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Edmonds 5 Unit 324 3rd Ave S 5 Unit Apartment Building $1,500,000 ($300,000/Unit) 4.07% Cap Rate Edmonds, WA 98020
Investment Highlights
- Prime Edmonds Bowl location
- Surface and 2 garage spaces
- Future redevelopment potential
- Seller financing available
- Value-add opportunity
- Adjacent triplex also for sale
Executive Summary
Edmonds Bowl 5 Unit, offered for the first time in over 45 years and Ideally situated in the heart of Downtown Edmonds, just blocks from Main Street and the waterfront. Sellers are open to Seller Financing terms from qualified buyers. Please reach out for terms. Upper-level units offer attractive water, mountain, and territorial views, enhancing overall tenant appeal. The building showcases a classic mid-century design centered around a private courtyard, creating a unique and inviting living environment. Residents benefit from a common laundry and storage area, while ample off-street parking is provided via five surface stalls and a spacious two-car garage. This asset presents a compelling value-add opportunity with clear pathways to increasing rental income through interior upgrades and operational improvements. With its irreplaceable location, strong in-place fundamentals, and multiple avenues for value creation, this offering is well-suited for investors seeking a stable, well-located asset with significant long-term growth potential.
Financial Summary (Actual - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
-
|
-
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
-
|
-
|
| Net Operating Income |
$61,006
|
$14.20
|
Financial Summary (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Net Operating Income | |
|---|---|
| Annual | $61,006 |
| Annual Per SF | $14.20 |
Property Facts
| Price | $1,500,000 | Apartment Style | Low-Rise |
| Price Per Unit | $300,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.20 AC |
| Cap Rate | 4.07% | Building Size | 3,750 SF |
| Gross Rent Multiplier | 15.95 | No. Stories | 2 |
| No. Units | 5 | Year Built | 1959 |
| Property Type | Multifamily | Parking Ratio | 1.6/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | RM15 | ||
| Price | $1,500,000 |
| Price Per Unit | $300,000 |
| Sale Type | Investment |
| Cap Rate | 4.07% |
| Gross Rent Multiplier | 15.95 |
| No. Units | 5 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.20 AC |
| Building Size | 3,750 SF |
| No. Stories | 2 |
| Year Built | 1959 |
| Parking Ratio | 1.6/1,000 SF |
| Zoning | RM15 |
Amenities
Site Amenities
- Courtyard
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 3 | $1,475 | 650 - 750 |
| 2+1 | 2 | $1,450 | 850 |
1 1
Fairly walkable
50/100
Moderately drivable
70/100
Some public transit
50/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 005304-000-007-00 | Improvements Assessment | $639,100 (2026) |
| Land Assessment | $854,500 (2026) | Total Assessment | $1,493,600 (2026) |
Property Taxes
Parcel Number
005304-000-007-00
Land Assessment
$854,500 (2026)
Improvements Assessment
$639,100 (2026)
Total Assessment
$1,493,600 (2026)
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Edmonds 5 Unit | 324 3rd Ave S
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