402 Laurel St · Port Angeles, WA 98362

$1,920,000

192 bd · 144.0 ba · 8,762 sqft · MultiFamily public records · 110 Days on market

Built 1962 0.32 ac lot $219/sqft · 9% above area Est $1755k · 9% over

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Why this score? — see what drove the C- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +21.7/30.0
• DSCR +6.9/10.0
• Schools +5.2/10.0
• 1% rule +4.7/10.0
• Livability +3.9/5.0
• ARV discount +3.3/15.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 12 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Well maintained and updated 12 unit apartment in central location. new exterior paint, new vinyl windows, repaved parking lot in 2022, new roof in 2013. new breaker panels installed in all units 2024-25. Call listing Broker for rent breakdown.

Key facts

• New exterior paint
• New vinyl windows
• Repaved parking lot

Tags

• NEW EXTERIOR PAINT
• NEW VINYL WINDOWS
• REPAVED PARKING LOT
• NEW ROOF
• NEW INDIVIDUAL BREAKER BOXES

What this means for you Summary

Snapshot

• This is a 12 × 1-bed/1-bath units multifamily listed at $1.92M.

Deal economics

• At list price, monthly cash flow is $3k ($36k/yr) — positive. Per door: $247/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.85M (3.4% below list).
• Recommended offer: $1.75M (9.0% below list) — sets the bar for market timing.
• Cap rate 8.1% vs local median 2.8% in Port Angeles — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 78/100 on livability (#138 in WA, #2,729 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A+; Watch: employment C-, crime F.
• Port Angeles School District (town): math 55% / reading 65% proficiency, ranked #70 of 291 in WA (top 24%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 273 active listings in the ZIP; 166 units permitted in Clallam County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $13k of loan paydown is wiped out by about $58k of value loss. Plan a longer hold.
• Clallam County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 110 days — a 9% lower offer ($1.75M) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 2y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $1.35M; 42% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $1,747,200 (9.0% below list)

Questions for the listing agent

1. It's been on market 110 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1962 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
8. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
9. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
10. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.97% ✗
• Cap rate: 8.15%
• Cash-on-cash: 6.62%
• DSCR: 1.29
• GRM: 8.6

CMA / ARV

• ARV (median comp): $1,755,256
• List price: $1,920,000
• Delta: 9.39%
• Verdict: FAIR
• Comps: 2 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -6.2%
• Equity multiple: 0.77×
• Total profit: $-122,961
• Equity at exit: $286,278

10-year hold

• IRR: 3.4%
• Equity multiple: 1.25×
• Total profit: $133,286
• Equity at exit: $166,007

Cash invested: $537,600 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 28 Tenant-Leaning
• State Washington: 28 Tenant-Leaning · D+8
• County: — inherits STATE
• City: — inherits STATE

Just-cause statewide (2021); Seattle layers rent control restrictions + relocation assistance; very tenant-friendly.

Methodology + full state rankings →

ZIP-level market 98362

• Active inventory: 273
• Price-to-rent: 103.6×

Monthly cashflow live

• Estimated rent: $18,540 medium
• Mortgage (P&I): −$10,069
• Tax from tax record: −$813 /mo · $9,752/yr
• Insurance: −$800
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,893
• Net cashflow: $2,965

Break-even live

Break-even rent $14,787

Max offer price $1,920,000

Occupancy floor 79%

Sensitivity live

Price	-10% $4,052	-5% $3,509	+0% $2,965	+5% $2,422	+10% $1,878
Rent	-10% $1,501	-5% $2,233	+0% $2,965	+5% $3,698	+10% $4,430
Rate	-1.0pp $3,932	-0.5pp $3,454	base $2,965	+0.5pp $2,468	+1.0pp $1,962

12-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 12× units	1	1	$18,540
Total (12 units)			$18,540

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $480,000
• Closing costs: $57,600
• Reserves months: —
• Total cash needed: —

Listing history 25 events

1. 2026-06-21
   days on market $1,920,000 Active 110 DOM
2. 2026-06-21
   days on market $1,920,000 Active 109 DOM
3. 2026-06-18
   days on market $1,920,000 Active 107 DOM
4. 2026-06-17
   days on market $1,920,000 Active 106 DOM
5. 2026-06-16
   days on market $1,920,000 Active 105 DOM
6. 2026-06-15
   days on market $1,920,000 Active 104 DOM
7. 2026-06-15
   days on market $1,920,000 Active 103 DOM
8. 2026-06-13
   days on market $1,920,000 Active 102 DOM
9. 2026-06-12
   days on market $1,920,000 Active 101 DOM
10. 2026-06-09
    days on market $1,920,000 Active 98 DOM
11. 2026-06-08
    days on market $1,920,000 Active 97 DOM
12. 2026-06-08
    days on market $1,920,000 Active 96 DOM
13. 2026-06-07
    days on market $1,920,000 Active 95 DOM
14. 2026-06-03
    days on market $1,920,000 Active 92 DOM
15. 2026-06-02
    days on market $1,920,000 Active 91 DOM
16. 2026-06-01
    days on market $1,920,000 Active 90 DOM
17. 2026-05-31
    days on market $1,920,000 Active 89 DOM
18. 2026-03-03
    listed $1,920,000 Active 244-char remark

    Show marketing remark (244 chars)

    Well maintained and updated 12 unit apartment in central location. new exterior paint, new vinyl windows, repaved parking lot in 2022, new roof in 2013. new breaker panels installed in all units 2024-25. Call listing Broker for rent breakdown.

