Bought with Brandon Nelson Partners
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Key Details
Sold Price $1,850,000
Property Type Multi-Family
Sub Type Multi-Family
Listing Status Sold
Purchase Type For Sale
Square Footage 7,700 sqft
Price per Sqft $240
Subdivision Columbia
MLS Listing ID 1823404
Sold Date 10/26/21
Style 56 - 10+ Units
Year Built 1969
Annual Tax Amount $9,055
Lot Size 0.500 Acres
Property Description
10 Unit Apartment Building - Columbia Neighborhood - Bellingham, WA. Single level apartments consisting of SIX 2 Bedroom and FOUR 1 Bedroom Units. Believe it or not, the rents truly are below market value. Current Actual Rent is $9,325 per month. Market rent value should be in the $11,700 - $13,200 per month range. Current owners are out of state and did not want to increase the monthly rent. Laundry generates an additional $110 per month income. Desirably located in a predominately owner occupied neighborhood. Very few apartments in the surrounding. Actual Cap rate is 4.7, with a proforma in the 6-7 Cap range. This is it - act quick. Possible Seller Terms - Owner Contract. Please do not Disturb the Tenants!
Location
State WA
County Whatcom
Area 860 - Bellingham
Interior
Fireplace false
Exterior
Exterior Feature Cement/Concrete
Utilities Available Sewer Connected, Electric
Waterfront No
View Y/N Yes
View Territorial
Roof Type Composition
Building
Lot Description Paved, Sidewalk
Sewer Sewer Connected
Water Public
New Construction No
Schools
Elementary Schools Parkview Elem
Middle Schools Whatcom Mid
High Schools Bellingham High
School District Bellingham
Others
Senior Community No
Acceptable Financing Cash Out, Conventional
Listing Terms Cash Out, Conventional
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