Multifamily Property with
For Sale
$620,900
115 Riverview Dr, Chehalis, WA 98532
Remodeled residence with a separate apartment, detached studio, garage, outbuildings, and a fenced backyard.
Property Size3,906 SF
Price / SF$158.96
Days on Market28
Property Features for 115 Riverview Dr
General Information
Standard status
Active
Size
3,906 SF
Property subtype
Multi-Family
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Multifamily Units
2
Amenities
propane fireplace
covered porch
butcher block island
EV charging
ductless heating/AC
outbuildings
fenced private backyard
Building Details
Year Built
1979
Listing Agency:
Washington Coast Real Estate
(360) 268-0977
Listed By:
David Shea · License #77524
Source:
Searchhomesinbellingham
Added: Aug 2
Changed: Aug 28
Last Checked: Aug 29 at 10:31AM
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 Washington Coast Real Estate
Investment Insights
Based on property information with market context.
Located at 115 Riverview Dr in Chehalis, this 3,906 SF multifamily property combines a remodeled primary residence with a separate apartment and additional workspace. The main home includes vaulted living and dining areas, custom wood detailing, stained glass, a propane fireplace, a covered porch, a marble-counter kitchen, three bedrooms, an office, and multiple storage areas. The lower-level apartment has its own interior and exterior access, kitchen, living area, full bathroom, and sleeping area with a walk-in closet.
A large 2-car garage provides EV charging, while the 832 SF studio/workshop above includes ductless heating and air conditioning. The property also features two outbuildings, ample parking, a fenced backyard, valley views, and a Boisfort Valley water share. It sits on a paved dead-end road approximately 2 miles from I-5. The residence was built in 1979 and has been updated with new interior and exterior paint.
A large 2-car garage provides EV charging, while the 832 SF studio/workshop above includes ductless heating and air conditioning. The property also features two outbuildings, ample parking, a fenced backyard, valley views, and a Boisfort Valley water share. It sits on a paved dead-end road approximately 2 miles from I-5. The residence was built in 1979 and has been updated with new interior and exterior paint.
Key Highlights
- 3,906 SF multifamily property with remodeled primary residence and separate apartment
- 832 SF studio/workshop above a large 2‑car garage
- Apartment offers separate interior and exterior access, full kitchen, bath, and sleeping area
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
$38,530
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
6.21%
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%
$770,600
$770.6K
Cap Rate 7%
$550,429
$550.4K
Cap Rate 9%
$428,111
$428.1K
Market Conditions
NOI Build-Up for 3,906 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
$74.5K $19.08/SF
− Vacancy
−$4.5K −$1.14/SF
EGI
$70.1K $17.94/SF
− OpEx
−$31.5K −$8.07/SF
NOI
$38.5K $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%
$770,600
Cap Rate 7%
$550,429
Cap Rate 9%
$428,111
Alternative Uses
Best Use
Apartment 5plus
$550.4K
$481.6K – $642.2K
NOI $38,530 @ 7.0% cap · market cap 6.21%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.19M
$1.04M – $1.39M
NOI $83,395 @ 7.0% cap · market cap 13.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
33
Businesses Nearby
Explore this area
Business Placement
Demographics for 98532, WA
25,572
Population
10,300
Households
2.5
Avg Household Size
41
Median Age
24%
College-Educated
93%
High-School Grad
311.6 sq mi
ZIP Area
82
Density / Sq Mi
$86,057
Median Household Income
$47,467
Median Earnings
$1,070
Median Rent
$381,700
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Multifamily property - Remodeled residence with a separate apartment, detached studio, garage, outbuildings, and a fenced backyard.
Where is this multifamily property located?
The property is located at 115 Riverview Dr Chehalis, WA.
What is the asking price?
The asking price for this property is $620,900.
What are key features of this property?
This property features: 3,906 SF multifamily property with remodeled primary residence and separate apartment; 832 SF studio/workshop above a large 2‑car garage; Apartment offers separate interior and exterior access, full kitchen, bath, and sleeping area
