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Parkside Apartments 700 W Maple St 29 Unit Apartment Building $8,100,000 ($279,310/Unit) 5.88% Cap Rate Monroe, WA 98272
INVESTMENT HIGHLIGHTS
- Diverse Unit Mix: One-, two-, and three-bedroom layouts averaging 908 square feet.
- Low Density Setting: Situated on an expansive 89,298-square-foot parcel, providing a desirable low-density environment.
- Strong Operations: Achieving average rents of $2,007 with demonstrated positive trends across T12, T6, and T3 performance periods.
- Renovated Interiors: Many units feature stainless steel appliances, granite countertops, luxury vinyl plank flooring, and modern finishes.
- Attractive Location: Positioned in Snohomish County at the base of the Cascade Mountains, 16 miles from Everett and 25 miles from Bellevue.
EXECUTIVE SUMMARY
Northmarq is pleased to exclusively present Parkside Apartments, a 29-unit multifamily community located in Monroe, Washington.
Parkside offers a balanced mix of one-, two-, and three-bedroom floorplans, averaging 908 square feet. Each residence is equipped with in-unit washers and dryers, with many units upgraded to include stainless steel appliances, granite countertops, luxury vinyl plank flooring, and other modern finishes. The property is situated on a large 89,298-square-foot parcel, providing residents with a lower-density living environment and ample on-site parking.
Parkside Apartments has been well maintained and is currently achieving strong operating performance, with average rents of $2,007 and positive T12, T6, and T3 trends. This consistent operational trajectory underscores the property’s strong positioning within the Snohomish County rental market.
Strategically located near Highway 2, Parkside offers residents both lifestyle and convenience—providing easy access to year-round recreation in the Cascade Mountain Range, a 20-minute commute to Everett, and close proximity to major employment hubs in Bellevue and the broader Seattle metropolitan area.
Parkside Apartments represents an opportunity to acquire a stabilized, well-located, and updated multifamily community in one of the Puget Sound region’s most dynamic suburban submarkets.
Parkside offers a balanced mix of one-, two-, and three-bedroom floorplans, averaging 908 square feet. Each residence is equipped with in-unit washers and dryers, with many units upgraded to include stainless steel appliances, granite countertops, luxury vinyl plank flooring, and other modern finishes. The property is situated on a large 89,298-square-foot parcel, providing residents with a lower-density living environment and ample on-site parking.
Parkside Apartments has been well maintained and is currently achieving strong operating performance, with average rents of $2,007 and positive T12, T6, and T3 trends. This consistent operational trajectory underscores the property’s strong positioning within the Snohomish County rental market.
Strategically located near Highway 2, Parkside offers residents both lifestyle and convenience—providing easy access to year-round recreation in the Cascade Mountain Range, a 20-minute commute to Everett, and close proximity to major employment hubs in Bellevue and the broader Seattle metropolitan area.
Parkside Apartments represents an opportunity to acquire a stabilized, well-located, and updated multifamily community in one of the Puget Sound region’s most dynamic suburban submarkets.
PROPERTY FACTS
| Price | $8,100,000 | Apartment Style | Garden |
| Price Per Unit | $279,310 | Building Class | C |
| Sale Type | Investment | Lot Size | 2.05 AC |
| Cap Rate | 5.88% | Building Size | 26,400 SF |
| No. Units | 29 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1982 |
| Property Subtype | Apartment | Parking Ratio | 1.52/1,000 SF |
| Zoning | MR6000 | ||
| Price | $8,100,000 |
| Price Per Unit | $279,310 |
| Sale Type | Investment |
| Cap Rate | 5.88% |
| No. Units | 29 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 2.05 AC |
| Building Size | 26,400 SF |
| No. Stories | 2 |
| Year Built | 1982 |
| Parking Ratio | 1.52/1,000 SF |
| Zoning | MR6000 |
AMENITIES
UNIT AMENITIES
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Trash Pickup - Curbside
- Public Transportation
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 1 | - | 600 |
| 2+1 | 20 | - | 850 |
| 3+1.5 | 8 | - | 1,100 |
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PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $5,577,400 | |
| Land Assessment | $1,305,600 | Total Assessment | $6,883,000 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$1,305,600
Improvements Assessment
$5,577,400
Total Assessment
$6,883,000
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Parkside Apartments | 700 W Maple St
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