2425 Bay Ave Hoquiam, WA 98550

This exceptional investment opportunity presents a 12-unit apartment building located at 2425 Bay Ave, Hoquiam, WA 98550. The property consists of two buildings, an 8-unit and a 4-unit structure, situated on two separate tax parcels, totaling 12,632 square feet of land. Built in 1978 and renovated in 2020, the complex offers 10,400 net rentable square feet, encompassing twelve two-bedroom, one-bathroom units. Currently operating at 100% occupancy (as of January 1, 2024), the property boasts a current NOI of $98,824 and an impressive pro-forma NOI of $132,724, translating to an 8.24% current cap rate and a projected 11.07% pro-forma cap rate. The asking price is $1,199,000, or $99,916.67 per unit. With fourteen parking spaces available and a convenient location near public transit, shopping, ocean beaches, and Grays Harbor College, this property offers significant upside potential due to below-market rents