2728 Maplewood AveBellingham, WA 98225

Property Details for 2728 Maplewood Ave

Year built

1980

Lot size

1.98 AC

Property size (Sq ft)

42,358 SF

Zone code

RM2.5

Property type

Other commercial real estate

APN

380213 147075 0000

APU

3802131470750000

Description

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.

Location Insight

City

Bellingham

County

Whatcom

State

Washington

Latitude

48.7773

Longitude

-122.502

CBSA code

13380

CBSA name

BELLINGHAM, WA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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