Updated Eight-Unit Apartment
For Sale
$868,000
315 W Woodworth St, Sedro Woolley, WA 98284
Two buildings provide laundry hookups and ongoing unit improvements.
Property Size3,260 SF
Price / SF$266.26
Days on Market21
Property Features for 315 W Woodworth St
General Information
Standard status
Active
Size
3,260 SF
Property subtype
Multi-Family
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
8
Amenities
laundry hookups
Building Details
Year Built
1978
Buildings
2
Listing Agency:
Windermere RE Skagit Valley
(360) 424-4901
Listed By:
Balisa E Koetje
Source:
Lifestylehomeswithmel
Added: Aug 10
Changed: Aug 29
Last Checked: Aug 29 at 1:37PM
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 Windermere RE Skagit Valley
Investment Insights
Based on property information with market context.
This apartment property includes two four-unit buildings with a combined 3,260 square feet and eight total units. Constructed in 1978, the buildings have been maintained and updated over time. Unit turnover work may include kitchen, bathroom, flooring, and paint improvements as needed, while every unit includes laundry hookups.
The property consists of the buildings at 313 Woodworth and 315 Woodworth in Sedro Woolley, Washington. The roof and building paint were renewed in 2025. The two buildings may be acquired separately or together, providing flexibility for a buyer evaluating one fourplex or the complete eight-unit offering.
The property consists of the buildings at 313 Woodworth and 315 Woodworth in Sedro Woolley, Washington. The roof and building paint were renewed in 2025. The two buildings may be acquired separately or together, providing flexibility for a buyer evaluating one fourplex or the complete eight-unit offering.
Key Highlights
- Eight total apartment units across two four‑unit buildings
- 3,260 square feet combined
- Each unit includes laundry hookups
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
$24,846
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
2.86%
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%
$496,920
$496.9K
Cap Rate 7%
$354,943
$354.9K
Cap Rate 9%
$276,067
$276.1K
Market Conditions
NOI Build-Up for 3,260 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
$36.0K $11.04/SF
− Vacancy
−$497 −$0.15/SF
EGI
$35.5K $10.89/SF
− OpEx
−$10.6K −$3.27/SF
NOI
$24.8K $7.62/SF
Area
Skagit County, WA
Vacancy
1.38%
Lease Rate
$11.04 /SF/Yr
Expense Ratio
30.00%
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%
$496,920
Cap Rate 7%
$354,943
Cap Rate 9%
$276,067
Alternative Uses
Best Use
Multifamily LT 5
$354.9K
$310.6K – $414.1K
NOI $24,846 @ 7.0% cap · market cap 2.86%
Second Best
Apartment 5plus
$309.0K
$270.4K – $360.5K
NOI $21,628 @ 7.0% cap · market cap 2.49%
Theoretical Best
Office A
$1.33M
$1.16M – $1.55M
NOI $92,811 @ 7.0% cap · market cap 10.69%
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
614
Businesses Nearby
Explore this area
Business Placement
Demographics for 98284, WA
27,293
Population
11,095
Households
2.5
Avg Household Size
39
Median Age
20%
College-Educated
89%
High-School Grad
281.3 sq mi
ZIP Area
97
Density / Sq Mi
$82,097
Median Household Income
$50,074
Median Earnings
$1,476
Median Rent
$427,900
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 - Two buildings provide laundry hookups and ongoing unit improvements.
Where is this apartment building located?
The property is located at 315 W Woodworth St Sedro Woolley, WA.
What is the asking price?
The asking price for this property is $868,000.
What are key features of this property?
This property features: Eight total apartment units across two four‑unit buildings; 3,260 square feet combined; Each unit includes laundry hookups
