Two-Unit Duplex with New
For Sale
$225,000
722 W State St, Aberdeen, WA 98520
Separate residences include a larger three-bedroom lower unit and a one-bedroom upper unit.
Property Size1,859 SF
Lot Size0.15 Acres
Price / SF$121.03
Days on Market10
Property Features for 722 W State St
General Information
Standard status
Active
Size
1,859 SF
Lot size
0.15 Acres
Property subtype
Multi-Family
Units
Unit Mix
3BR/1BA, 1BR/1BA
Multifamily Units
2
Building Details
Year Built
1900
Buildings
1
Listing Agency:
Spivey Realty Group, LLC
Listed By:
Kevin Spivey · License #27308
(360) 519-6886
Source:
Heartandhomesnw
Added: Sep 15
Changed: Sep 18
Last Checked: Sep 22 at 5:07PM
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
Investment Insights
Based on property information with market context.
This duplex was built in 1900 and contains two separate residences. The lower unit measures approximately 1,310 square feet and includes three bedrooms, one bathroom, a kitchen, dining area, laundry, and wood floors. The upper unit measures approximately 550 square feet with one bedroom and one bathroom; additional cosmetic updating is identified for that unit. A new roof is among the completed improvements.
The property sits on a 6,500-square-foot lot at 722 W State St in Aberdeen, Washington. It is expected to be delivered vacant at closing, allowing the next owner to occupy one residence, place tenants in the units, or establish new rental terms.
The property sits on a 6,500-square-foot lot at 722 W State St in Aberdeen, Washington. It is expected to be delivered vacant at closing, allowing the next owner to occupy one residence, place tenants in the units, or establish new rental terms.
Key Highlights
- Two‑unit duplex built in 1900
- Lower unit: approximately 1,310 square feet with 3 bedrooms and 1 bathroom
- Upper unit: approximately 550 square feet with 1 bedroom and 1 bathroom
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
$16,970
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
7.54%
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%
$339,400
$339.4K
Cap Rate 7%
$242,429
$242.4K
Cap Rate 9%
$188,556
$188.6K
Market Conditions
NOI Build-Up for 1,859 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
$25.7K $13.80/SF
− Vacancy
−$1.4K −$0.76/SF
EGI
$24.2K $13.04/SF
− OpEx
−$7.3K −$3.91/SF
NOI
$17.0K $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%
$339,400
Cap Rate 7%
$242,429
Cap Rate 9%
$188,556
Alternative Uses
Best Use
Multifamily LT 5
$242.4K
$212.1K – $282.8K
NOI $16,970 @ 7.0% cap · market cap 7.54%
Second Best
Apartment 5plus
$224.8K
$196.7K – $262.3K
NOI $15,736 @ 7.0% cap · market cap 6.99%
Theoretical Best
Office A
$512.4K
$448.4K – $597.9K
NOI $35,871 @ 7.0% cap · market cap 15.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
790
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Separate residences include a larger three-bedroom lower unit and a one-bedroom upper unit.
Where is this duplex located?
The property is located at 722 W State St Aberdeen, WA.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: Two‑unit duplex built in 1900; Lower unit: approximately 1,310 square feet with 3 bedrooms and 1 bathroom; Upper unit: approximately 550 square feet with 1 bedroom and 1 bathroom
