201 Palouse St Walla Walla, WA 99362-3024
- Apartment buildings
- 6,944 SF
- 0.33 lot acres
Current Use by Public Records
- Apartment buildings
Property Details for 201 Palouse St
- Year built
- 1961
- Lot size
- 0.33 lot acres
- Property size
- 6,944 SF
- Property type
- Apartment buildings
- APN
- 360720750008
- APU
- 360720750008
Description
This exceptional 7-unit apartment building, known as The Terrace, presents a compelling investment opportunity in the heart of Walla Walla, Washington. Located at 201 S Palouse St, this meticulously renovated property boasts 6,930 square feet of net rentable space within a 990-square-foot building on a 0.33-acre lot. Built in 1961 and completely renovated in 2022, The Terrace offers a blend of classic charm and modern luxury. Each of the seven units features a desirable townhouse-style layout, encompassing two stories, two bedrooms, and a full bathroom upstairs. The main floor includes a kitchen, living room, laundry area, and a half-bath. High-end finishes throughout include stainless steel appliances and granite countertops. Residents enjoy covered parking (one space per unit) and a private fenced backyard. The property's prime location near downtown Walla Walla and Whitman College ensures high occupancy rates and strong rental demand. The current pro-forma NOI is $104,764, resulting in a 5.82% pro-forma cap rate. Further income potential exists through the rental of parking and storage units. The property is zoned RM and has an APN of 360720750008. This turnkey asset represents a rare opportunity to acquire a high-quality, income-generating property in a thriving Washington community. The asking price is $1,800,000.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $2,175,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $1,680,000
- 6.5%
- $1,740,000
- 7%
- $1,925,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $1,940,000
- Geo Method
- $1,605,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $1,800,000
- Retail
- $1,665,000
- Mixed-Use
- $1,510,000
- Hospitality
- $1,710,000
- Educational
- $1,480,000
- Residential Income
- $2,055,000
- Energy
- $1,895,000
- Income-Based Land
- $1,825,000
- Food Service
- $1,545,000
Location Insight
- Map
- Local Demand
- City
- Walla Walla
- County
- Walla Walla
- State
- Washington
- Longitude
- -118.332
- Latitude
- 46.0669
- CBSA code
- 47460
- CBSA name
- WALLA WALLA, WA MICROPOLITAN STATISTICAL AREA
