Listed by Westlake Associates, Inc.
NOT LISTED FOR SALE
-- Bed
-- Bath
6,240 Sq Ft
0.35 Acres

Last Sold September 19, 2023

Last sale price $1,482,500 $238 Per Sq Ft

71 Days on Market

Highlights

  • 0.35 Acre Lot
  • Wood Flooring
  • Baseboard Heating
  • Kulshan Middle School Rated A-
  • No HOA

About This Home

As of September 2023

The apartment is a 10-Unit, 2-Story Building in the Roosevelt neighborhood, one of Bellingham's most populous rental districts. Built in 1976, it is comprised of mostly renovated and well-maintained 1-Bed, 1 Bath units all averaging 600 square feet. There is a mix of single and double pane windows, and brand-new screens and gutters have been installed. The exterior was painted in 2021, and the concrete in the parking lot was replaced in 2022. There is a current In-Place Cap Rate of 6.21% with additional upside opportunities and potential for higher rents.

Last Agent to Sell the Property

Peter Hiatt

Westlake Associates, Inc. License #3015 Listed on: 04/19/2023

Source: Northwest Multiple Listing Service (NWMLS)

MLS#: 2057904

Northwest Multiple Listing Service (NWMLS)

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $11,383

Year Built

  • Built in 1976

Lot Details

  • 0.35

Home Design

  • Composition Roof
  • Wood Composite

Interior Spaces

  • 6,240 Sq Ft Home
  • 2-Story Property

Flooring

  • Wood
  • Wall to Wall Carpet
  • Vinyl Plank

Parking

  • 14 Parking Spaces
  • Open Parking

Additional Features

  • 0.35 Acre Lot
  • Baseboard Heating

Community Details

  • No Home Owners Association
  • Roosevelt Subdivision

Listing and Financial Details

  • Assessor Parcel Number 3803204410770000

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$11,383

Year Built

Built in 1976

Lot Details

0

Listing Details

  • Property Type: Residential Income
  • Property Sub Type: Multi-Family
  • StyleCode: 56 - 10+ Units
  • Year Built: 1976
  • Buyer Agency Compensation: 2.0
  • MLS Status: Sold
  • Prev Status: Closed
  • New Construction: No
  • CalculatedSquareFootage: 6240
  • Special Features: None
  • Cumulative Days on Market: 435

Interior Features

  • Possible Use: Multi-Family
  • Fireplace: No
  • Flooring: Hardwood, Vinyl Plank, Carpet
  • Interior Amenities: Hardwood, Wall to Wall Carpet
  • Stories: 2
  • SquareFootageFinished: 0
  • SquareFootageUnfinished: 0

Exterior Features

  • Roof: Composition
  • View: No
  • Waterfront: No
  • Exterior Features: Wood Products
  • Structure Type: Multi Family

Garage/Parking

  • Carport Y N: No
  • Open Parking Spaces: 14
  • Open Parking: Yes
  • Total Parking Spaces: 14
  • ParkingUncoveredSpaces: 14

Utilities

  • Sewer: Sewer Connected
  • Cooling: None
  • Cooling Y N: No
  • Heating: Baseboard
  • Heating Yn: Yes
  • WaterSewerGarbage: 9451

Condo/Co-op/Association

  • Senior Community: No
  • Association: No

Schools

  • Junior High Dist: Bellingham

Lot Info

  • Parcel Number: 3803204410770000
  • Lot Size Acres: 0.35
  • Lot Size Sq Ft: 15246
  • Irrigation Water Rights: No
  • ResoLotSizeUnits: SquareFeet
  • ShowMapLink: true
  • MLSLotSizeSource: Whatcom County
  • ZoningJurisdiction: City
  • ZoningClass: Multi-Family

Green Features

  • Power Production Type: Electric

Rental Info

  • GrossRentMultiplier: 16.09
  • LeasedItems: None
  • TotalMonthlyIncome: 13115

Multi Family

  • Gross Scheduled Income: 157380
  • Net Operating Income: 105638
  • Number Of Units Total: 10
  • Insurance Expense: 2063
  • Leasable Area: 6000
  • EnergySource: Electric
  • UnitsInBuildingTotal: 10
  • UnitsBelowGrade: false
  • VacancyRate: 5

Tax Info

  • Year: 2022
  • Tax Annual Amount: 11383

Range of Values:

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Average Value
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Sold Price
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Home Values in the Area

Source: Public Records

Average Home Value in this Area





Source: Public Records

Property History

Date Event Price Change Sq Ft Price
09/19/2023 09/19/23 Sold $1,482,500 -12.8% $238 / Sq Ft
06/29/2023 06/29/23 Pending -- -- --
04/19/2023 04/19/23 For Sale $1,700,000 +6.3% $272 / Sq Ft
12/14/2021 12/14/21 Sold $1,600,000 0.0% $256 / Sq Ft
09/14/2021 09/14/21 Pending -- -- --
09/14/2021 09/14/21 Price Changed $1,600,000 0.0% $256 / Sq Ft
09/14/2021 09/14/21 For Sale $1,600,000 +4.9% $256 / Sq Ft
08/12/2021 08/12/21 Pending -- -- --
08/05/2021 08/05/21 For Sale $1,525,000 -- $244 / Sq Ft
Source: Northwest Multiple Listing Service (NWMLS)

Tax History Compared to Growth

Source: Public Records

Agents Affiliated with this Home

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Map

Source: Northwest Multiple Listing Service (NWMLS)

MLS Number: 2057904

Northwest Multiple Listing Service (NWMLS)