Duplex w Development Potential in College Place, WA
Multifamily | 2 Units | $229,500/unit
Marketing description
INVESTMENT OFFERING: 70 NE Rose St — College Place, WA
Stabilized 2-unit residential income property | $40,800 gross annual income | 9,431 SF lot with development upside
Spinoza Real Estate presents a turnkey duplex investment in College Place, WA, situated in the Walla Walla Valley submarket. The property comprises two fully leased units — a 4-bedroom, 2-bath upper unit and a 3-bedroom, 1-bath lower unit — generating combined gross rents of $3,400/month ($40,800 annually).
INVESTMENT HIGHLIGHTS
— Gross Annual Income: $40,800
— Estimated NOI: ~$25,600 (buyer to verify against actual operating history)
— Lot Size: 9,431 SF — above-average parcel size for the submarket with room for potential expansion or accessory structure (buyer to verify zoning and density allowance with City of College Place Planning)
— Building: 2,904 SF | 7 total bedrooms, 3 total baths across two units | Built 1938, updated interiors
— Stable rental history with both units currently occupied
— Located minutes from Walla Walla University, downtown College Place, and core Walla Walla Valley employment and retail corridors
MARKET CONTEXT
College Place sits within the broader Walla Walla Valley investment market, offering investors a lower-cost-basis alternative to coastal Washington multifamily with comparable rent growth fundamentals. This asset suits 1031 exchange buyers seeking a manageable, income-producing replacement property, as well as local and regional investors building or scaling a small multifamily portfolio.
Offered at $459,000. Contact listing broker for rent roll, expense detail, and showing instructions.
T.J. Espinoza, Managing Broker | Spinoza Real Estate | College Place, WA | www.spinozare.com
Investment highlights
- Day-One Cash Flow - Both units are occupied and producing income. No lease-up risk, no deferred stabilization period.
- Zoned Multi-Family - Parcel is confirmed Multi-Family zoning under City of College Place jurisdiction — development upside to be confirmed with planning.
- Below Assessed Ratio - $300,560 county assessed value vs. $459,000 ask — buyer acquires at a meaningful premium to assessed but at favorable GRM and cap vs. replacement cost.
- 1031 Exchange Ready - Priced, sized, and structured for 1031 exchange buyers. Clean title, standard NWMLS transaction process, FIRPTA not applicable.
- Above-Average Bedroom Count - 7 total bedrooms across two units drives rental demand from Walla Walla University student and professional populations.
- Lot Size & Upside - 9,431 SF corner-adjacent lot — above average for College Place. Development potential subject to city zoning confirmation.
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