18-Unit Apartment
For Sale
$1,725,000
702 L, Hoquiam, WA 98550
For sale multifamily property featuring 18 residential units at 702 L Street in Hoquiam, Washington.
Property Size16,848 SF
Price / SF$102.39
Days on Market104
Property Features for 702 L
General Information
Standard status
Active
Size
16,848 SF
Property subtype
Multi-family
Building Details
Year Built
1965
Listing Agency:
Westlake Associates,Inc.
(206) 250-9655
Listed By:
Reid Jones · License #87080
(253) 604-6000
Source:
Skylineproperties
Added: May 13
Changed: Aug 23
Last Checked: Aug 23 at 2:41AM
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 for-sale multifamily property is an 18-unit apartment building located at 702 L Street in Hoquiam, Washington. The offering includes 18 residential units and approximately 16,848 square feet of total building area.
The property is presented as a residential income asset and is well-suited for buyers seeking to acquire an apartment building with multiple units under one roof.
Additional details such as unit mix, interior features, or operating expenses are not provided in the available information, and should be confirmed during due diligence.
The property is presented as a residential income asset and is well-suited for buyers seeking to acquire an apartment building with multiple units under one roof.
Additional details such as unit mix, interior features, or operating expenses are not provided in the available information, and should be confirmed during due diligence.
Key Highlights
- 18‑unit multifamily property for sale at 702 L Street in Hoquiam, Washington
- 1965 construction (Year built: 1965)
- Listing price shown as $95,833 per unit
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
$142,610
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
8.27%
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%
$2,852,200
$2.9M
Cap Rate 7%
$2,037,286
$2.0M
Cap Rate 9%
$1,584,556
$1.6M
Market Conditions
NOI Build-Up for 16,848 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
$272.9K $16.20/SF
− Vacancy
−$13.6K −$0.81/SF
EGI
$259.3K $15.39/SF
− OpEx
−$116.7K −$6.93/SF
NOI
$142.6K $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%
$2,852,200
Cap Rate 7%
$2,037,286
Cap Rate 9%
$1,584,556
Alternative Uses
Best Use
Apartment 5plus
$2.04M
$1.78M – $2.38M
NOI $142,610 @ 7.0% cap · market cap 8.27%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.64M
$4.06M – $5.42M
NOI $325,099 @ 7.0% cap · market cap 18.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
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 - For sale multifamily property featuring 18 residential units at 702 L Street in Hoquiam, Washington.
Where is this apartment building located?
The property is located at 702 L Hoquiam, WA.
What is the asking price?
The asking price for this property is $1,725,000.
What are key features of this property?
This property features: 18‑unit multifamily property for sale at 702 L Street in Hoquiam, Washington; 1965 construction (Year built: 1965); Listing price shown as $95,833 per unit
