New Construction
For Sale
$495,000
1306 Melbourne Court, Westport, WA 98595
Residential Income, Westport, WA
Property Size2,019 SF
Lot Size0.20 Acres
Price / SF$245.17
Days on Market94
Property Features for 1306 Melbourne Court
General Information
Property type
Residential Multi Family
Property subtype
Other
Property condition
Under Construction
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 1, Bathroom 2, Bedroom 6, Bathroom 3, Bedroom 5, Bathroom 4, Bedroom 2, Bathroom 1, Bedroom 4, Bedroom 3
Parking
4
Appliances
Disposal (No Units), Stove/Range (All Units), Refrigerator (All Units), Washer/Dryer (All Units)
Subdivision
0 Not Applic.
Lot features
10000 S F - .49
Elementary school
OutofArea
Middle school
OutofArea
High school
OutofArea
Elementary school district
Out of Area
Middle school district
Out of Area
High school district
Out of Area
Directions
From Montesano St turn west onto Newell then south on Melbourne Ct. Follow to the right. Property on L side of Melbourne Court.
Standard status
Active
APN
102504800200
Size
2,019 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
TOWN OF PETERSON LOT 2 TGW VAC ST & ALLEY ADJ BLK 48
Tax Annual Amount
2916
Legal Description
TOWN OF PETERSON LOT 2 TGW VAC ST & ALLEY ADJ BLK 48
Utilities
Heating system
Ductless (Heating)
Cooling system
Zoned, Ductless
Amenities
in-unit washer/dryer
Building Details
Year built
2025
Number of units
2
Flooring type
Vinyl
Building materials
Wood Siding
Roof type
Composition
Listing Agency:
Century 21 Price Right · Century 21 Real Estate
(208) 799-2100
Listed By:
Anastasia Osorio · License #3871695
(208) 935-8272
Added: Jun 1
Changed: Aug 19
Last Checked: Sep 2 at 5:06PM
MLS# 98988618
Copyright © 2026 Intermountain 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.
Investment Insights
Based on property information with market context.
This under-construction duplex is planned as a two-unit residential property totaling 2,019 square feet on a 0.2-acre lot. Each unit is designed with three bedrooms, two bathrooms, an open living area, and a kitchen equipped with a stove/range, refrigerator, and disposal. Vinyl flooring, wood siding, composition roofing, and energy-efficient appliances are specified throughout, with large windows bringing natural light into the interiors.
The property is located at 1306 Melbourne Court in Westport, Washington, within Grays Harbor County. Each unit includes a washer/dryer, while ductless heating and cooling provide zoned climate control. The residence is scheduled for completion in 2025.
The property is located at 1306 Melbourne Court in Westport, Washington, within Grays Harbor County. Each unit includes a washer/dryer, while ductless heating and cooling provide zoned climate control. The residence is scheduled for completion in 2025.
Key Highlights
- Two‑unit duplex totaling 2,019 square feet
- 0.2‑acre lot in Westport, WA
- Each unit includes 3 bedrooms and 2 bathrooms
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
$18,431
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
3.72%
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%
$368,620
$368.6K
Cap Rate 7%
$263,300
$263.3K
Cap Rate 9%
$204,789
$204.8K
Market Conditions
NOI Build-Up for 2,019 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
$27.9K $13.80/SF
− Vacancy
−$1.5K −$0.76/SF
EGI
$26.3K $13.04/SF
− OpEx
−$7.9K −$3.91/SF
NOI
$18.4K $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%
$368,620
Cap Rate 7%
$263,300
Cap Rate 9%
$204,789
Alternative Uses
Best Use
Multifamily LT 5
$263.3K
$230.4K – $307.2K
NOI $18,431 @ 7.0% cap · market cap 3.72%
Second Best
Apartment 5plus
$244.1K
$213.6K – $284.8K
NOI $17,090 @ 7.0% cap · market cap 3.45%
Theoretical Best
Office A
$556.6K
$487.0K – $649.3K
NOI $38,959 @ 7.0% cap · market cap 7.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
66
Businesses Nearby
Explore this area
Business Placement
Demographics for 98595, WA
2,995
Population
2,109
Households
1.4
Avg Household Size
49
Median Age
21%
College-Educated
89%
High-School Grad
5.3 sq mi
ZIP Area
565
Density / Sq Mi
$63,359
Median Household Income
$41,767
Median Earnings
$752
Median Rent
$254,800
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?
Duplex - Two-unit residential property with modern finishes, ductless systems, and in-unit laundry.
Where is this duplex located?
The property is located at 1306 Melbourne Court Westport, WA.
What is the asking price?
The asking price for this property is $495,000.
What are key features of this property?
This property features: Two‑unit duplex totaling 2,019 square feet; 0.2‑acre lot in Westport, WA; Each unit includes 3 bedrooms and 2 bathrooms
