7-Unit Apartment Building with
New
For Sale
$799,900
721 N K St, Aberdeen, WA 98520
Fully occupied multifamily property with recent building-system improvements and a framed basement area for future expansion.
Property Size6,846 SF
Price / SF$116.84
Days on Market3
Property Features for 721 N K St
General Information
Standard status
Active
Size
6,846 SF
Property subtype
Multi-Family
Occupancy
100%
Financials
Cap Rate
6.71%
Gross Income
$83,040
Units
Unit Mix
6 x 1BR/1BA, 1 x 2BR
Multifamily Units
7
Building Details
Year Built
1909
Listing Agency:
Spivey Realty Group, LLC
Listed By:
Kevin Spivey · License #27308
(360) 519-6886
Source:
Livnserverealestate
Added: Sep 11
Last Checked: Sep 12 at 2:25PM
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 Spivey Realty Group, LLC
Investment Insights
Based on property information with market context.
This 7-unit apartment property at 721 N K St in Aberdeen, Washington, includes six 1-bedroom, 1-bath units and one 2-bedroom unit. The 6,846-square-foot building was constructed in 1909 and is fully occupied. Units have received updates, while the property also includes a new commercial water heater and sewer line, reinforced building and decks, mostly updated electrical systems, and exterior paint completed in 2025.
The roof was replaced in 2021, and approximately $30,000 in plumbing repairs and replacements have been completed. Two existing units may support conversion to 2-bedroom layouts, and a framed basement area could accommodate an additional 1-bedroom unit after completion. The property has an estimated 6.71% cap rate and offers a combination of current occupancy and documented expansion potential.
The roof was replaced in 2021, and approximately $30,000 in plumbing repairs and replacements have been completed. Two existing units may support conversion to 2-bedroom layouts, and a framed basement area could accommodate an additional 1-bedroom unit after completion. The property has an estimated 6.71% cap rate and offers a combination of current occupancy and documented expansion potential.
Key Highlights
- 7 units: six 1‑bedroom/1‑bath units and one 2‑bedroom unit
- 6,846‑square‑foot apartment building constructed in 1909
- Fully occupied with an estimated 6.71% cap rate
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
$57,948
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
7.24%
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%
$1,158,960
$1.2M
Cap Rate 7%
$827,829
$827.8K
Cap Rate 9%
$643,867
$643.9K
Market Conditions
NOI Build-Up for 6,846 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
$110.9K $16.20/SF
− Vacancy
−$5.5K −$0.81/SF
EGI
$105.4K $15.39/SF
− OpEx
−$47.4K −$6.93/SF
NOI
$57.9K $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%
$1,158,960
Cap Rate 7%
$827,829
Cap Rate 9%
$643,867
Alternative Uses
Best Use
Apartment 5plus
$827.8K
$724.4K – $965.8K
NOI $57,948 @ 7.0% cap · market cap 7.24%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.89M
$1.65M – $2.20M
NOI $132,100 @ 7.0% cap · market cap 16.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
7
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
801
Businesses Nearby
Explore this area
Business Placement
Demographics for 98520, WA
24,086
Population
9,333
Households
2.6
Avg Household Size
41
Median Age
14%
College-Educated
89%
High-School Grad
217.5 sq mi
ZIP Area
111
Density / Sq Mi
$59,744
Median Household Income
$34,591
Median Earnings
$1,034
Median Rent
$237,000
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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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 - Fully occupied multifamily property with recent building-system improvements and a framed basement area for future expansion.
Where is this apartment building located?
The property is located at 721 N K St Aberdeen, WA.
What is the asking price?
The asking price for this property is $799,900.
What are key features of this property?
This property features: 7 units: six 1‑bedroom/1‑bath units and one 2‑bedroom unit; 6,846‑square‑foot apartment building constructed in 1909; Fully occupied with an estimated 6.71% cap rate
