Garden-Style Apartment
For Sale
$3,000,000
1913 Coolidge, Aberdeen, WA 98520
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 Market104
Property Features for 1913 Coolidge
General Information
Standard status
Active
Size
26,880 SF
Property subtype
Multi-family
Additional Details
Multifamily Units
32
Amenities
in-unit washer and dryer hookups
Building Details
Year Built
1979
Construction
garden-style
Listing Agency:
Westlake Associates,Inc.
Listed By:
Reid Jones
(253) 604-6000
Source:
Skylineproperties
Added: Jun 2
Changed: Sep 12
Last Checked: Sep 13 at 10:20AM
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
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
$227,526
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
7.58%
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%
$4,550,520
$4.6M
Cap Rate 7%
$3,250,371
$3.3M
Cap Rate 9%
$2,528,067
$2.5M
Market Conditions
NOI Build-Up for 26,880 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
$435.5K $16.20/SF
− Vacancy
−$21.8K −$0.81/SF
EGI
$413.7K $15.39/SF
− OpEx
−$186.2K −$6.93/SF
NOI
$227.5K $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%
$4,550,520
Cap Rate 7%
$3,250,371
Cap Rate 9%
$2,528,067
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
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Current Use
Lease Details
32
Residential units
Location Intelligence
Trade Area within ½ mile
101
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in West region
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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
