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1011-1019 21st St
Bellingham, WA 98225
Multifamily Property For Sale
·
19 Units
INVESTMENT HIGHLIGHTS
- Attractive Assumable Debt: $4,650,000 at 3.16% Interest With 3 Year Remaining Provides the New Owner More than 5% Cash on Cash Return
- Well Maintained and in Excellent Condition: Recently Replaced Siding and Roofs
- Desirable Large Unit Mix: Currently rented by the entire unit, but could be rented by the room
- Boost Income by 11.5% Year 1 by Implementing RUBS, Laundry and Parking Fees
- Historically Low Vacancy Given its Close Proximity to Western Washington University
- Just Two Blocks from WWU Campus
EXECUTIVE SUMMARY
Introducing a premier investment opportunity in the thriving Happy Valley area of
Bellingham! This impressive multifamily property features 19 units, a mix of large 3 &
4 bedrooms, offering a substantial opportunity for income growth with historically
low vacancy. Strategically located just three blocks from WWU campus, the property
presents an enticing investment appeal with assumable debt at 3.1% for 3+ years.
Prospective investors will appreciate the potential to boost income through revenue
streams such as RUBS, coin-op laundry, and covered parking fees, while also
benefiting from a desirable and spacious unit mix. Located just blocks to WWU, this
property promises a lucrative and stable investment for the savvy investor.
Bellingham! This impressive multifamily property features 19 units, a mix of large 3 &
4 bedrooms, offering a substantial opportunity for income growth with historically
low vacancy. Strategically located just three blocks from WWU campus, the property
presents an enticing investment appeal with assumable debt at 3.1% for 3+ years.
Prospective investors will appreciate the potential to boost income through revenue
streams such as RUBS, coin-op laundry, and covered parking fees, while also
benefiting from a desirable and spacious unit mix. Located just blocks to WWU, this
property promises a lucrative and stable investment for the savvy investor.
PROPERTY FACTS
| Price Per Unit | $442,105 | Building Class | B |
| Sale Type | Investment | Lot Size | 0.58 AC |
| Cap Rate | 5.30% | Building Size | 24,227 SF |
| Gross Rent Multiplier | 13.85 | Average Occupancy | 100% |
| No. Units | 19 | No. Stories | 4 |
| Property Type | Multifamily | Year Built | 2003 |
| Property Subtype | Apartment | Parking Ratio | 1.57/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | RM1.0 | ||
| Price Per Unit | $442,105 |
| Sale Type | Investment |
| Cap Rate | 5.30% |
| Gross Rent Multiplier | 13.85 |
| No. Units | 19 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 0.58 AC |
| Building Size | 24,227 SF |
| Average Occupancy | 100% |
| No. Stories | 4 |
| Year Built | 2003 |
| Parking Ratio | 1.57/1,000 SF |
| Zoning | RM1.0 |
AMENITIES
UNIT AMENITIES
- Cable Ready
- Dishwasher
- Disposal
- Fireplace
- Storage Space
- Washer/Dryer
- High Speed Internet Access
- Sprinkler System
- Carpet
- Deck
- Double Pane Windows
- Patio
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 3+2 | 2 | $2,340 | 967 |
| 3+3 | 9 | $2,585 | 1,096 |
| 4+2 | 8 | $2,824 | 1,168 |
PROPERTY TAXES
| Parcel Number | 370201-473216-0000 | Improvements Assessment | $5,289,582 |
| Land Assessment | $1,422,355 | Total Assessment | $6,711,937 |
PROPERTY TAXES
Parcel Number
370201-473216-0000
Land Assessment
$1,422,355
Improvements Assessment
$5,289,582
Total Assessment
$6,711,937
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