2000 Alabama Street, Bellingham, WA 98229

$1,482,500
6,240
SqFt

Listing courtesy of Westlake Associates, Inc.. Selling Office: ZNonMember-Office-MLS.

Sold Price
$1,482,500
List Price
$1,700,000
Status
SOLD
MLS#
2057904
Closing Date
Sep 19, 2023
Days on Market
71
Style
56 - 10+ Units
Finished SqFt
6,240
Area Total SqFt
6240
Annual Tax Ammount
11383
Lot Size (sq ft)
15,246
Sewer
Sewer Connected

Property Description

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.

Additional Information

List Date
2023-07-10 00:00:00
Community
Roosevelt
Net Operating Income
$105,638
Gross Adjusted Income
$149,511
Gross Scheduled Income
$157,380
Total Monthly Income
$13,115
Insurance Expenses
$2,063
Water/Sewer/Garbage Expenses
$9,451
Gross Rent Multiplier
16.09
Total Expenses
$43,873
Cap Rate
6.21
Vacancy Rate
5
Total Number of Units
10
Unit Name
2000
Potential Terms
Cash Out, Conventional, See Remarks
Year Built
1976
Roof
Composition
Other Expenses
20976
Energy Source
Electric
School District
Bellingham
Total Monthly Income
$13,115
Gross Scheduled Income
$157,380
Vacancy Rate
5
Gross Adjusted Income
$149,511
Tax Year
2022
Insurance Expense
$2,063
W/S/G Expenses
$9,451
Total Expenses
$43,873
Net Operating Income
$105,638
Gross Rent Multiplier
16.09
Cap Rate
6.21
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