For Sale
$1,875,000

2603 Elm St Bellingham, WA 98225

Nine-Unit Apartment Building, High Occupancy

Property Records

Overview

Added:
Dec 11, 2024
Days on market:
139
This exceptional investment opportunity presents a well-maintained, nine-unit apartment building located at 2603 Elm St, Bellingham, WA 98225. The property, built in 1925, features a total of 6,774 square feet of net rentable space across two stories. Situated on a 0.2-acre lot (8,712 square feet), it benefits from a highly visible corner location. Currently operating at near-market rents with historically high occupancy rates (100%), the majority of units have undergone recent renovations. An attractive assumable loan is available, offering a 65% loan-to-value ratio with a 5.65% interest rate and 6.5 years remaining. The property is zoned RS5 and offers significant potential for future expansion or development given its size and location. The building is within walking distance of downtown Bellingham and amenities, including public transportation. Projections indicate substantial rent increases in the coming years, making this a compelling long-term investment. The average rent for a one-bedroom unit in Bellingham is projected to increase by 21% over the next four years. This property presents a turnkey investment opportunity with strong rental income and promising growth prospects.

Highlights

  • Charming Bellingham, WA multifamily investment in the Columbia neighborhood, walking distance to downtown and Bellingham Station.
  • Assumable loan at 65% LTV, 5.65% interest, 6.5 years remaining.
  • Nine-unit building, historically 100% occupied, with recent renovations and near-market rents.
  • High-visibility corner lot at Northwest Ave and Elm St, near public transit and amenities.
  • 0.2-acre lot (8,712 sq ft) with potential for future expansion or redevelopment.
  • Strong projected rent growth; Bellingham one-bedroom average rent projected to increase 21% over four years.

Property Details for 2603 Elm St

Property type
Apartment buildings
Year Built
1925
Buildings
1
Stories
2
Lot Size (sq. ft)
8,712 SF
Units
9

Location Insight

City
Bellingham
County
Whatcom
State
Washington
Latitude
48.7646163
Longitude
-122.4885846

FAQs

What type of property is this?
Apartment building - Nine-Unit Apartment Building, High Occupancy
Where is the apartment building located?
The property is located at 2603 Elm St Bellingham, WA.
What is the asking price?
The asking price for this property is $1,875,000.
What are key features of this property?
This property features: Charming Bellingham, WA multifamily investment in the Columbia neighborhood, walking distance to downtown and Bellingham Station.; Assumable loan at 65% LTV, 5.65% interest, 6.5 years remaining.; Nine-unit building, historically 100% occupied, with recent renovations and near-market rents.
How can I contact the broker?
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2603 Elm St
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