Occupied Two-Unit
For Sale
$375,000
409 N M Street, Aberdeen, WA 98520
Both sides are occupied and offer matching two-bedroom, one-and-a-half-bath layouts.
Property Size2,944 SF
Price / SF$127.38
Days on Market275
Property Features for 409 N M Street
General Information
Standard status
Active
Size
2,944 SF
Property subtype
Multi-Family
Occupancy
100%
Net Operating Income
$19,258
Units
Unit Mix
2 x 2BR/1.5BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,090
Amenities
Laminate,Vinyl,Carpet
Yes
No
2
Electric
12
Paved,Sidewalk
Public
Cable TV
0.0459
Wood
Concrete Ribbon
2944
Building Details
Building Size
2,944 SF
Year Built
1924
Stories
2
Listing Agency:
First Harbor Real Estate, Inc.
(916) 296-3527
Listed By:
Vicki Marquez
(916) 296-3527
Source:
Premierepropertygroup
Added: Nov 19, 2025
Changed: Aug 20
Last Checked: Aug 20 at 6:05AM
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 First Harbor Real Estate, Inc.
Investment Insights
Based on property information with market context.
This 2,944-square-foot duplex was built in 1924 and contains two matching residences, each with two bedrooms and one-and-a-half baths. Interior finishes include laminate, vinyl, and carpet. Both units are currently occupied, providing an existing two-unit configuration for an owner or investor. The roof was replaced in 2017, and the property is outside the flood zone.
Located at 409 N M Street in Aberdeen, the duplex sits near schools, shopping, and parks, with the bay and ocean beaches a short drive away. The property also includes paved areas and sidewalks, with public water service identified in the property details.
Located at 409 N M Street in Aberdeen, the duplex sits near schools, shopping, and parks, with the bay and ocean beaches a short drive away. The property also includes paved areas and sidewalks, with public water service identified in the property details.
Key Highlights
- 2,944‑square‑foot duplex with two residential units
- Each unit includes 2 bedrooms and 1.5 baths
- Both units are currently occupied
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
$26,875
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
7.17%
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%
$537,500
$537.5K
Cap Rate 7%
$383,929
$383.9K
Cap Rate 9%
$298,611
$298.6K
Market Conditions
NOI Build-Up for 2,944 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
$40.6K $13.80/SF
− Vacancy
−$2.2K −$0.76/SF
EGI
$38.4K $13.04/SF
− OpEx
−$11.5K −$3.91/SF
NOI
$26.9K $9.13/SF
Area
Grays Harbor County, WA
Vacancy
5.50%
Lease Rate
$13.80 /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%
$537,500
Cap Rate 7%
$383,929
Cap Rate 9%
$298,611
Alternative Uses
Best Use
Multifamily LT 5
$383.9K
$335.9K – $447.9K
NOI $26,875 @ 7.0% cap · market cap 7.17%
Second Best
Apartment 5plus
$356.0K
$311.5K – $415.3K
NOI $24,919 @ 7.0% cap · market cap 6.65%
Theoretical Best
Office A
$811.5K
$710.1K – $946.8K
NOI $56,807 @ 7.0% cap · market cap 15.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Both sides are occupied and offer matching two-bedroom, one-and-a-half-bath layouts.
Where is this duplex located?
The property is located at 409 N M Street Aberdeen, WA.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: 2,944‑square‑foot duplex with two residential units; Each unit includes 2 bedrooms and 1.5 baths; Both units are currently occupied
