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2603 Elm St
Bellingham, WA 98225
Purnell Apartments · Multifamily Property For Sale
·
9 Units
Investment Highlights
- Well-maintained and charming asset in Bellingham’s Columbia neighborhood, walking distance to the downtown core and Bellingham Station
- Historically 100% occupied with zero delinquency; majority of units have been fully renovated by current ownership and are achieving near market-rate
- Long-term covered land play option; two parcels total an 8,712 square foot corner lot with the potential to support a greater number of units
- Attractive assumable debt at 65% LTV with 5.65% interest, 6.5 years remaining
- Highly visible location at junction of NW Ave & Elm St with bus stops accessible within a two-minute walk, grocer and additional amenities nearby
- New deliveries in Bellingham forecasted to plummet, setting the stage for meaningful rent growth to resume in the next 12-16 months
Property Facts
| No. Units | 9 | Building Size | 6,774 SF |
| Property Type | Multifamily | Average Occupancy | 100% |
| Property Subtype | Apartment | No. Stories | 2 |
| Apartment Style | Low-Rise | Year Built | 1925 |
| Building Class | C | Parking Ratio | 0.46/1,000 SF |
| Lot Size | 0.20 AC | ||
| Zoning | RS5 | ||
| No. Units | 9 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.20 AC |
| Building Size | 6,774 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1925 |
| Parking Ratio | 0.46/1,000 SF |
| Zoning | RS5 |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Oven
- Tub/Shower
Site Amenities
- Vintage Building
- Public Transportation
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 2 | $1,335 | 437 |
| 1+1 | 7 | $1,467 | 700 |
Property Taxes
| Parcel Number | 380224-504141-0000 | Improvements Assessment | $946,156 |
| Land Assessment | $556,259 | Total Assessment | $1,502,415 |
Property Taxes
Parcel Number
380224-504141-0000
Land Assessment
$556,259
Improvements Assessment
$946,156
Total Assessment
$1,502,415
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