10-Unit Apartment
For Sale
$1,350,000
414 Ontario, Hoquiam, WA 98550
Fully rented multifamily property with updated electrical systems, tenant-paid utilities, and on-site coin-operated laundry.
Property Size8,840 SF
Price / SF$152.71
Days on Market312
Property Features for 414 Ontario
General Information
Standard status
Active
Size
8,840 SF
Property subtype
Multi-family
Occupancy
100%
Units
Unit Mix
6 x 2BR, 4 x 1BR
Multifamily Units
10
Additional Details
Cap Rate
8.5%
Public Transit
Yes
Amenities
coin-operated laundry
deck
storage
Building Details
Year Built
1977
Listing Agency:
Networks Real Estate LLC
Listed By:
Peter Henry
(253) 564-6211
Source:
Century21northhomes
Added: Oct 23, 2025
Changed: Aug 29
Last Checked: Aug 29 at 5:57PM
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 Networks Real Estate LLC
Investment Insights
Based on property information with market context.
This 10-unit apartment property, built in 1977, includes six two-bedroom apartments and four one-bedroom units. The two-bedroom layouts measure 900 SF, while the one-bedroom units measure 850 SF; each includes spacious bedrooms, living areas, and kitchens with eating space. Recent improvements include electrical panels in every unit, newer exterior paint, a newer roof, and updated carpet, vinyl, laminate flooring, and select kitchen and bathroom finishes. Several upstairs apartments have deck areas, and some units include access to 6 X 5 storage units at the rear. A coin-operated laundry facility provides an additional on-site feature, while tenants pay their own utility bills. The property is fully rented and reports an 8.5% cap rate.
Located at 414 Ontario in downtown Hoquiam, the complex sits next to the YMCA, along the bus line, and near needed services.
Located at 414 Ontario in downtown Hoquiam, the complex sits next to the YMCA, along the bus line, and near needed services.
Key Highlights
- 10‑unit property with six two‑bedroom and four one‑bedroom apartments
- 900 SF two‑bedroom units and 850 SF one‑bedroom units
- 8.5% cap rate with the property fully rented
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
$74,826
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
5.54%
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%
$1,496,520
$1.5M
Cap Rate 7%
$1,068,943
$1.1M
Cap Rate 9%
$831,400
$831.4K
Market Conditions
NOI Build-Up for 8,840 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
$143.2K $16.20/SF
− Vacancy
−$7.2K −$0.81/SF
EGI
$136.0K $15.39/SF
− OpEx
−$61.2K −$6.93/SF
NOI
$74.8K $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%
$1,496,520
Cap Rate 7%
$1,068,943
Cap Rate 9%
$831,400
Alternative Uses
Best Use
Apartment 5plus
$1.07M
$935.3K – $1.25M
NOI $74,826 @ 7.0% cap · market cap 5.54%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.44M
$2.13M – $2.84M
NOI $170,577 @ 7.0% cap · market cap 12.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
10
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
222
Businesses Nearby
Explore this area
Business Placement
Demographics for 98550, WA
11,502
Population
5,373
Households
2.1
Avg Household Size
43
Median Age
19%
College-Educated
92%
High-School Grad
266.0 sq mi
ZIP Area
43
Density / Sq Mi
$56,920
Median Household Income
$36,185
Median Earnings
$1,003
Median Rent
$212,400
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 - Fully rented multifamily property with updated electrical systems, tenant-paid utilities, and on-site coin-operated laundry.
Where is this apartment building located?
The property is located at 414 Ontario Hoquiam, WA.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: 10‑unit property with six two‑bedroom and four one‑bedroom apartments; 900 SF two‑bedroom units and 850 SF one‑bedroom units; 8.5% cap rate with the property fully rented
