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Parkview Apartments 801 Aaron Dr 86 Unit Apartment Building $20,500,000 ($238,372/Unit) 5.66% Cap Rate Lynden, WA 98264
INVESTMENT HIGHLIGHTS
- 86 total units across two phases: 45 units built in 1995 and 41 new units completed in 2024
- 1995 Building very well maintained with new roof and siding in a quaint garden style setting.
- New building constructed with high end podium construction including exterior metal sheething and brick veneer. Interior has an elevator and clubhouse
EXECUTIVE SUMMARY
Northmarq is pleased to present Parkview Apartments. With a mix of market rate and 55+ housing Parkview West, presents a rare opportunity to acquire a recently expanded/renovated 86-unit multifamily community located at 801 Aaron Drive in Lynden, Washington. The property consists of 45 units built in 1995 and 41 newly constructed units delivered in 2024, combining stable in-place operations with the upside of brand-new inventory.
Spanning 59,817 net rentable square feet, the community features a mix of studio, one-, two-, and three-bedroom floorplans, averaging 696 square feet. The residences are thoughtfully designed to meet the needs of today’s renters, with a focus on comfort, efficiency, and quality living.
Lynden’s desirable residential setting—just north of Bellingham and minutes from the Canadian border—positions the property in a high-demand submarket with limited new supply. Residents enjoy a quiet neighborhood feel with convenient access to local amenities, healthcare, and regional transportation routes.
Spanning 59,817 net rentable square feet, the community features a mix of studio, one-, two-, and three-bedroom floorplans, averaging 696 square feet. The residences are thoughtfully designed to meet the needs of today’s renters, with a focus on comfort, efficiency, and quality living.
Lynden’s desirable residential setting—just north of Bellingham and minutes from the Canadian border—positions the property in a high-demand submarket with limited new supply. Residents enjoy a quiet neighborhood feel with convenient access to local amenities, healthcare, and regional transportation routes.
PROPERTY FACTS
| Price | $20,500,000 | Apartment Style | Low-Rise |
| Price Per Unit | $238,372 | Building Class | B |
| Sale Type | Investment | Lot Size | 2.82 AC |
| Cap Rate | 5.66% | Building Size | 51,294 SF |
| Gross Rent Multiplier | 12.23 | No. Stories | 4 |
| No. Units | 86 | Year Built | 1996 |
| Property Type | Multifamily | Parking Ratio | 2.51/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | RM3 | ||
| Price | $20,500,000 |
| Price Per Unit | $238,372 |
| Sale Type | Investment |
| Cap Rate | 5.66% |
| Gross Rent Multiplier | 12.23 |
| No. Units | 86 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 2.82 AC |
| Building Size | 51,294 SF |
| No. Stories | 4 |
| Year Built | 1996 |
| Parking Ratio | 2.51/1,000 SF |
| Zoning | RM3 |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
- Freezer
- Wheelchair Accessible (Rooms)
SITE AMENITIES
- 24 Hour Access
- Laundry Facilities
- Picnic Area
- Maintenance on site
- Public Transportation
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 28 | - | 400 |
| 1+1 | 27 | - | 400 - 689 |
| 2+1 | 22 | - | 400 - 883 |
| 2+2 | 1 | - | 969 |
| 3+2 | 8 | - | 1,119 |
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PROPERTY TAXES
| Parcel Number | 400316-049520-0000 | Improvements Assessment | $9,983,601 |
| Land Assessment | $1,678,390 | Total Assessment | $11,661,991 |
PROPERTY TAXES
Parcel Number
400316-049520-0000
Land Assessment
$1,678,390
Improvements Assessment
$9,983,601
Total Assessment
$11,661,991
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Parkview Apartments | 801 Aaron Dr
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