201 Palouse StWalla Walla, WA 99362

Property Details for 201 Palouse St

Year built

1961

Lot size

0.33 AC

Property size (Sq ft)

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.

• CAP approach

  CAP return

  Valuation

  6%

  $1,754,547

  6.5%

  $1,619,582

  7%

  $1,503,897

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,294,822

  Geo Method

  $2,294,822

• Alternative Use

  Use

  Valuation

  Residential

  $1,619,582

  Hospitality

  $1,483,528

  Educational

  $1,234,278

  Medical

  $1,276,727

  Retail

  $1,919,988

Location Insight

City

Walla Walla

County

Walla Walla

State

Washington

Latitude

46.0669

Longitude

-118.332

CBSA code

47460

CBSA name

WALLA WALLA, WA MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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