroom 14, Bathroom 1, Bedroom 14, Bathroom 2, Bedroom 20, Bedroom 10, Bedroom 29, Bedroom 4, Bedroom 23, Bathroom 10, Bathroom 13, Bathroom 26, Bedroom 11, Bathroom 9, Bathroom 21, Bedroom 9, Bedroom 19, Bedroom 27
Elementary school
Wallace
Middle school
Coweeman
High school
Kelso
Directions
Walnut St & Willow St, Kelso
Subdivision
_82
Standard status
Active
APN
2364701
Size
16,200 SF
Taxes and HOA fees
Tax Description
595 (WALLACE AC TR 2) 35 -8N -2W KE18133 LOT 4 FKA -94, 93A-2
Tax Annual Amount
7071
Legal Description
595 (WALLACE AC TR 2) 35 -8N -2W KE18133 LOT 4 FKA -94, 93A-2
Utilities
Heating system
Heat Pump (Heating), Forced Air
Cooling system
Heat Pump
Amenities
quartz countertops
stainless steel appliances
walk-in closets
walk-in showers
fully fenced backyards
heat pumps with mini-split systems
garage
Building Details
Year built
2023
Floors in Building
2
Number of units
10
Roof type
Composition
Listing Agency:
Real Broker LLC
(855) 450-0442
Listed By:
Daniel Belza · License #132688
(360) 953-9933
Added: Jul 31
Changed: Aug 9
Last Checked: Aug 9 at 11:06AM
MLS# 378224095
Copyright © 2026 Regional Multiple Listing Services. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
A portfolio of five newer duplexes totaling 10 fully occupied units in Kelso, Washington. Built in 2023, the property is set up for low-maintenance ownership with each unit currently leased. Three duplexes feature a 1,494 SF floor plan per unit, while the remaining two offer a larger 1,809 SF floor plan per unit. All units include three bedrooms and 2.5 bathrooms, with quartz countertops, stainless steel appliances, and spacious walk-in closets and walk-in showers.
Each unit also includes fully fenced and usable backyards, plus heat pumps with mini-split heating and cooling systems. Parking is supported with a garage and extended driveways, creating ample space for both tenant and guest parking. Zoning is listed as Multi, and the portfolio is described as having quick access to I-5 as well as nearby groceries, shopping, dining, schools, and other everyday amenities.
All offers are subject to interior inspection.
Each unit also includes fully fenced and usable backyards, plus heat pumps with mini-split heating and cooling systems. Parking is supported with a garage and extended driveways, creating ample space for both tenant and guest parking. Zoning is listed as Multi, and the portfolio is described as having quick access to I-5 as well as nearby groceries, shopping, dining, schools, and other everyday amenities.
All offers are subject to interior inspection.
Key Highlights
- Five 2023‑built duplexes totaling 10 fully occupied units
- Three units feature 1,494 SF floor plans; two units feature 1,809 SF floor plans
- Each unit offers 3 bedrooms and 2.5 bathrooms
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
Property Profile
Current Use
Lease Details
10
Residential units
100%
Occupancy
Yes
Highway access
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 - Five duplexes provide 10 fully occupied units with modern three-bedroom layouts, walk-in features, fenced backyards, and heat pumps.
Where is this duplex located?
The property is located at 950 WALNUT St 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 2023‑built duplexes totaling 10 fully occupied units; Three units feature 1,494 SF floor plans; two units feature 1,809 SF floor plans; Each unit offers 3 bedrooms and 2.5 bathrooms
