8-Unit Townhouse Apartment
For Sale
$1,899,999
157 Nevada Unit A-H, Longview, WA 98632
Townhouse-style residences offer private courtyards, individual storage, covered parking, and recent interior and exterior updates.
Property Size8,744 SF
Price / SF$217.29
Days on Market192
Property Features for 157 Nevada Unit A-H
General Information
Standard status
Active
Size
8,744 SF
Total Parking Spaces
8
Property subtype
Multi-family
Units
Unit Mix
8 x 2BR/1.5BA
Multifamily Units
8
Parking per Unit
1
Amenities
vaulted ceilings
walk-in closets
washer/dryer hookups
private courtyards
storage rooms
Building Details
Year Built
1978
Listing Agency:
John L. Scott,Inc.
Listed By:
Dean Gehrman
(253) 604-6000
Source:
Skylineproperties
Added: Feb 23
Changed: Sep 1
Last Checked: Sep 2 at 8:01PM
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,Inc.
Investment Insights
Based on property information with market context.
This 8-unit apartment property consists of four separate townhouse duplexes, with each duplex located on its own tax parcel. The approximately 8,744-square-foot property was built in 1978. Each residence is approximately 1,093 square feet and includes two bedrooms, 1.5 baths, vaulted ceilings, walk-in closets, washer and dryer hookups, a carport, two storage rooms, and a private courtyard. Recent work includes painting, new roofs, updated windows, and flooring.
A 32-by-40-foot garage and shop adds functional space, with 200-amp service, a loft, and a half bath. The building is currently used for income, with part of the property occupied by the owner. The residences sit back from Nevada in a wooded setting in Longview, Washington. Four tax parcels are included in the sale.
A 32-by-40-foot garage and shop adds functional space, with 200-amp service, a loft, and a half bath. The building is currently used for income, with part of the property occupied by the owner. The residences sit back from Nevada in a wooded setting in Longview, Washington. Four tax parcels are included in the sale.
Key Highlights
- 8 units arranged as four separate townhouse duplexes
- Each unit is approximately 1,093 square feet with 2 bedrooms and 1.5 baths
- Every residence includes a carport, 2 storage rooms, and a private courtyard
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
$92,417
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
4.86%
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%
$1,848,340
$1.8M
Cap Rate 7%
$1,320,243
$1.3M
Cap Rate 9%
$1,026,856
$1.0M
Market Conditions
NOI Build-Up for 8,744 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
$178.4K $20.40/SF
− Vacancy
−$10.3K −$1.18/SF
EGI
$168.0K $19.22/SF
− OpEx
−$75.6K −$8.65/SF
NOI
$92.4K $10.57/SF
Area
Cowlitz County, WA
Vacancy
5.80%
Lease Rate
$20.40 /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%
$1,848,340
Cap Rate 7%
$1,320,243
Cap Rate 9%
$1,026,856
Alternative Uses
Best Use
Apartment 5plus
$1.32M
$1.16M – $1.54M
NOI $92,417 @ 7.0% cap · market cap 4.86%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.88M
$2.52M – $3.36M
NOI $201,663 @ 7.0% cap · market cap 10.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
53
Businesses Nearby
Explore this area
Business Placement
Demographics for 98632, WA
50,721
Population
21,787
Households
2.3
Avg Household Size
41
Median Age
16%
College-Educated
90%
High-School Grad
121.4 sq mi
ZIP Area
418
Density / Sq Mi
$64,705
Median Household Income
$40,928
Median Earnings
$1,142
Median Rent
$355,200
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 - Townhouse-style residences offer private courtyards, individual storage, covered parking, and recent interior and exterior updates.
Where is this apartment building located?
The property is located at 157 Nevada Unit A-H Longview, WA.
What is the asking price?
The asking price for this property is $1,899,999.
What are key features of this property?
This property features: 8 units arranged as four separate townhouse duplexes; Each unit is approximately 1,093 square feet with 2 bedrooms and 1.5 baths; Every residence includes a carport, 2 storage rooms, and a private courtyard
