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    Updated 12-Unit Multifamily Building Title is generated by Realmo AI

    402 Laurel, Port Angeles, WA 98362

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    For Sale
    $1,920,000

    MULTI_FAMILY - Port Angeles, WA

    Property size:
    8,762 SF
    Lot size:
    0.30 Acres
    Price / SF:
    $219/SF
    Added:
    Mar 3, 2026
    Days on Market:
    92
    Last Refresh:
    Jun 3 at 6:06 pm

    Property Features for 402 Laurel

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    Multi-Family
    Appliances
    Refrigerator, Range/Oven
    Standard status
    Active
    APN
    063000008885
    Size
    8,762 SF
    Lot size
    0.30 Acres

    Taxes and HOA fees

    Tax Year
    2026
    Tax Description
    LOTS 19 AND 20 BLK 88
    Tax Annual Amount
    7224

    Utilities

    Heating system
    Baseboard

    Building Details

    Year built
    1962
    Floors in Building
    2
    Number of units
    12
    Flooring type
    Vinyl, Laminate, Carpet
    Roof type
    Flat

    We can help!

    Listing Contact
    Mark DeRousie
    Mark DeRousie

    Listing agent Mark DeRousie License #3093

    Listing office RE/MAX Evergreen 505 E 8th Street Suite B, WA

    Listing date Mar 3, 2026

    MLS# 400214 Listing URL

    Copyright © 2026 Olympic Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • 12‑unit apartment building, well maintained and updated
    • New roof installed in 2013
    • Repaved parking lot in 2022
    • New exterior paint and new vinyl windows
    • New breaker panels installed in all units (2024–2025)
    • 1962 construction with flat roof; baseboard heat and vinyl/laminate/carpet flooring

    Overview

    This well-maintained 12-unit apartment building has been updated with new exterior paint, new vinyl windows, a new roof installed in 2013, and a repaved parking lot in 2022. Additional electrical work includes new breaker panels installed in all units during 2024-2025, reflecting ongoing capital improvements. The property is zoned for multifamily use, supporting continued apartment operations.

    Located in central Port Angeles, the building is positioned for convenience within the community. The asset sits on a 0.3-acre lot, with on-site parking supported by the repaved lot upgrade.

    For investors or owner-operators seeking a small, established apartment building, this configuration provides immediate on-site housing units combined with a recent update cadence across key building systems. For detailed financials and rent information, contact the listing broker for the rent breakdown.
    Property Profile Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Real Estate Agency Law Firm Restaurant Dental Office Hair Salon Spa & Massage Center Nail Salon Building Supply Daycare Center Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Port Angeles
    County
    Clallam
    State
    Washington
    Longitude
    -123.436733
    Latitude
    48.115973

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    FAQs

    What type of property is this?
    Apartment building - Twelve-unit multifamily property with recent exterior, window, roofing, parking, and electrical updates.
    Where is this apartment building located?
    The property is located at 402 Laurel Port Angeles, WA.
    What is the asking price?
    The asking price for this property is $1,920,000.
    What are key features of this property?
    This property features: 12‑unit apartment building, well maintained and updated; New roof installed in 2013; Repaved parking lot in 2022
    (360) 808-2340
    We can help!
    Listing Contact
    Mark DeRousie
    Mark DeRousie
    Real Estate License ID: 3093
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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