Garden-Style Apartment
1913 Coolidge Aberdeen, WA 98520
For Sale
$3,000,000
Well-maintained 32-unit garden-style property with in-unit washer and dryer hookups and recent exterior and interior upgrades.
Property Size26,880 SF
Price / SF$111.61
Days on Market9
Property Features for 1913 Coolidge
General Information
Standard status
Active
Size
26,880 SF
Property subtype
Multi-family
Building Details
Year Built
1979
Listing Agency:
Westlake Associates,Inc.
Listed By:
Reid Jones
(253) 604-6000
Source:
Skylineproperties
Added: Jul 21
Changed: Jul 26
Last Checked: Jul 27 at 9:21PM
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 Westlake Associates,Inc.
Investment Insights
Based on property information with market context.
Norseman Apartments is a well-maintained 32-unit garden-style apartment community built in 1979. The property offers all two-bedroom, one-bath apartment homes, each with in-unit washer and dryer hookups. Recent capital improvements totaling $654,470 include roof replacements, siding replacements, foundation and framing repairs, and double-pane window replacements, along with various unit interior renovations.
The community is located at 1913 Coolidge Road in South Aberdeen. The combination of exterior replacement work and interior updates supports a clean, well-kept operating profile for the property’s existing two-bedroom unit mix.
The community is located at 1913 Coolidge Road in South Aberdeen. The combination of exterior replacement work and interior updates supports a clean, well-kept operating profile for the property’s existing two-bedroom unit mix.
Key Highlights
- 32‑unit garden‑style apartment community built in 1979
- All units are 2‑bedroom, 1‑bath homes of approximately 840 SF
- In‑unit washer and dryer hookups in every residence
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 | $435.5k | $16.20 |
| − Vacancy | −$21.8k | −$0.81 |
| EGI | $413.7k | $15.39 |
| − OpEx | −$186.2k | −$6.93 |
| NOI | $227.5k | $8.46 |
26,880 SF · lease $16.20/SF/yr · vacancy 5.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$3.25M
$2.84M – $3.79M
NOI $227,526 @ 7.0% cap · market cap 7.58%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$7.41M
$6.48M – $8.64M
NOI $518,676 @ 7.0% cap · market cap 17.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Apartment building - Well-maintained 32-unit garden-style property with in-unit washer and dryer hookups and recent exterior and interior upgrades.
Where is this apartment building located?
The property is located at 1913 Coolidge Aberdeen, WA.
What is the asking price?
The asking price for this property is $3,000,000.
What are key features of this property?
This property features: 32‑unit garden‑style apartment community built in 1979; All units are 2‑bedroom, 1‑bath homes of approximately 840 SF; In‑unit washer and dryer hookups in every residence
