Updated Triplex with Private Rear
For Sale
$385,000
1111 Chenault Ave, Hoquiam, WA 98550
Three-unit layout includes separate entrances, individual laundry, and off-street parking.
Property Size3,000 SF
Price / SF$128.33
Days on Market23
Property Features for 1111 Chenault Ave
General Information
Standard status
Active
Size
3,000 SF
Property subtype
Multi-Family
Building Details
Year Built
1936
Listing Agency:
Premier Realty Grays Harbor
(360) 533-1900
Listed By:
Keren Spangler · License #140370
Source:
Chehalisvalleyrealty
Added: Aug 8
Changed: Aug 28
Last Checked: Aug 29 at 12:21PM
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 Premier Realty Grays Harbor
Investment Insights
Based on property information with market context.
This Hoquiam triplex contains 3,000 square feet across three residential units. The front building houses two apartments, while a separate rear unit provides its own entrance, garage space, and alley access. Unit 1 has 2 bedrooms and 1 bath on the main level. Unit 2 offers 1 bedroom, 2 baths, and a dedicated upstairs office. The third unit includes 2 bedrooms and 1 bath, along with private entry and garage space.
Each unit has separate laundry facilities. Recent property work includes fresh interior paint and new flooring. Additional site features include a side yard, driveway, and off-street parking. Built in 1936, the property offers a varied unit configuration with distinct access points and flexible occupancy arrangements.
Each unit has separate laundry facilities. Recent property work includes fresh interior paint and new flooring. Additional site features include a side yard, driveway, and off-street parking. Built in 1936, the property offers a varied unit configuration with distinct access points and flexible occupancy arrangements.
Key Highlights
- 3,000‑square‑foot triplex with three residential units
- Unit mix includes two 2‑bedroom, 1‑bath units and one 1‑bedroom, 2‑bath unit
- Separate rear unit offers private entry, garage space, and alley access
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
$27,386
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
7.11%
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%
$547,720
$547.7K
Cap Rate 7%
$391,229
$391.2K
Cap Rate 9%
$304,289
$304.3K
Market Conditions
NOI Build-Up for 3,000 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
$41.4K $13.80/SF
− Vacancy
−$2.3K −$0.76/SF
EGI
$39.1K $13.04/SF
− OpEx
−$11.7K −$3.91/SF
NOI
$27.4K $9.13/SF
Area
Grays Harbor County, WA
Vacancy
5.50%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
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%
$547,720
Cap Rate 7%
$391,229
Cap Rate 9%
$304,289
Alternative Uses
Best Use
Multifamily LT 5
$391.2K
$342.3K – $456.4K
NOI $27,386 @ 7.0% cap · market cap 7.11%
Second Best
Apartment 5plus
$362.8K
$317.4K – $423.2K
NOI $25,394 @ 7.0% cap · market cap 6.60%
Theoretical Best
Office A
$827.0K
$723.6K – $964.8K
NOI $57,888 @ 7.0% cap · market cap 15.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
395
Businesses Nearby
Explore this area
Business Placement
Demographics for 98550, WA
11,502
Population
5,373
Households
2.1
Avg Household Size
43
Median Age
19%
College-Educated
92%
High-School Grad
266.0 sq mi
ZIP Area
43
Density / Sq Mi
$56,920
Median Household Income
$36,185
Median Earnings
$1,003
Median Rent
$212,400
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?
Triplex - Three-unit layout includes separate entrances, individual laundry, and off-street parking.
Where is this triplex located?
The property is located at 1111 Chenault Ave Hoquiam, WA.
What is the asking price?
The asking price for this property is $385,000.
What are key features of this property?
This property features: 3,000‑square‑foot triplex with three residential units; Unit mix includes two 2‑bedroom, 1‑bath units and one 1‑bedroom, 2‑bath unit; Separate rear unit offers private entry, garage space, and alley access
