Building Details

Year Built 1978

Buildings 4

Listing Agency: Abbey Realty Inc

Listed By: Joshua Abbey · License #73788 Show Phone

Source: Century21northhomes

Added: Jul 6 Changed: Oct 27 Last Checked: Oct 28 at 9:15AM

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Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Abbey Realty Inc

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Investment Insights

Based on property information with market context.

This apartment building configuration features four duplexes, offering eight two-bedroom, one-bath units. Each unit includes a private one-car garage, supporting tenant privacy and straightforward day-to-day management. The property was built in 1978.

Roofing has been recently updated, with roofs approximately 5 years old, helping minimize near-term capital expenditures. The owner highlights a cap rate of 6.7%.

Located in Elma, Washington, the property is positioned for a small-town lifestyle with access to local amenities and outdoor recreation. Olympia is approximately 30 miles away, providing a practical commute option while keeping day-to-day needs close to home.

Key Highlights

• Four duplexes totaling eight units
• Eight two‑bedroom, one‑bath unit layout
• Private one‑car garage for each unit

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$56,611

Cap Rate

3.77%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,132,220 $1.1M

Cap Rate 7%

$808,729 $808.7K

Cap Rate 9%

$629,011 $629.0K

Is this asking price fair?

Market Conditions

NOI Build-Up for 6,688 SF

Gross rent

$108.3K $16.20/SF

− Vacancy

−$5.4K −$0.81/SF

EGI

$102.9K $15.39/SF

− OpEx

−$46.3K −$6.93/SF

NOI

$56.6K $8.46/SF

Area

Grays Harbor County, WA

Vacancy

5.00%

Lease Rate

$16.20 /SF/Yr

Expense Ratio

45.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,132,220

Cap Rate 7%

$808,729

Cap Rate 9%

$629,011

Alternative Uses

Best Use

Apartment 5plus

$808.7K

$707.6K – $943.5K (±1% cap)

NOI $56,611 @ 7.0% cap · market cap 3.77%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$1.84M

$1.61M – $2.15M (±1% cap)

NOI $129,052 @ 7.0% cap · market cap 8.60%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Lease Details

8

Residential units

Location Intelligence

Trade Area within ½ mile

19

Businesses Nearby

Explore this area Business Placement

Demographics for 98541, WA

10,509

Population

4,527

Households

2.3

Avg Household Size

42

Median Age

16%

College-Educated

87%

High-School Grad

195.6 sq mi

ZIP Area

54

Density / Sq Mi

$64,659

Median Household Income

$44,457

Median Earnings

$928

Median Rent

$338,000

Median Home Value

Market

Vacancy Rate% for Multifamily in West region

7% 2022

7.8% 2023

8.6% 2024

8.6% 2025

Frequently Asked Questions

What type of property is this?

Apartment building - Four duplexes totaling eight two-bedroom units with private one-car garages and newer roofs.

Where is this apartment building located?

The property is located at 106 Garden Hill Elma, WA.

What is the asking price?

The asking price for this property is $1,500,000.

What are key features of this property?

This property features: Four duplexes totaling eight units; Eight two‑bedroom, one‑bath unit layout; Private one‑car garage for each unit