Viking Apartments 6630 202nd St SW 70 Unit Apartment Building $13,495,000 ($192,786/Unit) 5.14% Cap Rate Lynnwood, WA 98036

The Lee & Associates | Northwest Multifamily Team is pleased to present the Viking Apartments, a 70-unit multifamily community in Lynnwood, Washington
Situated on a spacious 2.31-acre site and comprising seven buildings, Viking Apartments features a diverse mix of unit types including flats, townhomes, a duplex, and a single-family residence providing broad appeal to a wide renter base. The unit mix includes 1-, 2-, and 3-bedroom layouts, with an average size of approximately 606 square feet. Originally constructed between 1957 and 1962 as a motel, the property was later converted to apartments. Ownership has since updated approximately half of the units, adding vinyl plank flooring. Tubs are resurfaced and cabinetry repainted during turnovers.
Recent capital improvements include a full TPO roof replacement on building 6616 (2024) and new composite shingles on the duplex at 6622 (2022). The buildings are wood-frame construction with a mix of brick, CMU, marblecrete, and wood siding. Building systems include copper plumbing including waste lines, electric baseboard heating, and individual electric water heaters. Each unit has dedicated off-street parking, with additional reserved spaces available.
The property is zoned College District Mixed Use (CDM), offering long-term redevelopment potential or additional value-add opportunities.
Lynnwood continues to evolve into a regional hub. The introduction of light rail, offering 30-minute access to Downtown Seattle has transformed tenant commute patterns and is catalyzing demand for housing in the area. The Viking’s proximity to Edmonds College, Highway 99, and the Lynnwood Transit Center places it in the heart of this transformation.
The Viking Apartments represents a unique opportunity to capitalize on near-term rental upside through continued renovations, while also positioning for long-term value through location-driven demand.
Diverse & Desirable Unit Mix – Majority of the units are 2 & 3 bedrooms, including highly sought after townhome and SFR style units
Conveniently Located – One block from Edmonds College and transit center. 8 minutes to Lynnwood City Center, 10 minutes to Edmonds Bowl
Managerial Upside - Achieve pro forma rents within one increase cycle.
Value Add – Realize additional upside via light unit renovations