101 S 1st Street Shelton, WA $ 4,500,000
101 S 1st Street
$ 4,500,000
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101 S 1st Street

Shelton, WA, 98584
$ 4,500,000
Baths0.0 Sq 21,879

Monthly Estimate*

$ 27,707

Listed by Westlake Associates, Inc.
101 S 1st Street, Shelton, WA 98584 - Image 1
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Studio

Multi-Family Home for sale in Shelton, WA

for $4,500,000. This 21,879 square foot home was built in 1908 on a lot size of 0.33.

101 First offers a unique mixed-use investment in the heart of downtown Shelton, widely regarded as the gateway to Hood Canal and the Olympic Peninsula. The property features 28 studio units, 10 one-bedroom apartments, and four retail spaces positioned along the city’s primary commercial corridor. A second 5,000 square-foot parcel at the corner of 1st and Cota Street serves as dedicated parking for the property and is connected to the main building via a permanent skybridge. Retrofitted in 2000 with building improvements, including electrical upgrades, the property continues to benefit from professional on-site management and efficient operations. Tenants enjoy off-street parking, controlled access, community garden space, and convenient access to schools, grocery stores, shopping, the local movie theater, and a range of downtown amenities. Importantly, Shelton offers a more affordable cost of living and rental environment relative to nearby Olympia and other South Sound markets, supporting consistent demand from residents seeking value without sacrificing access or convenience. With walkable access to the transit center and strong visibility along South 1st Street, the property is well positioned to capture stable, long-term tenant demand from both local renters and those priced out of higher cost surrounding areas.

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Multi-Family Active

Price

$ 4,500,000

Bedrooms

Studio

Property Type

Multi-Family

Taxes

$ 30,915

Style

10+ Units

Lot Size

0.33

Year Built

1908

Town/City

Shelton

County/Region

Mason

MLS | Web ID

2472205

Features
General
Living Area 0
Sewer Sewer Connected
Heating Baseboard Hot Water Recirc Pump
Cooling None
Possession Closing
Roof Flat
HOA Fee 0
Garage Spaces 0
Security Features Security Gate
Year Built 1908
Property Subtype Multi Family
Tax Year 2025
County Mason
Net Operating Income 348380
Insurance Expense 35016
New Construction N
Property Type Residential Income
HOA N
Subdivision Name Downtown
Possible Use Commercial Multi-Family
Special Listing Conditions None
Status Active
Directions From Olympia - follow US-101 N to WA-3 N/SE Olympic Hwy S in Mason County. Take the WA-3 exit from US-10 N. From Olympic Hwy S continue straight onto S 1st St. Site is on the left.
City Shelton
Senior Community Y/N N
High School District Shelton
Zoning Description Commercial Multi-Family
Number Of Units Total 42
MLS Area 175 - Shelton
Lot Size Units Square Feet
Lot Size Square Feet 14374
Carport Spaces 0
Carport Y/N N
Listing Terms Cash Out Conventional
Tax Annual Amount 30915
Electric Expense 0
Fuel Expense 0
Public Remarks 101 First offers a unique mixed-use investment in the heart of downtown Shelton widely regarded as the gateway to Hood Canal and the Olympic Peninsula. The property features 28 studio units 10 one-be
Leasable Area 21450
Structure Type Multi Family
Building Area Units Square Feet
Standard Status Active
Amenities Coin Op Laundry
Units Below Grade false
Units In Building Total 42
Water Sewer Garbage 70496
Property Style 56 - 10+ Units
Cap Rate 7.74
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Exterior
Exterior Amenities Cement/Concrete Wood
Lot Features Corner Lot Curbs Paved Sidewalk
Building Area Total 21879
Lot Size Acres 0.33
Waterfront Y/N N
Covered Spaces 0
Irrigation Water Rights Y/N N
Site Features Gated Entry
Parking Uncovered Total 8
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Interior
Flooring Laminate Vinyl Plank Carpet
Total Fireplaces 0
Total Stories 3
Air Conditioning Y/N N
Heating Y/N Y
Fireplace Y/N N
Power Production Type Electric
Baths Three Quarter Upper 0
Bedrooms Upper 0
Baths Half Upper 0
Baths Full Upper 0
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Internal Only
OriginalMLSID NWM2472205
Street Number 1 101
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* Excluded Features
List By
Reid Jones

Listing Agent

Westlake Associates, Inc.

Broker

Affordability Calculator

$30,284
Per Month
91%
9%
0%
Monthly Principal & Interest
$27,707
Monthly Property Taxes
$2,576
Monthly Home Insurance
--
Default based on a 30-year fixed rate of 6.25% with 20% down. The estimated payment is offered for convenience and is not an offer of credit. Due to market fluctuations, interest rates are subject to change at any time and without notice. Your individual rate may vary. Rates may differ for FHA, VA or jumbo loans.
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Nearby
257521 Elementary School
258133 Middle School
Unknown High School High School
Pricing History
DatePricePrice ChangeDescription
1/26/2026$4,500,000 Listed Price

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101 S 1st Street, Shelton, WA, 98584 is a Multi-Family Home for sale at $4,500,000 with 21,879 sqft and a lot size of 0.33. 101 S 1st Street is a studio with 0.0 baths and was built in 1908. The property's zip code is 98584 which is in Shelton, WA