7-Unit Apartment Building with
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 Market48
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
Changed: Oct 26
Last Checked: Oct 7 at 3:07PM
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
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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 / Yr
$57,948
Cap Rate
7.24%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
Property Analytics
Who owns this building?
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Open Analytics
Lease Details
7
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
801
Businesses Nearby
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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
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in West region
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
