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

Sale Details

Date 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
  • Wood Siding

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)
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Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $11,383

Year Built

  • Built in 1976

Lot Details

  • 0.35

Parking

  • Open Parking

Home Design

  • Composition Roof
  • Wood Siding
  • Wood Composite

Interior Spaces

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

Flooring

  • Wood
  • Wall to Wall Carpet
  • Vinyl Plank

Additional Features

  • 15,246 Sq Ft 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

0.35 Acres

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
  • Structure Type: Multi Family
  • CalculatedSquareFootage: 6240
  • Special Features: None

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

Garage/Parking

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

Utilities

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

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

Tax Info

  • Year: 2022
  • Tax Annual Amount: 11383

Multi Family

  • Number Of Units Total: 10
  • EnergySource: Electric
  • UnitsBelowGrade: false

Ownership History

We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.

Date Name Owned For Owner Type

Purchase Details

Listed on
Apr 19, 2023
Closed on
Sep 15, 2023
Sold by
Bought by
Seller's Agent
Peter Hiatt
Westlake Associates, Inc.
List Price
$1,700,000
Sold Price
$1,482,500
Premium/Discount to List
-$217,500
-12.79%
Views
115

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$1,104,000
Outstanding Balance
$1,070,567
Interest Rate
6.9%
Mortgage Type
New Conventional

Purchase Details

Listed on
Aug 5, 2021
Closed on
Dec 10, 2021
Sold by
Bought by
Seller's Agent
Spencer Flannery
RE/MAX Whatcom County, Inc.
Buyer's Agent
Steve Fischer
Northmarq Multifamily, LLC
List Price
$1,600,000
Sold Price
$1,600,000

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Avg. Annual Appreciation
-4.24%
Original Mortgage
$1,600,000
Interest Rate
3.14%
Mortgage Type
Commercial

Purchase Details

Closed on
Sep 1, 2016
Sold by
Bought by

Purchase Details

Closed on
May 26, 2004
Sold by
Bought by

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$270,000
Interest Rate
5.86%
Mortgage Type
Commercial
Source: Public Records

Home Values in the Area

Source: Public Records

Average Home Value in this Area





Source: Public Records

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Purchase History

We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.

Date Buyer Sale Price Title Company
$1,482,500 Chicago Title
$1,600,000 Chicago Title Company Of Wa
$1,600,000 Chicago Title
-- None Available
$495,000 First American Title Insuran
Source: Public Records

Mortgage History

We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.

Date Status Borrower Loan Amount
Open $1,104,000
Previous Owner $1,600,000
Previous Owner $1,600,000
Previous Owner $270,000
Source: Public Records

Property History

We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.

Date Event Price List to Sale Price per Sq Ft Prior Sale
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 View Prior Sale
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

We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.

Year Tax Paid Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. Land Improvement
2025 $12,119 $1,527,337 $706,360 $820,977
2024 $10,474 $1,481,137 $660,160 $820,977
2023 $10,474 $1,346,520 $600,160 $746,360
2022 $10,337 $1,346,520 $600,160 $746,360
2021 $8,832 $1,112,827 $496,000 $616,827
2020 $7,939 $897,441 $400,000 $497,441
2019 $7,918 $779,677 $324,325 $455,352
2018 $8,081 $779,677 $324,325 $455,352
2017 $7,322 $680,332 $283,000 $397,332
2016 $7,034 $644,272 $268,000 $376,272
2015 $6,781 $644,272 $268,000 $376,272
2014 -- $601,000 $250,000 $351,000
2013 -- $591,500 $250,000 $341,500
Source: Public Records

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Map

Source: Northwest Multiple Listing Service (NWMLS)

MLS Number: 2057904

Northwest Multiple Listing Service (NWMLS)
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