2938 E Walnut Street, Port Angeles, WA 98362
- $2,949,950
- 9,612
- SqFt
Listing courtesy of Ideal Real Estate.
- List Price
- $2,949,950
- Status
- ACTIVE
- MLS#
- 2535283
- Days on Market
- 54
- Style
- 56 - 10+ Units
- Building Condition
- Updated/Remodeled
- Finished SqFt
- 9,612
- Area Total SqFt
- 9612
- Annual Tax Ammount
- 19657
- Lot Size (sq ft)
- 35,683
- Sewer
- Sewer Connected
Property Description
Turnkey multifamily investment opportunity in Port Angeles — 14 units across two tax parcels, 100% leased with zero vacancies, delivering immediate cash flow from day one. The 12-unit apartment building has had 8 of the units fully refreshed throughout, updated and move-in ready. A brand new roof was installed in 2024, protecting your investment from day one. A second parcel adds a single-family home and single-wide manufactured home, rounding out a diversified income portfolio. Several units are currently below market rent, offering strong upside potential through natural turnover — ideal for investors seeking a value-add play or 1031 exchange opportunity. The second parcel also carries potential for up to 7 additional units, subject to buyer verification with Clallam County, making this a compelling development opportunity in a supply-constrained market. Located in the heart of Port Angeles — gateway to Olympic National Park, minutes from the Strait of Juan de Fuca waterfront, downtown dining, and the Coho Ferry to Victoria, BC. Strong rental demand driven by tourism, healthcare, and a growing remote workforce makes this a high-visibility rental market with lasting fundamentals. Stabilized asset. Fully occupied. Renovation complete. Room to grow.
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Additional Information
- List Date
- 2026-06-05 16:52:31
- Community
- Northeast Port Angeles
- Net Operating Income
- $200,655
- Gross Adjusted Income
- $308,700
- Gross Scheduled Income
- $308,700
- Total Monthly Income
- $25,725
- Insurance Expenses
- $12,635
- Water/Sewer/Garbage Expenses
- $9,239
- Gross Rent Multiplier
- 9.56
- Total Expenses
- $108,045
- Cap Rate
- 6.8
- Total Number of Units
- 14
- Unit Name
- 2938
- Potential Terms
- Cash, Conventional
- Year Built
- 1972
- View
- Mountains
- Roof
- Composition
- Electric Expenses
- 10800
- Other Expenses
- 55714
- Energy Source
- Electric
- School District
- Port Angeles
- Elementary School
- Buyer To Verify
- Middle School
- Buyer To Verify
- High School
- Buyer To Verify
- Total Monthly Income
- $25,725
- Gross Scheduled Income
- $308,700
- Gross Adjusted Income
- $308,700
- Tax Year
- 2026
- Insurance Expense
- $12,635
- W/S/G Expenses
- $9,239
- Total Expenses
- $108,045
- Net Operating Income
- $200,655
- Gross Rent Multiplier
- 9.56
- Cap Rate
- 6.8
Based on information submitted to the MLS GRID as of . All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.IDX information is provided exclusively for consumers’ personal noncommercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.