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The Corner Apartments 1655 Main St 66 Unit Apartment Building $16,350,000 ($247,727/Unit) 5.68% Cap Rate Ferndale, WA 98248
EXECUTIVE SUMMARY
New construction multifamily property completed in April of 2024. This shiny new 66-unit building has 38 studios, 12 loft studios, 4 live/work studios, 2 live/work two-bedroom, 6 two-bedroom, 4 two-bedroom lofts, 70 parking spaces. The property is in Ferndale, just a few minutes from Bellingham, next to the WTA Bus Depot and Kid’s World Early Learning Center. Ferndale’s demand for new apartment units was off the charts for these units. Each unit has air conditioning, stack washer/dryers, laminate flooring, large windows, and efficient floor plans. The building design boasts spacious common areas that are enjoyed by the tenants. Professionally managed by PCR.
PROPERTY FACTS
| Price | $16,350,000 | Apartment Style | Low-Rise |
| Price Per Unit | $247,727 | Building Class | B |
| Sale Type | Investment | Building Size | 39,299 SF |
| Cap Rate | 5.68% | No. Stories | 3 |
| No. Units | 66 | Year Built | 2024 |
| Property Type | Multifamily | Parking Ratio | 1.78/1,000 SF |
| Property Subtype | Apartment |
| Price | $16,350,000 |
| Price Per Unit | $247,727 |
| Sale Type | Investment |
| Cap Rate | 5.68% |
| No. Units | 66 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Building Size | 39,299 SF |
| No. Stories | 3 |
| Year Built | 2024 |
| Parking Ratio | 1.78/1,000 SF |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Dishwasher
- Washer/Dryer
- Kitchen
- Refrigerator
- Sprinkler System
- Range
- Tub/Shower
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Smoke Free
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 54 | - | 320 - 450 |
| 2+1 | 12 | - | 661 - 856 |
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The Corner Apartments | 1655 Main St
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