3435 -3437 Redwood St, Bellingham, WA 98225

$3,550,000

Listing courtesy of Bellwether Real Estate.

List Price
$3,550,000
Status
ACTIVE
MLS#
1550813
Price Change
▲ $50,000 1578019579
Days on Market
23
Style
56 - 10+ Units
Building Condition
['Good']
Lot Size (sq ft)
31,799

Property Description

16 unit apartment complex just 4 minutes from the airport, 7 minutes from the mall, and close to the water. 14 units have remodeled interiors. Rents for 2020 set to increase by $100 per unit as contracts come due. .005% vacancy rate, cap rate to increase this year. No turnovers expected at this time. Area set to be annexed into the city. Great investment opportunity. Alderwood Elementary school to be rebuilt by August 2021. Inquire about full offering packet for more info.

Additional Information

List Date
2020-01-02 00:00:00
Community
Bellingham
Property Type
MULT
Units
16
Stories
2
Potential Terms
Cash Out, Conventional
Year Built
1973
Total Parking
40
Uncovered Parking
40
View
Territorial
Exterior
Metal/Vinyl
Roof
Torch Down
Lot Details
Paved Street
School District
Bellingham
Elementary School
Buyer To Verify
Middle School
Buyer To Verify
High School
Buyer To Verify
Total Monthly Income
$20,375
Gross Scheduled Income
$244,500
Vacancy Rate
1
Gross Adjusted Income
$219,537
Annual Taxes
$18,799
Tax Year
2019
Insurance Expense
$4,425
W/S/G Expenses
$15,513
Total Expenses
$46,377
Net Operating Income
$198,123
Gross Rent Multiplier
14
Cap Rate
5

Room Dimensions

Unit 1 Beds
2
Unit 1 Baths
1.50
Unit 1 Size
950
Unit 1 Rent
$1,400
Unit 2 Beds
2
Unit 2 Baths
1.50
Unit 2 Size
950
Unit 2 Rent
$1,400
Unit 3 Beds
2
Unit 3 Baths
1.50
Unit 3 Size
950
Unit 3 Rent
$1,300
Unit 4 Beds
2
Unit 4 Baths
1.50
Unit 4 Size
950
Unit 4 Rent
$1,000
Unit 5 Beds
2
Unit 5 Baths
1.50
Unit 5 Size
950
Unit 5 Rent
$1,000
Unit 6 Beds
2
Unit 6 Baths
1.50
Unit 6 Size
950
Unit 6 Rent
$1,400
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