Building Details

Year Built 1930

Buildings 1

Listing Agency: Coldwell Banker Bain t***@cbbain.com Show Phone

Listed By: Tyler Vlasak

Source: Nfrrealty

Added: Jul 22 Changed: Aug 29 Last Checked: Aug 29 at 5:30PM

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Investment Insights

Based on property information with market context.

This three-unit residential income property dates to 1930 and has undergone restoration work that includes new siding, flooring, and interior paint. The property measures 1,772 square feet and is currently occupied by tenants, providing an established operating configuration for a new owner.

Commercial zoning adds flexibility to the property’s existing multifamily format. Located in Westport, Washington, the triplex offers a compact income-property profile with recent exterior and interior finish updates already completed.

Key Highlights

• Three‑unit triplex built in 1930
• 1,772‑square‑foot property
• New siding, flooring, and paint

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

$16,176

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

3.81%

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%

$323,520 $323.5K

Cap Rate 7%

$231,086 $231.1K

Cap Rate 9%

$179,733 $179.7K

Market Conditions

NOI Build-Up for 1,772 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

$24.5K $13.80/SF

− Vacancy

−$1.3K −$0.76/SF

EGI

$23.1K $13.04/SF

− OpEx

−$6.9K −$3.91/SF

NOI

$16.2K $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%

$323,520

Cap Rate 7%

$231,086

Cap Rate 9%

$179,733

Alternative Uses

Best Use

Multifamily LT 5

$231.1K

$202.2K – $269.6K (±1% cap)

NOI $16,176 @ 7.0% cap · market cap 3.81%

Second Best

Apartment 5plus

$214.3K

$187.5K – $250.0K (±1% cap)

NOI $14,999 @ 7.0% cap · market cap 3.53%

Theoretical Best

Office A

$488.5K

$427.4K – $569.9K (±1% cap)

NOI $34,193 @ 7.0% cap · market cap 8.05%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Triplexes

Suggested Use

Top Pick Building Supply Electrical Service Auto Parts Store (Bike/Boat/Book/etc) Store Nail Salon Skin Care Clinic

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

3

Residential units

Location Intelligence

Trade Area within ½ mile

129

Businesses Nearby

Explore this area Business Placement

Demographics for 98595, WA

2,995

Population

2,109

Households

1.4

Avg Household Size

49

Median Age

21%

College-Educated

89%

High-School Grad

5.3 sq mi

ZIP Area

565

Density / Sq Mi

$63,359

Median Household Income

$41,767

Median Earnings

$752

Median Rent

$254,800

Median Home Value

Market

Vacancy Rate% for Multifamily in West region

7% 2022

7.8% 2023

8.6% 2024

8.6% 2025

Questions? Ask Rey

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What type of property is this? Where is this triplexes located? What is the asking price? Find similar properties ... What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Triplex - Tenant-occupied three-unit property with updated finishes and commercial zoning.

Where is this triplex located?

The property is located at 605 N Montesano St Westport, WA.

What is the asking price?

The asking price for this property is $425,000.

What are key features of this property?

This property features: Three‑unit triplex built in 1930; 1,772‑square‑foot property; New siding, flooring, and paint