19. 2026-02-26
    listed $1,920,000 Active
20. 2024-10-07
    soldstatus $1,348,200 Closed 505-char remark

    Show marketing remark (505 chars)

    This centrally located property is beautifully updated and well-maintained. The seller covers cold and hot water for tenants, with room for more tanks if needed. The one-bedroom units are around 575 sq ft, and the two-bedroom units are about 775 sq ft. Recent upgrades include new exterior paint, vinyl windows, a repaved parking lot in 2022, and a new roof from 2013. Note that owner financing isn't available; options include cash or traditional financing. See associated documents for more information.

21. 2024-08-23
    status Pending

    Show marketing remark (505 chars)

    This centrally located property is beautifully updated and well-maintained. The seller covers cold and hot water for tenants, with room for more tanks if needed. The one-bedroom units are around 575 sq ft, and the two-bedroom units are about 775 sq ft. Recent upgrades include new exterior paint, vinyl windows, a repaved parking lot in 2022, and a new roof from 2013. Note that owner financing isn't available; options include cash or traditional financing. See associated documents for more information.

22. 2024-08-23
    status Pending 505-char remark

    Show marketing remark (505 chars)

    This centrally located property is beautifully updated and well-maintained. The seller covers cold and hot water for tenants, with room for more tanks if needed. The one-bedroom units are around 575 sq ft, and the two-bedroom units are about 775 sq ft. Recent upgrades include new exterior paint, vinyl windows, a repaved parking lot in 2022, and a new roof from 2013. Note that owner financing isn't available; options include cash or traditional financing. See associated documents for more information.

23. 2024-08-23
    soldstatus $1,348,200 Closed

    Show marketing remark (505 chars)

    This centrally located property is beautifully updated and well-maintained. The seller covers cold and hot water for tenants, with room for more tanks if needed. The one-bedroom units are around 575 sq ft, and the two-bedroom units are about 775 sq ft. Recent upgrades include new exterior paint, vinyl windows, a repaved parking lot in 2022, and a new roof from 2013. Note that owner financing isn't available; options include cash or traditional financing. See associated documents for more information.

24. 2024-08-17
    listed $1,360,000 Active 505-char remark

    Show marketing remark (505 chars)

    This centrally located property is beautifully updated and well-maintained. The seller covers cold and hot water for tenants, with room for more tanks if needed. The one-bedroom units are around 575 sq ft, and the two-bedroom units are about 775 sq ft. Recent upgrades include new exterior paint, vinyl windows, a repaved parking lot in 2022, and a new roof from 2013. Note that owner financing isn't available; options include cash or traditional financing. See associated documents for more information.

25. 2024-08-16
    listed $1,360,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast WA · Resets to sale price

• Current annual tax: $9,752 · $813/mo
• Projected year-2 tax: $18,816 · $1,568/mo
• Expected delta: +$9,064/yr (+$755/mo · 92.9%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 8 d/yr ≥81°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 8 unhealthy d/yr today · 9 by 30 yrs out

Taxation est. · year 1

• Rental income: $222,480
• − Mortgage interest: −$107,550
• − Property taxes: −$9,752
• − Insurance: −$9,600
• − Repairs & maintenance: −$17,798
• − Management: −$17,798
• − Depreciation: −$55,855
• Taxable income: $4,127
• Est. tax owed @ 24.0%: −$990
• After-tax cash flow: $34,592/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Port Angeles School District
• NCES district ID: 5306820
• Math proficiency: 55% ▬ 0.00%
• Reading proficiency: 65% ▲ 1.00%
• Median HH income: $46,594
• Composite: 52.34/100
• National rank: #3432
• State rank: #70 of 291 in WA

Livability — Port Angeles

• Score: 78/100
• State rank: #138
• US rank: #2729

Category grades

Amenities A+ Commute A+ Cost of living B Crime F Employment C- Housing A- Health & safety A+ User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Port Angeles, WA
• Population (ZIP): 23,907

Population outlook (Clallam County) Hauer SSP2

• Today (2025): 76,817 people
• By 2030: 78,177 · +1.8%
• By 2040: 79,795 · +3.9%
• By 2050: 80,890 · +5.3%
• By 2075: 83,933 · +9.3%
• By 2100: 82,141 · +6.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Two or more races 8% Hispanic / Latino 7% Native American 1% Asian 1%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Italian 6% Portuguese 6% Lithuanian 4%
• Foreign-born: 4% · Canada
• Languages at home: 95% English-only · Spanish 3% German/W. Germanic 1%

Political lean MEDSL · Clallam

• 2024 margin: Lean D (+7.9) · D 52.6% · R 44.7% · Other 2.7%
• 2008→2024 swing: +4.6pp toward D · 2008: 3.3pp · 2024: 7.9pp
• All cycles: 2024: D+7.9 2020: D+3.4 2016: R+1.6 2012: D+0.4 2008: D+3.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -340.90%
• Current HPI: 189.7112
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 4.65%
• F500 in state: 22

Industry mix (Fortune 500 HQ in WA)

Industry	F500 HQs	Revenue
▸Retail	2	$269B
▸Technology / Retail	1	$638B
▸Technology	1	$245B
▸Telecommunications	1	$38B
▸Food / Beverage	1	$36B
▸Automotive / Trucks	1	$34B

Price history

+41.2% since first listed

8 events — show timeline

• 2026-03-03 Listed $1,920,000 OLS
• 2026-02-26 Listed $1,920,000 NWMLS as Distributed by MLS Grid
• 2024-10-07 Sold (MLS) $1,348,200 OLS
• 2024-08-23 Pending — NWMLS as Distributed by MLS Grid
• 2024-08-23 Pending — OLS
• 2024-08-23 Sold (MLS) $1,348,200 NWMLS as Distributed by MLS Grid
• 2024-08-17 Listed $1,360,000 OLS
• 2024-08-16 Listed $1,360,000 NWMLS as Distributed by MLS Grid

Property tax history

+5.3%/yr

Latest (2026): $9,752 · +35.0% YoY. Source: county tax records.