Property Details
2938 E Walnut Street
Port Angeles, WA 98362
$2,949,950
Active
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Property Overview
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.
Property Details
Property Information
Property Type
Residential Income
Subtype
Multi Family
Status
Active
County
Clallam
Neighborhood
Northeast Port Angeles
Listed
Jun 5, 2026
Structure Type
Multi Family
Parcel Number
053007541080
Tax & HOA
Annual Property Tax
$19,657 (2026)
Est. Monthly Tax
$1,638/mo
Financial Summary
Cap Rate
6.80%
Net Operating Income
$200,655
Gross Scheduled Income
$308,700
Gross Rent Multiplier
9.56
Total Expenses
$108,045
Building & Use
Building Sq Ft
9,612
Leasable Area
9,612 sqft
Total Units
14
Zoning
Multi-Family,Residential
Possible Use
Multi-Family, Residential
Lot Size
35,684 sqft
Year Built
1972
Exterior & Lot
Lot Size
0.82 sqft
Year Built
1972
Exterior Materials
Wood
Sewer
Sewer Connected
Water Source
Public
Exterior Features
Wood Products
Community & Access
Directions
W on Hwy 101 to Larch, North to Walnut St, West on Walnut, property on left
Location
City
Port Angeles
County
Clallam
Coordinates
48.10551, -123.37381
Additional Information
Tax Year
2026
Annual Taxes
$19,657
Possession
Array
Based on information submitted to the MLS GRID as of July 29, 2026 2:20 PM. 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, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Copyright 2026 NWMLS. All rights reserved.
IDX information is provided exclusively for consumers’ personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Copyright 2026 NWMLS. All rights reserved.
