Remodeled
For Sale
$375,000
508 Emerson Ave, Hoquiam, WA 98550
Three-unit multifamily property with updated interiors, refreshed exterior components, and shared laundry facilities.
Property Size3,200 SF
Price / SF$117.19
Days on Market47
Property Features for 508 Emerson Ave
General Information
Standard status
Active
Size
3,200 SF
Total Parking Spaces
1
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA, 1 x 3BR/1BA
Multifamily Units
3
Amenities
co-op laundry
playground area
partially fenced
Building Details
Year Built
1896
Buildings
1
Listing Agency:
Windermere RE/Aberdeen
(360) 533-6464
Listed By:
Joy Beard-Eggert
Source:
Chehalisvalleyrealty
Added: Jul 15
Changed: Aug 29
Last Checked: Aug 25 at 4:16AM
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/Aberdeen
Investment Insights
Based on property information with market context.
This remodeled triplex contains 3,200 square feet across three residential units. Two units offer 2 bedrooms and 1 bath, while the third includes 3 bedrooms and 1 bath. Interior improvements include refreshed flooring and paint, a replacement stove in unit #3, a new refrigerator in unit #2, and a renovated tub and shower in unit #1. The property is insulated and equipped with hardwired smoke alarms, with co-op laundry serving the units.
Exterior work completed between 2019 and 2022 includes new siding and paint, skirting, and porch coverings. Vinyl double-pane windows are in place, and most plumbing and wiring were upgraded between 2015 and 2017. The rear yard includes space for a playground and is partially fenced. Parking includes 1 dedicated spot, with additional street parking available. The building dates to 1896.
Exterior work completed between 2019 and 2022 includes new siding and paint, skirting, and porch coverings. Vinyl double-pane windows are in place, and most plumbing and wiring were upgraded between 2015 and 2017. The rear yard includes space for a playground and is partially fenced. Parking includes 1 dedicated spot, with additional street parking available. The building dates to 1896.
Key Highlights
- Three‑unit layout: two 2‑bedroom units and one 3‑bedroom unit, each with 1 bath
- 3,200 square feet in a building constructed in 1896
- New siding and paint completed between 2020‑2022
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
$29,212
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
7.79%
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%
$584,240
$584.2K
Cap Rate 7%
$417,314
$417.3K
Cap Rate 9%
$324,578
$324.6K
Market Conditions
NOI Build-Up for 3,200 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
$44.2K $13.80/SF
− Vacancy
−$2.4K −$0.76/SF
EGI
$41.7K $13.04/SF
− OpEx
−$12.5K −$3.91/SF
NOI
$29.2K $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%
$584,240
Cap Rate 7%
$417,314
Cap Rate 9%
$324,578
Alternative Uses
Best Use
Multifamily LT 5
$417.3K
$365.2K – $486.9K
NOI $29,212 @ 7.0% cap · market cap 7.79%
Second Best
Apartment 5plus
$386.9K
$338.6K – $451.4K
NOI $27,086 @ 7.0% cap · market cap 7.22%
Theoretical Best
Office A
$882.1K
$771.8K – $1.03M
NOI $61,747 @ 7.0% cap · market cap 16.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
383
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?
Triplex - Three-unit multifamily property with updated interiors, refreshed exterior components, and shared laundry facilities.
Where is this triplex located?
The property is located at 508 Emerson Ave Hoquiam, 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: Three‑unit layout: two 2‑bedroom units and one 3‑bedroom unit, each with 1 bath; 3,200 square feet in a building constructed in 1896; New siding and paint completed between 2020‑2022
