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    Two-Unit Residential Income Property Title is generated by Realmo AI

    616 + 616 1/2 S Race, Port Angeles, WA 98362

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    New
    For Sale
    $425,000

    MULTI_FAMILY - Port Angeles, WA

    Property size:
    1,296 SF
    Lot size:
    0.16 Acres
    Price / SF:
    $327/SF
    Added:
    Jun 4, 2026
    Days on Market:
    2
    Last Refresh:
    Jun 5 at 8:06 am

    Property Features for 616 + 616 1/2 S Race

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    Residential
    Parking features
    Off Street
    Appliances
    Dishwasher, Refrigerator, Range/Oven
    Standard status
    Active
    APN
    063000020780
    Size
    1,296 SF
    Lot size
    0.16 Acres

    Taxes and HOA fees

    Tax Year
    2026
    Tax Description
    see Exhibit A in Associated Docs
    Tax Annual Amount
    3144

    Utilities

    Heating system
    Propane (Heating), Baseboard, Other (Heating), Electric (Heating)

    Building Details

    Year built
    1925
    Floors in Building
    1
    Number of units
    2
    Flooring type
    Vinyl
    Roof type
    Composition

    We can help!

    Listing Contact
    David Ramey

    Listing agent David Ramey License #5658

    Listing office RE/MAX Evergreen 505 E 8th Street Suite B, WA

    Listing date Jun 4, 2026

    MLS# 400765 Listing URL

    Copyright © 2026 Olympic Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Two rental units: 616 leased through March 2027 at $1,500/month
    • 616 1/2 includes a studio apartment above the garage and the garage for $1,000/month
    • 616 1/2 is on a 60‑day notice by either party
    • Year built 1925 with composition roof
    • Fresh exterior paint completed within the past year for both buildings
    • Off‑street parking; units include appliances such as dishwasher, refrigerator, and range/oven

    Overview

    This two-unit residential income property consists of 616 and 616 1/2 S Race, each configured for separate rental use. The 616 unit has a renter in place with a lease through March 2027 at $1,500 per month. The 616 1/2 building includes a studio apartment above the garage and the garage itself, rented for $1,000 per month, with a 60-day notice by either party. Both buildings were freshly painted on the outside within the past year.

    Situated in the city core of Port Angeles, the property is identified under Residential zoning. The site totals approximately 0.16 acres, with an overall property size of 1,296 square feet.

    For investors or owner-operators seeking a small, self-contained rental offering, the current tenant occupancy provides an income stream with documented lease terms in place. Prospective buyers should plan for showings to be arranged with the tenants, per the agent remarks, and consider the differing notice and lease timing between the two addresses when evaluating a transition plan.
    Property Profile Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Dental Office Spa & Massage Center Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Port Angeles
    County
    Clallam
    State
    Washington
    Longitude
    -123.4236636
    Latitude
    48.1082657

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    FAQs

    What type of property is this?
    Duplex - A two-building residential income setup with an active lease and a separate studio/garage arrangement.
    Where is this duplex located?
    The property is located at 616 + 616 1/2 S Race Port Angeles, WA.
    What is the asking price?
    The asking price for this property is $425,000.
    What are key features of this property?
    This property features: Two rental units: 616 leased through March 2027 at $1,500/month; 616 1/2 includes a studio apartment above the garage and the garage for $1,000/month; 616 1/2 is on a 60‑day notice by either party
    (360) 808-0386
    We can help!
    Listing Contact
    David Ramey
    Real Estate License ID: 5658
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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