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1252 Nevada St 17 Unit Apartment Building $3,150,000 ($185,294/Unit) 5.94% Cap Rate Bellingham, WA 98229
Investment Highlights
- Convenient proximity to downtown Bellingham with connectivity to Interstate 5 via nearby arterial routes.
- Positioned within a walkable neighborhood offering quick access to daily necessities, schools, and public transit.
Executive Summary
17 unit apartment complex off Lakeway
elementary school, city park and pool complex. Central location.
Unit mix:
12 one- bedroom units and 5 -two bedroom units all under market rent with stable vacancy history.
Excellent parking.
Recent maintenance:
New roof 2026
new gutters 2026
new washer dry units in common laundry room
The third floor units are accessed off a ground level parking lot with 9 uncovered spaces on the east side of the property.
20 uncovered spaces on ground floor access and 7 covered spaces.
Operating Expenses: Using a 28% total expense estimate.
elementary school, city park and pool complex. Central location.
Unit mix:
12 one- bedroom units and 5 -two bedroom units all under market rent with stable vacancy history.
Excellent parking.
Recent maintenance:
New roof 2026
new gutters 2026
new washer dry units in common laundry room
The third floor units are accessed off a ground level parking lot with 9 uncovered spaces on the east side of the property.
20 uncovered spaces on ground floor access and 7 covered spaces.
Operating Expenses: Using a 28% total expense estimate.
Property Facts
| Price | $3,150,000 | Apartment Style | Mid-Rise |
| Price Per Unit | $185,294 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.66 AC |
| Cap Rate | 5.94% | Building Size | 15,207 SF |
| No. Units | 17 | No. Stories | 4 |
| Property Type | Multifamily | Year Built | 1979 |
| Property Subtype | Apartment | Parking Ratio | 1.82/1,000 SF |
| Zoning | RS8.5 | ||
| Price | $3,150,000 |
| Price Per Unit | $185,294 |
| Sale Type | Investment |
| Cap Rate | 5.94% |
| No. Units | 17 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.66 AC |
| Building Size | 15,207 SF |
| No. Stories | 4 |
| Year Built | 1979 |
| Parking Ratio | 1.82/1,000 SF |
| Zoning | RS8.5 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 17 | - | - |
Moderately walkable
60/100
Exceptionally drivable
100/100
Some public transit
40/100
Moderately bikeable
60/100
Property Taxes
| Parcel Numbers | Improvements Assessment | $1,659,528 | |
| Land Assessment | $1,394,432 | Total Assessment | $3,053,960 |
Property Taxes
Parcel Numbers
Land Assessment
$1,394,432
Improvements Assessment
$1,659,528
Total Assessment
$3,053,960
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1252 Nevada St
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