14-Unit Apartment
For Sale
$1,250,000
301 3RD, Aberdeen, WA 98520
Two-story multifamily property with varied studio, one-bedroom, and two-bedroom layouts in Aberdeen.
Property Size10,000 SF
Price / SF$125
Days on Market91
Property Features for 301 3RD
General Information
Standard status
Active
Size
10,000 SF
Property subtype
Multi-family
Units
Unit Mix
2 x studio, 6 x studio w/ bonus room, 4 x 1BR, 2 x 2BR
Multifamily Units
14
Additional Details
Public Transit
Yes
Building Details
Year Built
1923
Stories
2
Listing Agency:
John L. Scott,Inc.
Listed By:
Thomas Earnest
(253) 564-6211
Source:
Century21northhomes
Added: Jul 4
Changed: Oct 1
Last Checked: Oct 1 at 11:00AM
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 two-story multifamily property contains 14 apartment units within approximately 10,000 square feet. Built in 1923, the building offers a varied unit mix consisting of two true studio apartments, six studios with bonus rooms, four one-bedroom units, and two two-bedroom apartments. Active maintenance is in progress.
Located at 301 3RD in Aberdeen, the property is directly across from a school and close to everyday services, shopping, dining, transit, and local amenities. The unit variety supports multiple residential layout preferences within a single apartment asset. Showings require at least 48 hours’ notice to post notices for all apartments, with entry to be provided after mutual agreement.
Located at 301 3RD in Aberdeen, the property is directly across from a school and close to everyday services, shopping, dining, transit, and local amenities. The unit variety supports multiple residential layout preferences within a single apartment asset. Showings require at least 48 hours’ notice to post notices for all apartments, with entry to be provided after mutual agreement.
Key Highlights
- 14‑unit apartment building with approximately 10,000 square feet
- Built in 1923 with two‑story apartment construction
- Unit mix includes 2 true studios, 6 studios with bonus rooms, 4 one‑bedroom units, and 2 two‑bedroom units
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
$84,645
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
6.77%
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%
$1,692,900
$1.7M
Cap Rate 7%
$1,209,214
$1.2M
Cap Rate 9%
$940,500
$940.5K
Market Conditions
NOI Build-Up for 10,000 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
$162.0K $16.20/SF
− Vacancy
−$8.1K −$0.81/SF
EGI
$153.9K $15.39/SF
− OpEx
−$69.3K −$6.93/SF
NOI
$84.6K $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%
$1,692,900
Cap Rate 7%
$1,209,214
Cap Rate 9%
$940,500
Alternative Uses
Best Use
Apartment 5plus
$1.21M
$1.06M – $1.41M
NOI $84,645 @ 7.0% cap · market cap 6.77%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.76M
$2.41M – $3.22M
NOI $192,960 @ 7.0% cap · market cap 15.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
14
Residential units
Location Intelligence
Trade Area within ½ mile
1,006
Businesses Nearby
Explore this area
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 - Two-story multifamily property with varied studio, one-bedroom, and two-bedroom layouts in Aberdeen.
Where is this apartment building located?
The property is located at 301 3RD Aberdeen, WA.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: 14‑unit apartment building with approximately 10,000 square feet; Built in 1923 with two‑story apartment construction; Unit mix includes 2 true studios, 6 studios with bonus rooms, 4 one‑bedroom units, and 2 two‑bedroom units
