Well-Maintained 8-Plex Townhome-Style
For Sale
$1,899,999
157 Nevada Drive, Longview, WA 98632
8 townhouse-style units with private courtyards, carports, and recent exterior and interior updates.
Property Size8,744 SF
Price / SF$217.29
Days on Market153
Property Features for 157 Nevada Drive
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
Building Details
Year Built
1978
Buildings
5
Listing Agency:
John L. Scott Real Estate
(360) 425-5815
Listed By:
Dean Gehrman · License #96432
(877) 319-7625
Source:
Century21northhomes
Added: Mar 24
Changed: Aug 23
Last Checked: Aug 22 at 7:22PM
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 Real Estate
Investment Insights
Based on property information with market context.
This well-maintained 8-plex features four separate townhouse duplex units, each on its own tax parcel. The individual units are approximately 1,093 square feet and include 2 bedrooms and 1.5 baths with vaulted ceilings, walk-in closets, and washer/dryer hookups. Each unit has a carport and 2 storage rooms, along with private courtyards.
Recent updates include painting, new roofs, updated windows, and updated flooring. The property also includes a 32 x 40 garage/shop with 200 amp service and a loft with a 1/2 bath, which is currently used for income and partially owner occupied. The sale includes four tax parcels.
The units are set back off the road in a quiet wooded setting, with most units described as private and secluded. The property was built in 1978.
Recent updates include painting, new roofs, updated windows, and updated flooring. The property also includes a 32 x 40 garage/shop with 200 amp service and a loft with a 1/2 bath, which is currently used for income and partially owner occupied. The sale includes four tax parcels.
The units are set back off the road in a quiet wooded setting, with most units described as private and secluded. The property was built in 1978.
Key Highlights
- Four townhouse duplex units, each on its own tax parcel
- Approximately 1,093 SF per unit with 2 bedrooms and 1.5 baths
- Vaulted ceilings, walk‑in closets, and washer/dryer hookups in each unit
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
Property Profile
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 - 8 townhouse-style units with private courtyards, carports, and recent exterior and interior updates.
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 $1,899,999.
What are key features of this property?
This property features: Four townhouse duplex units, each on its own tax parcel; Approximately 1,093 SF per unit with 2 bedrooms and 1.5 baths; Vaulted ceilings, walk‑in closets, and washer/dryer hookups in each unit
