1020 J StHoquiam, WA 98550

This 7-unit apartment building in Hoquiam, WA presents a compelling value-add opportunity. Located at 1020 J St, this 6,971 square foot property, built in 1929 and renovated in 2020, sits on a 6,098 square foot lot. The building comprises a mix of unit sizes: three 2-bedroom units and four 1-bedroom units, all currently at 100% occupancy. The asking price is $575,000, translating to $82,143 per unit and $82.48 per square foot. The current Net Operating Income (NOI) is $42,703, yielding a 7.43% cap rate. However, significant upside potential exists due to below-market rents, with a pro-forma NOI projected at $63,546 and a pro-forma cap rate of 11.05%. The property includes a garage, potentially usable as a shop or storage, offering additional income streams. Its convenient location near public transportation and shopping enhances its appeal. This two-story building represents a strong investment for those seeking to increase rental income and maximize returns. The property's strong rental history and potential for significant rent increases make it an attractive opportunity in the Hoquiam market.