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 an average of $185/unit/month and in renting out the three large 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 take this property to an 8.20% cap in the first year.

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 area's 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 in vacancy rates in the Aberdeen market that currently sit around 3.8%, nearing historic lows.