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Multifamily

First Street Apartments

402 W 1st St, Aberdeen, WA 98520

Listing Price: $800,000

Cap Rate
7.24%
Number of Units
7
GRM
8.62
Occupancy
100.0%
Price/Unit
$114,286
Price/Gross SF
$172.41
Gross SF
4,640

Investment Overview

First Street Apartments is a seven-unit property consisting of a five-unit, garden style apartment building and a duplex situated on the same tax lot. This property is located at 402 W 1st St, Aberdeen, WA 98520. Extensively renovated in 2023, this property was originally built in 1941. Both buildings total 4,640 square feet and are comprised of six one-bed/one-bath units and one two-bed/one-bath unit.

Current ownership has executed an extensive renovation plan on the five-unit building. Exterior renovations include a new roof, siding and double pane vinyl windows. Interiors have also been completely overhauled with high end interior finishes including new cabinets, LVP Flooring, quartz countertops, stainless steel appliances, new tubs and tub surrounds, plumbing and lighting fixtures. The property offers a communal, coin-operated laundry space.

There is value-add opportunity in renovating the two units in the duplex to improve the rents by $200/month/unit as well as in renting out the three 9’x20’ storage units for the market average of $155/unit for unheated storage. By implementing these changes and continuing to keep up with market rent increases, a new owner can increase the property’s income by 20.6% in the first year.

LOCATION OVERVIEW

First Street Apartments is conveniently located directly off Aberdeen’s downtown and retail corridor, with easy walking access to numerous local employers, retailers, restaurants, and entertainment options. Within a ten-minute drive, tenants can easily commute to the areas major employers including Harbor Regional Health, The Port of Grays Harbor, Ag Processing Inc, Weyerhaeuser Sorting Yard, and major retailing areas. As large portions of the population are increasingly mobile, the flight to affordability has increased demand for rental properties in secondary and tertiary markets, resulting vacancy rates that currently sit around 4.4% in the Aberdeen market, which is near historic lows.

Investment Highlights

  • Recent Capex Includes: New Roof, Siding, Double Pane Vinyl Windows. Unit interior upgrades include: LVP flooring, high-end modern cabinets, quartz countertops, new plumbing hardware and light fixture
  • Luxury finishes make this property stand out in market as prime rental option.
  • Improve cashflow by 20.6% by renovating duplex units and renting out 9'x20' storage units.
  • Well located near retail corridor in market with 4.4% average vacancy.

Exclusively Listed By

Broker of Record

  • Joel Deis

    First Vice President/Regional Manager

    (206) 826-5700

    License(s) WA: 25469

    Washington

Financing By

Multifamily

First Street Apartments

Listing Price: $800,000

Cap Rate
7.24%
Number of Units
7
GRM
8.62
Occupancy
100.0%
Price/Unit
$114,286
Price/Gross SF
$172.41
Gross SF
4,640

Investment Highlights

  • Recent Capex Includes: New Roof, Siding, Double Pane Vinyl Windows. Unit interior upgrades include: LVP flooring, high-end modern cabinets, quartz countertops, new plumbing hardware and light fixture
  • Luxury finishes make this property stand out in market as prime rental option.
  • Improve cashflow by 20.6% by renovating duplex units and renting out 9'x20' storage units.
  • Well located near retail corridor in market with 4.4% average vacancy.

Investment Overview

First Street Apartments is a seven-unit property consisting of a five-unit, garden style apartment building and a duplex situated on the same tax lot. This property is located at 402 W 1st St, Aberdeen, WA 98520. Extensively renovated in 2023, this property was originally built in 1941. Both buildings total 4,640 square feet and are comprised of six one-bed/one-bath units and one two-bed/one-bath unit. Current ownership has executed an extensive renovation plan on the five-unit building. Exterior renovations include a new roof, siding and double pane vinyl windows. Interiors have also been completely overhauled with high end interior finishes including new cabinets, LVP Flooring, quartz countertops, stainless steel appliances, new tubs and tub surrounds, plumbing and lighting fixtures. The property offers a communal, coin-operated laundry space. There is value-add opportunity in renovating the two units in the duplex to improve the rents by $200/month/unit as well as in renting out the three 9’x20’ storage units for the market average of $155/unit for unheated storage. By implementing these changes and continuing to keep up with market rent increases, a new owner can increase the property’s income by 20.6% in the first year. LOCATION OVERVIEW First Street Apartments is conveniently located directly off Aberdeen’s downtown and retail corridor, with easy walking access to numerous local employers, retailers, restaurants, and entertainment options. Within a ten-minute drive, tenants can easily commute to the areas major employers including Harbor Regional Health, The Port of Grays Harbor, Ag Processing Inc, Weyerhaeuser Sorting Yard, and major retailing areas. As large portions of the population are increasingly mobile, the flight to affordability has increased demand for rental properties in secondary and tertiary markets, resulting vacancy rates that currently sit around 4.4% in the Aberdeen market, which is near historic lows.

Exclusively Listed By

Broker of Record

  • Joel Deis

    First Vice President/Regional Manager

    (206) 826-5700

    License(s): WA: 25469

    Washington

Financing By

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