Regency Apartments 226 Cedar Ave S 8 Unit Apartment Building $1,495,000 ($186,875/Unit) 6.14% Cap Rate North Bend, WA 98045

226 Cedar Ave S presents investors with the opportunity to acquire a well-located multifamily asset with multiple paths to value creation in the growing Snoqualmie Valley submarket of North Bend.
Rental Upside
Current rents appear to be positioned below achievable market levels for comparable units within the North Bend area. Incremental rent adjustments could increase revenue while maintaining affordability within the local market.
Operational Efficiencies
The property features individual heating and hot water systems, which can simplify expense management and reduce operating costs. Continued operational improvements and expense management may further enhance net operating income.
Renovation Potential
The property was constructed in 1967 and may benefit from selective interior upgrades over time. Renovations such as updated flooring, fixtures, appliances, and interior finishes could enhance tenant appeal and support higher rental rates.
Lifestyle-Driven Rental Demand
Demand for rental housing in North Bend continues to be supported by its proximity to Interstate 90, providing connectivity to employment centers throughout the Puget Sound region while offering residents access to nearby recreation destinations such as Mount Si and Snoqualmie Pass.
Long-Term Market Fundamentals
Limited multifamily supply within the North Bend submarket combined with continued population growth throughout East King County supports stable long-term rental demand.
Seattle Commuter Market North Bend continues to attract residents seeking a balance between outdoor lifestyle and proximity to major employment centers in Seattle, Bellevue, and the Eastside technology corridor.
Lifestyle-Driven Rental Demand: The city's location near major outdoor recreation destinations including Mount Si and Snoqualmie Pass makes it highly attractive to renters seeking access to hiking, skiing, and year-round outdoor activities.
Limited Multifamily Inventory: North Bend has a relatively small supply of multifamily housing compared to other Eastside markets, supporting consistent demand for available rental units.
Small-Community Living Appeal: The property benefits from a quiet residential setting within walking distance to downtown amenities and local parks, offering tenants a small-town lifestyle while remaining connected to regional job centers.
Value-Add Potential: Older multifamily properties in the area present opportunities for investors to improve units and potentially increase rental income over time through targeted upgrades and operational efficiencies.
Situated in the scenic foothills of the Cascade Mountains, North Bend is widely recognized as a gateway to outdoor recreation while remaining closely connected to the greater Seattle metropolitan area.
Residents benefit from direct access to Interstate 90, allowing efficient commuting to employment centers in Seattle, Bellevue, and surrounding Eastside markets.
The area is known for its proximity to major outdoor destinations including Mount Si and Snoqualmie Pass, offering year-round activities such as hiking, skiing, and mountain biking. The combination of natural amenities and regional connectivity continues to drive housing demand throughout the Snoqualmie Valley.
Additionally, the nearby North Bend Premium Outlets serves as a regional retail hub attracting visitors from across the Puget Sound region.
North Bend represents a unique investment opportunity within East King County, offering investors exposure to a high-income commuter market combined with strong lifestyle demand driven by outdoor recreation. Its proximity to Interstate-90 provides direct connectivity to Seattle and Bellevue while maintaining the character of a smaller mountain-gateway community. With limited multifamily supply and continued population growth throughout the Snoqualmie Valley, rental housing in North Bend continues to experience steady demand.