Well-Maintained 8-Plex Townhouse
157 Nevada Drive Longview, WA 98632
157 Nevada Drive, Longview, WA, 98632
$1,999,000
For Sale
$1,999,000
8 well-maintained units feature vaulted ceilings, private courtyards, carports, storage, and recent updates including new roofs and windows.
Property Size8,744 SF
Price / SF$228.61
Days on Market76
Property Features for 157 Nevada Drive
General Information
- Standard status
- Active
- Size
- 8,744 SF
- Property subtype
- Multi Family
Building Details
- Year Built
- 1978
Listing agency
John L Scott LVW
(360) 425-5815
Listed by
Dean P Gehrman · License #80562
(360) 425-5815
Source
Compass
Added: May 8 Updated: Jul 22 at 5:32AM Checked: Jul 22 at 5:32AM
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 John L Scott LVW
Investment Insights
Based on property information with market context.
This well-maintained 8-plex offers a townhouse-style layout with four duplex units, each on its own tax parcel. Each unit is approximately 2 bedrooms with 1.5 baths and includes vaulted ceilings, walk-in closets, and washer/dryer hookups. Units also feature a carport and two storage rooms, with private courtyards providing separation and outdoor space.
Recent updates include painting, new roofs, updated windows, and updated flooring. The property includes a 32x40 garage/shop with 200 amp service, plus a loft area with a 1/2 bath, which is currently used for income and partially owner-occupied. Four tax parcels are included in the sale.
Most units are set back from the road in a quiet wooded setting. Rents are scheduled to be increased for 7 of the 8 units in July.
Recent updates include painting, new roofs, updated windows, and updated flooring. The property includes a 32x40 garage/shop with 200 amp service, plus a loft area with a 1/2 bath, which is currently used for income and partially owner-occupied. Four tax parcels are included in the sale.
Most units are set back from the road in a quiet wooded setting. Rents are scheduled to be increased for 7 of the 8 units in July.
Key Highlights
- Well‑maintained 8‑plex built in 1978 with 2‑story design and concrete perimeter foundation
- Each unit is approx 1,093 SF with 2 bedrooms and 1.5 baths, plus vaulted ceilings, walk‑in closets, and washer/dryer hookups
- Units include private courtyards, carports, and 2 storage rooms each
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $178.4k | $20.40 |
| − Vacancy | −$10.3k | −$1.18 |
| EGI | $168.0k | $19.22 |
| − OpEx | −$75.6k | −$8.65 |
| NOI | $92.4k | $10.57 |
8,744 SF · lease $20.40/SF/yr · vacancy 5.80% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.32M
$1.16M – $1.54M
NOI $92,417 @ 7.0% cap · market cap 4.62%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.88M
$2.52M – $3.36M
NOI $201,663 @ 7.0% cap · market cap 10.09%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - 8 well-maintained units feature vaulted ceilings, private courtyards, carports, storage, and recent updates including new roofs and windows.
Where is this apartment building located?
The property is located at 157 Nevada Drive Longview, WA.
What is the asking price?
The asking price for this property is $1,999,000.
What are key features of this property?
This property features: Well‑maintained 8‑plex built in 1978 with 2‑story design and concrete perimeter foundation; Each unit is approx 1,093 SF with 2 bedrooms and 1.5 baths, plus vaulted ceilings, walk‑in closets, and washer/dryer hookups; Units include private courtyards, carports, and 2 storage rooms each
