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402 S Laurel St 12 Unit Apartment Building $2,611,814 CAD ($217,651 CAD/Unit) 5.95% Cap Rate Port Angeles, WA 98362
Investment Highlights
- Recent improvements completed with additional value-add upside remaining
- Located in the heart of a walkable retail corridor
- Superb neighborhood demographics
- Easy access to regional outdoor attractions
Executive Summary
JLL, as exclusive advisor, is pleased to present the outstanding opportunity to acquire 402 South Laurel Street, a value-add apartment community located in Port Angeles, Washington.
Built in 1962, 402 South Laurel Street (the “Property” or “Subject”) is a 12-unit low-rise property located in Port Angeles, Washington. The Property consists of eight 1-bedroom 1-bathroom units and four 2-bedroom 1-bathroom units. The property features several recent improvements, including new electrical panels, fresh exterior paint, updated vinyl windows, parking lot repaving completed in 2022, and a roof replacement in 2013.
Located just minutes from Port Angeles’ vibrant downtown, the Property is surrounded by a significant retail presence. The Property benefits from Port Angeles’ role as the gateway to the Olympic Peninsula and its position as Clallam County’s largest city and economic hub. With close proximity to the Port Angeles ferry terminal providing direct service to Victoria, BC, and convenient access to Highway 101, the Property offers excellent connectivity to both regional markets and key Pacific Northwest destinations along the northern Olympic Peninsula.
Built in 1962, 402 South Laurel Street (the “Property” or “Subject”) is a 12-unit low-rise property located in Port Angeles, Washington. The Property consists of eight 1-bedroom 1-bathroom units and four 2-bedroom 1-bathroom units. The property features several recent improvements, including new electrical panels, fresh exterior paint, updated vinyl windows, parking lot repaving completed in 2022, and a roof replacement in 2013.
Located just minutes from Port Angeles’ vibrant downtown, the Property is surrounded by a significant retail presence. The Property benefits from Port Angeles’ role as the gateway to the Olympic Peninsula and its position as Clallam County’s largest city and economic hub. With close proximity to the Port Angeles ferry terminal providing direct service to Victoria, BC, and convenient access to Highway 101, the Property offers excellent connectivity to both regional markets and key Pacific Northwest destinations along the northern Olympic Peninsula.
Property Facts
| Price | $2,611,814 CAD | Building Class | C |
| Price Per Unit | $217,651 CAD | Lot Size | 0.32 AC |
| Sale Type | Investment | Building Size | 8,762 SF |
| Cap Rate | 5.95% | Average Occupancy | 91% |
| No. Units | 12 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1962 |
| Property Subtype | Apartment | Parking Ratio | 2.05/1,000 SF |
| Apartment Style | Garden | Opportunity Zone |
Yes
|
| Zoning | PRHD | ||
| Price | $2,611,814 CAD |
| Price Per Unit | $217,651 CAD |
| Sale Type | Investment |
| Cap Rate | 5.95% |
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.32 AC |
| Building Size | 8,762 SF |
| Average Occupancy | 91% |
| No. Stories | 2 |
| Year Built | 1962 |
| Parking Ratio | 2.05/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | PRHD |
Amenities
Unit Amenities
- Air Conditioning
- Balcony
- Cable Ready
- Heating
- Ceiling Fans
- Kitchen
- Refrigerator
- Carpet
- Handrails
Site Amenities
- 24 Hour Access
- Controlled Access
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 8 | - | 575 |
| 2+1 | 4 | - | 775 |
1 1
Walk Score®
Very Walkable (88)
Property Taxes
| Parcel Number | 56315 | Improvements Assessment | $820,230 CAD |
| Land Assessment | $153,110 CAD | Total Assessment | $973,340 CAD |
Property Taxes
Parcel Number
56315
Land Assessment
$153,110 CAD
Improvements Assessment
$820,230 CAD
Total Assessment
$973,340 CAD
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402 S Laurel St
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