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1800 Place Apartments 1717 Texas St 22 Unit Apartment Building $4,350,000 ($197,727/Unit) 6.02% Cap Rate Bellingham, WA 98229
Investment Highlights
- Attractive In-Place Yield: Offered at a 6.02% capitalization rate with $261,685 NOI
- Ample Parking: 30 total spaces, including 15 covered and 15 surface stalls
- In-Unit Laundry: All units feature in-unit laundry
- Well-Balanced Unit Mix: One- and two-bedroom units appealing to a broad tenant base
- Strong Submarket: Located in the Roosevelt neighborhood of Bellingham with proximity to major employers, education, and retail amenities
Executive Summary
Northmarq is pleased to present Texas Street Apartments, a 22-unit multifamily apartment community located in the Roosevelt neighborhood of Bellingham. Built in 1976 the property consists of two residential buildings totaling approximately 14,740 net rentable square feet and features a well-balanced mix of sixteen one-bedrooms and six two-bedroom units.
The current operations provided potential buyers with an opportunity for immediate cash flow at a 6.02% in-place Cap Rate. Current rents are approximately 4.27% below market, providing owners with an opportunity to move rents to market on turnover. New ownership has the opportunity to further push rents through continued interior renovations of units on turnover. The community features 30 total parking spaces, including 15 surface and 15 covered stalls.
Situated in the Roosevelt neighborhood of Bellingham, the property benefits from proximity to major employment centers including Western Washington University, PeaceHealth St. Joseph Medical Center, and downtown Bellingham. Residents also enjoy convenient access to popular retail and lifestyle amenities such as Bellis Fair Mall, local parks, and the city’s waterfront, as well as key transit corridors connecting the broader region. The area’s strong rental demand and limited new supply support long-term occupancy stability and value appreciation.
The current operations provided potential buyers with an opportunity for immediate cash flow at a 6.02% in-place Cap Rate. Current rents are approximately 4.27% below market, providing owners with an opportunity to move rents to market on turnover. New ownership has the opportunity to further push rents through continued interior renovations of units on turnover. The community features 30 total parking spaces, including 15 surface and 15 covered stalls.
Situated in the Roosevelt neighborhood of Bellingham, the property benefits from proximity to major employment centers including Western Washington University, PeaceHealth St. Joseph Medical Center, and downtown Bellingham. Residents also enjoy convenient access to popular retail and lifestyle amenities such as Bellis Fair Mall, local parks, and the city’s waterfront, as well as key transit corridors connecting the broader region. The area’s strong rental demand and limited new supply support long-term occupancy stability and value appreciation.
Property Facts
| Price | $4,350,000 | Apartment Style | Low-Rise |
| Price Per Unit | $197,727 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.57 AC |
| Cap Rate | 6.02% | Building Size | 14,740 SF |
| No. Units | 22 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1976 |
| Property Subtype | Apartment | ||
| Zoning | RM2L5 | ||
| Price | $4,350,000 |
| Price Per Unit | $197,727 |
| Sale Type | Investment |
| Cap Rate | 6.02% |
| No. Units | 22 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.57 AC |
| Building Size | 14,740 SF |
| No. Stories | 2 |
| Year Built | 1976 |
| Zoning | RM2L5 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 16 | - | 640 |
| 2+1 | 6 | - | 750 |
1 1
Moderately walkable
60/100
Very drivable
80/100
Limited public transit
30/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 380320-357054-0000 | Improvements Assessment | $1,704,395 |
| Land Assessment | $1,096,634 | Total Assessment | $2,801,029 |
Property Taxes
Parcel Number
380320-357054-0000
Land Assessment
$1,096,634
Improvements Assessment
$1,704,395
Total Assessment
$2,801,029
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1800 Place Apartments | 1717 Texas St
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