9-Unit Apartment
For Sale
$900,000
517 Emerson Ave, Hoquiam, WA 98550
Multifamily property with updated units, coin-operated laundry, and landlord storage areas.
Property Size6,452 SF
Price / SF$139.49
Days on Market42
Property Features for 517 Emerson Ave
General Information
Standard status
Active
Size
6,452 SF
Property subtype
Multi-Family
Additional Details
Cap Rate
8.5%
Multifamily Units
9
Amenities
on-site coin-operated laundry
Building Details
Year Built
1906
Listing Agency:
Better Properties Grays Harbor
(360) 470-0354
Listed By:
Thomas Hedlund
Source:
Nfrrealty
Added: Jul 20
Changed: Aug 29
Last Checked: Aug 25 at 5:14AM
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 Better Properties Grays Harbor
Investment Insights
Based on property information with market context.
This 9-unit apartment property contains 6452 square feet and was built in 1906. Most units have been updated, while one unit is currently being refreshed. The property also includes on-site coin-operated laundry and landlord storage spaces.
Located at 517 Emerson Ave in Hoquiam, the property is near schools, services, and major routes. The unit mix includes one-bedroom and two-bedroom apartments. The existing storage areas may offer potential for conversion to storage units or an additional one-bedroom apartment, subject to feasibility and approval. Two apartments may also accommodate floorplan changes that would add a bedroom to each, as described in the property information.
Located at 517 Emerson Ave in Hoquiam, the property is near schools, services, and major routes. The unit mix includes one-bedroom and two-bedroom apartments. The existing storage areas may offer potential for conversion to storage units or an additional one-bedroom apartment, subject to feasibility and approval. Two apartments may also accommodate floorplan changes that would add a bedroom to each, as described in the property information.
Key Highlights
- 9‑unit apartment property with 6452 square feet
- 8.5% cap rate
- Most units updated; one unit undergoing a refresh
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
$54,613
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
6.07%
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%
$1,092,260
$1.1M
Cap Rate 7%
$780,186
$780.2K
Cap Rate 9%
$606,811
$606.8K
Market Conditions
NOI Build-Up for 6,452 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
$104.5K $16.20/SF
− Vacancy
−$5.2K −$0.81/SF
EGI
$99.3K $15.39/SF
− OpEx
−$44.7K −$6.93/SF
NOI
$54.6K $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%
$1,092,260
Cap Rate 7%
$780,186
Cap Rate 9%
$606,811
Alternative Uses
Best Use
Apartment 5plus
$780.2K
$682.7K – $910.2K
NOI $54,613 @ 7.0% cap · market cap 6.07%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.78M
$1.56M – $2.07M
NOI $124,498 @ 7.0% cap · market cap 13.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
9
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?
Apartment building - Multifamily property with updated units, coin-operated laundry, and landlord storage areas.
Where is this apartment building located?
The property is located at 517 Emerson Ave Hoquiam, WA.
What is the asking price?
The asking price for this property is $900,000.
What are key features of this property?
This property features: 9‑unit apartment property with 6452 square feet; 8.5% cap rate; Most units updated; one unit undergoing a refresh
