Belfair Condo in West
For Sale
$175,000
2005 TIBBETTS DR #203, Longview, WA 98632
Spacious 2 bed, 1.5 bath condo with updated features.
Property Size1,151 SF
Days on Market538
Property Features for 2005 TIBBETTS DR #203
General Information
Standard status
Active
Size
1,151 SF
Property subtype
Condominium
Amenities
Radiant
Wall Unit
Dishwasher
Free-Standing Range
Free-Standing Refrigerator
Microwave
Deck, Patio, Porch, Composition, Flat
Building Details
Building Size
1,151 SF
Year Built
1979
Stories
1
Listing Agency:
Keller Williams Premier Partners
(360) 430-7373
Listed By:
Sheri Evald · License #WA
(360) 430-7373
Source:
Kw
Added: Feb 19, 2025
Changed: Aug 7
Last Checked: Aug 11 at 12:54PM
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 Keller Williams Premier Partners
Investment Insights
Based on property information with market context.
Located in West Longview, this Belfair condo is one of the largest units in the building, offering 1151 square feet of living space. The property features 2 bedrooms and 1.5 bathrooms, a living room, a kitchen with an eating space, and a dining area. The primary bedroom includes a large walk-in closet. A second bedroom can also serve as an office. The unit includes in-unit laundry and updated features. All appliances are included. Additional features include ceiling fans and vinyl windows. The building has an elevator, assigned covered parking, an indoor storage unit area, a deck or balcony, and a community room. The building is secure. It is located within walking distance to many services and close to bus lines for transportation.
Key Highlights
- Largest Unit: Enjoy ample space in this 1151 sqft unit, one of the largest in the building.
- Updated with Modern Amenities: This unit includes updated features and all appliances.
- Convenient Location: A few minutes walk to many services and close to buses.
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
$12,165
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
6.95%
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%
$243,300
$243.3K
Cap Rate 7%
$173,786
$173.8K
Cap Rate 9%
$135,167
$135.2K
Market Conditions
NOI Build-Up for 1,151 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
$23.5K $20.40/SF
− Vacancy
−$1.4K −$1.18/SF
EGI
$22.1K $19.22/SF
− OpEx
−$10.0K −$8.65/SF
NOI
$12.2K $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%
$243,300
Cap Rate 7%
$173,786
Cap Rate 9%
$135,167
Alternative Uses
Best Use
Apartment 5plus
$173.8K
$152.1K – $202.8K
NOI $12,165 @ 7.0% cap · market cap 6.95%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$379.2K
$331.8K – $442.4K
NOI $26,546 @ 7.0% cap · market cap 15.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
220
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 - Spacious 2 bed, 1.5 bath condo with updated features.
Where is this apartment building located?
The property is located at 2005 TIBBETTS DR #203 Longview, WA.
What is the asking price?
The asking price for this property is $175,000.
What are key features of this property?
This property features: Largest Unit: Enjoy ample space in this 1151 sqft unit, one of the largest in the building.; Updated with Modern Amenities: This unit includes updated features and all appliances.; Convenient Location: A few minutes walk to many services and close to buses.
