Garden-Style Apartment
For Sale
$1,095,000
701 L St, Hoquiam, WA 98550
Well-maintained community offering multiple residential floor plans with convenient access to US-12 and area employment centers.
Property Size9,141 SF
Price / SF$119.79
Days on Market48
Property Features for 701 L St
General Information
Standard status
Active
Size
9,141 SF
Property subtype
Multi-Family
Additional Details
Highway Access
Yes
Multifamily Units
12
Building Details
Year Built
1981
Construction
garden-style
Listing Agency:
Westlake Associates, Inc.
Listed By:
Reid Jones · License #87080
(206) 250-9655
Source:
Chehalisvalleyrealty
Added: Aug 10
Changed: Sep 23
Last Checked: Sep 26 at 12:08PM
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 Westlake Associates, Inc.
Investment Insights
Based on property information with market context.
This 12-unit garden-style apartment community in Hoquiam was built in 1965 and offers a mix of two-bedroom, one-bedroom, and studio residences. Recent capital improvements have been completed, supporting the property's ongoing physical condition. The unit variety provides a range of residential configurations within a single apartment asset.
Located at 701 L St, the property offers access to US-12 and employment centers in Hoquiam and Aberdeen. Its setting provides a practical residential environment for occupants seeking proximity to local jobs and regional transportation routes.
Located at 701 L St, the property offers access to US-12 and employment centers in Hoquiam and Aberdeen. Its setting provides a practical residential environment for occupants seeking proximity to local jobs and regional transportation routes.
Key Highlights
- 12‑unit garden‑style apartment community
- Built in 1965
- Two‑bedroom, one‑bedroom, and studio floor plans
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
$77,374
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
7.07%
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%
$1,547,480
$1.5M
Cap Rate 7%
$1,105,343
$1.1M
Cap Rate 9%
$859,711
$859.7K
Market Conditions
NOI Build-Up for 9,141 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
$148.1K $16.20/SF
− Vacancy
−$7.4K −$0.81/SF
EGI
$140.7K $15.39/SF
− OpEx
−$63.3K −$6.93/SF
NOI
$77.4K $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%
$1,547,480
Cap Rate 7%
$1,105,343
Cap Rate 9%
$859,711
Alternative Uses
Best Use
Apartment 5plus
$1.11M
$967.2K – $1.29M
NOI $77,374 @ 7.0% cap · market cap 7.07%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.52M
$2.20M – $2.94M
NOI $176,385 @ 7.0% cap · market cap 16.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
12
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
375
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
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - Well-maintained community offering multiple residential floor plans with convenient access to US-12 and area employment centers.
Where is this apartment building located?
The property is located at 701 L St Hoquiam, WA.
What is the asking price?
The asking price for this property is $1,095,000.
What are key features of this property?
This property features: 12‑unit garden‑style apartment community; Built in 1965; Two‑bedroom, one‑bedroom, and studio floor plans
