36-Unit Single-Story Apartment
For Sale
$3,999,000
1100 S Pearl St, Centralia, WA 98531
Single-story apartment property with one-bedroom layouts and on-site laundry equipment included.
Property Size21,216 SF
Price / SF$188.49
Days on Market243
Property Features for 1100 S Pearl St
General Information
Standard status
Active
Size
21,216 SF
Property subtype
Multi-Family
Financials
Asking Price
$4,450,000
Cap Rate
6.82%
Units
Unit Mix
36 x 1BR
Multifamily Units
36
Additional Details
Highway Access
Yes
Amenities
on-site laundry
Building Details
Year Built
1970
Stories
1
Construction
garden-style
Listing Agency:
Windermere Northwest Living
(360) 636-4663
Listed By:
Paul Young · License #21011911
Source:
Eastsideseattleproperties
Added: Dec 30, 2025
Changed: Aug 28
Last Checked: Aug 29 at 10:33AM
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 Windermere Northwest Living
Investment Insights
Based on property information with market context.
This 36-unit, single-story apartment property contains exclusively one-bedroom residences within a 21,216-square-foot complex. The community was built in 1970 and includes on-site laundry equipment that is owned and included with the sale. Parking is provided through assigned spaces together with street parking.
The property is located at 1100 S Pearl St in Centralia, Washington, within the Centralia-Chehalis area. Interstate 5 is approximately a five-minute drive away. Capital improvements include roof replacement and vinyl double-pane window upgrades completed in 2015.
The property is located at 1100 S Pearl St in Centralia, Washington, within the Centralia-Chehalis area. Interstate 5 is approximately a five-minute drive away. Capital improvements include roof replacement and vinyl double-pane window upgrades completed in 2015.
Key Highlights
- 36 units, all configured as 1‑bedroom apartments
- 21,216 SF apartment complex built in 1970
- Owner‑included on‑site laundry equipment
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$209,282
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.23%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,185,640
$4.2M
Cap Rate 7%
$2,989,743
$3.0M
Cap Rate 9%
$2,325,356
$2.3M
Market Conditions
NOI Build-Up for 21,216 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$404.8K $19.08/SF
− Vacancy
−$24.3K −$1.14/SF
EGI
$380.5K $17.94/SF
− OpEx
−$171.2K −$8.07/SF
NOI
$209.3K $9.86/SF
Area
Lewis County, WA
Vacancy
6.00%
Lease Rate
$19.08 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,185,640
Cap Rate 7%
$2,989,743
Cap Rate 9%
$2,325,356
Alternative Uses
Best Use
Apartment 5plus
$2.99M
$2.62M – $3.49M
NOI $209,282 @ 7.0% cap · market cap 5.23%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.47M
$5.66M – $7.55M
NOI $452,970 @ 7.0% cap · market cap 11.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
36
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
409
Businesses Nearby
Explore this area
Business Placement
Demographics for 98531, WA
26,669
Population
11,070
Households
2.4
Avg Household Size
38
Median Age
21%
College-Educated
88%
High-School Grad
129.2 sq mi
ZIP Area
206
Density / Sq Mi
$61,963
Median Household Income
$37,330
Median Earnings
$1,068
Median Rent
$285,700
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Single-story apartment property with one-bedroom layouts and on-site laundry equipment included.
Where is this apartment building located?
The property is located at 1100 S Pearl St Centralia, WA.
What is the asking price?
The asking price for this property is $3,999,000.
What are key features of this property?
This property features: 36 units, all configured as 1‑bedroom apartments; 21,216 SF apartment complex built in 1970; Owner‑included on‑site laundry equipment
