11-Unit Apartment
For Sale
$710,000
208 N M St, Aberdeen, WA 98520
Multifamily property near Aberdeen’s commercial corridor, waterfront district, employers, shopping, dining, and public transportation.
Property Size6,090 SF
Days on Market151
Property Features for 208 N M St
General Information
Standard status
Active
Size
6,090 SF
Net Rentable
6,400 SF
Property subtype
Multifamily
Units
Unit Mix
9 x 1BR/1BA, 2 x 2BR/1BA
Multifamily Units
11
Additional Details
Public Transit
Yes
Amenities
Classic mid-century design apartment building
Value-add potential through interior renovations
Near Aberdeen's central commercial corridor and waterfront district
Building Details
Building Size
6,090 SF
Year Built
1927
Units
11
Construction
mid-century design
Listing Agency:
Portland Office
(503) 200-2058
Listed By:
Georgie Christensen-Riley · License #OR: 201209670
(503) 200-2058
Source:
Marcusmillichap
Added: Apr 3
Changed: Aug 29
Last Checked: Aug 29 at 11:27PM
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 Portland Office
Investment Insights
Based on property information with market context.
This 11-unit apartment property in Aberdeen includes approximately 6,400 square feet of rentable living space. The unit mix consists of nine one-bedroom, one-bath residences and two two-bedroom, one-bath residences. Built in 1927, the building offers modest finishes and an established residential configuration, with interior renovation possibilities identified for flooring, cabinetry, fixtures, and appliances.
The property is located at 208 N M St, a few blocks from Aberdeen’s central commercial corridor and waterfront district. Residents have access to nearby shopping, dining, and public transportation, while Harbor Regional Health, The Port of Grays Harbor, and Weyerhaeuser are within a short commute. Aberdeen’s reported vacancy rate is below 5%, and the property is positioned within a market characterized by limited new supply.
The property is located at 208 N M St, a few blocks from Aberdeen’s central commercial corridor and waterfront district. Residents have access to nearby shopping, dining, and public transportation, while Harbor Regional Health, The Port of Grays Harbor, and Weyerhaeuser are within a short commute. Aberdeen’s reported vacancy rate is below 5%, and the property is positioned within a market characterized by limited new supply.
Key Highlights
- 11‑unit apartment property with approximately 6,400 square feet of rentable living space
- Unit mix includes nine one‑bedroom, one‑bath units and two two‑bedroom, one‑bath units
- Built in 1927
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
$51,549
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
7.26%
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%
$1,030,980
$1.0M
Cap Rate 7%
$736,414
$736.4K
Cap Rate 9%
$572,767
$572.8K
Market Conditions
NOI Build-Up for 6,090 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
$98.7K $16.20/SF
− Vacancy
−$4.9K −$0.81/SF
EGI
$93.7K $15.39/SF
− OpEx
−$42.2K −$6.93/SF
NOI
$51.5K $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 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%
$1,030,980
Cap Rate 7%
$736,414
Cap Rate 9%
$572,767
Alternative Uses
Best Use
Apartment 5plus
$736.4K
$644.4K – $859.2K
NOI $51,549 @ 7.0% cap · market cap 7.26%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.68M
$1.47M – $1.96M
NOI $117,513 @ 7.0% cap · market cap 16.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
11
Residential units
Location Intelligence
Trade Area within ½ mile
990
Businesses Nearby
Explore this area
Business Placement
Demographics for 98520, WA
24,086
Population
9,333
Households
2.6
Avg Household Size
41
Median Age
14%
College-Educated
89%
High-School Grad
217.5 sq mi
ZIP Area
111
Density / Sq Mi
$59,744
Median Household Income
$34,591
Median Earnings
$1,034
Median Rent
$237,000
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 - Multifamily property near Aberdeen’s commercial corridor, waterfront district, employers, shopping, dining, and public transportation.
Where is this apartment building located?
The property is located at 208 N M St Aberdeen, WA.
What is the asking price?
The asking price for this property is $710,000.
What are key features of this property?
This property features: 11‑unit apartment property with approximately 6,400 square feet of rentable living space; Unit mix includes nine one‑bedroom, one‑bath units and two two‑bedroom, one‑bath units; Built in 1927
