For Sale
$9,180,000

2728 Maplewood Ave Bellingham, WA 98225

51-unit multifamily investment opportunity

Property Records

Overview

Added:
Dec 11, 2024
Days on market:
138
This exceptional 51-unit apartment complex presents a compelling investment opportunity in Bellingham, WA. Priced at $9,180,000, this property boasts a substantial 42,358 square feet of space across five buildings, situated on an 86,249 square foot lot. The complex comprises 37 two-bedroom and 13 one-bedroom units, with 75 parking spaces available. Built in phases between 1961 and 1991, the buildings are classified as Class D and feature a mix of 6-unit, 14-unit, and 16-unit structures, along with a separate three-bedroom house occupied by the on-site managers in exchange for property management services. The property benefits from a strong tenant base, with 50% of residents having occupied their units for five or more years. Two coin-operated laundry rooms provide additional income streams, and one building offers in-unit washer/dryer hookups. The property is zoned for high-density multifamily use, offering potential for future development or rent increases. The current Net Operating Income (NOI) is $617,257, resulting in a 6.72% capitalization rate. This well-maintained property offers a solid foundation for a strong return on investment, with potential for further growth through market rent adjustments and/or property upgrades. The property's location in Bellingham, WA, provides access to a thriving community and a stable rental market. The APN is 3802131470750000.

Highlights

  • $9,180,000 asking price for a 51-unit apartment complex.
  • Multifamily property, Apartment Building subtype, Class D.
  • 42,358 total square feet, 41,202 net rentable square feet, $216.72 price per square foot.
  • 6.72% cap rate, $617,257 net operating income (NOI).
  • 51 units total (50 apartments + 1 manager's residence), 37 two-bedroom units, 13 one-bedroom units.
  • Built in phases between 1961 and 1991, five buildings, two stories each.

Property Details for 2728 Maplewood Ave

Property type
Apartment buildings
Square Feet
42,358 SF
Class
D
Year Built
1980
Buildings
5
Stories
2
Units
51

Location Insight

City
Bellingham
County
Whatcom
State
Washington
Latitude
48.776874482601
Longitude
-122.50241394061

FAQs

What type of property is this?
Apartment building - 51-unit multifamily investment opportunity
Where is the apartment building located?
The property is located at 2728 Maplewood Ave Bellingham, WA.
What is the asking price?
The asking price for this property is $9,180,000.
What are key features of this property?
This property features: $9,180,000 asking price for a 51-unit apartment complex.; Multifamily property, Apartment Building subtype, Class D.; 42,358 total square feet, 41,202 net rentable square feet, $216.72 price per square foot.
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2728 Maplewood Ave
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