306 1St StPort Angeles, WA 98362

Property Details for 306 1St St

Year built

1921

Property size (Sq ft)

7,904 SF

Property type

Residential income homes

Property subtype

Small apartment buildings

APN

630000034030000

APU

630000034030000

Description

This exceptional 12-unit apartment building, situated at 306 W 1st St in Port Angeles, WA, presents a compelling investment opportunity. Built in 1921 and extensively renovated in 2023, this three-story building boasts 11,856 square feet, with 7,904 square feet of net rentable space. Currently operating at 100% occupancy, the property generates a strong NOI of $67,839, representing a 5.22% cap rate. A pro-forma NOI of $98,515 projects a 7.58% cap rate, highlighting significant upside potential. The asking price is $1,299,950, translating to $109.64 per square foot and $108,329.17 per unit. The property sits on a 0.16-acre lot and includes 8 parking spaces. The permitted commercial zoning and the unfinished lower level offer exciting expansion possibilities, allowing for a substantial increase in cash flow with relatively minimal investment. This landmark property in downtown Port Angeles offers a blend of historical charm and modern updates, making it an attractive and profitable investment. The property's APN is 063000003403. The building is comprised of one structure and is located in Clallam County, WA, zip code 98362. There is no ground lease associated with this property.

• CAP approach

  CAP return

  Valuation

  6%

  $2,643,660

  6.5%

  $2,440,302

  7%

  $2,265,994

• Comparable approach

  Method

  Valuation

  Relative Method

  $3,724,037

  Geo Method

  $2,359,336

• Alternative Use

  Use

  Valuation

  Residential

  $2,440,302

  Hospitality

  $2,235,303

  Educational

  $1,859,746

  Medical

  $1,923,705

  Retail

  $2,892,938

Location Insight

City

Port Angeles

County

Clallam

State

Washington

Latitude

48.1205

Longitude

-123.438

CBSA code

38820

CBSA name

PORT ANGELES, WA MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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