2603 Elm Street, Bellingham, WA 98225

$1,600,000

Listing courtesy of Capstone Commercial.

List Price
$1,600,000
Status
ACTIVE
MLS#
1836579
Days on Market
39
Style
55 - 5-9 Units
Area Total SqFt
6474
Lot Size (sq ft)
4,356

Property Description

This classic, brick 9-unit apartment building features spacious and efficient units with open floor plans. The Purnell is comprised of 7 one-bedroom units and 2 studio units. Most units have private entrances in addition to access from the common areas. Located on a bus line in Bellingham's charming Fountain District, the Purnell offers the new owner a fantastic value-add opportunity. Current rents are 10% below market as is. However, with extensive but cosmetic updates to the units, the rents for these units can easily be increased by upwards of 25-30%. In addition, the new buyer will have the first opportunity to purchase the newly remodeled adjacent rental house, which offers the new owner additional income or possible development.

Additional Information

List Date
2021-09-07 00:00:00
Community
Columbia
Potential Terms
Cash Out, Conventional
Year Built
1925
Roof
See Remarks
Heating/Cooling Type
Radiator
Electric Expenses
385
Other Expenses
12184
Energy Source
Electric, Natural Gas
School District
Bellingham
Elementary School
Columbia Elem
Middle School
Whatcom Mid
High School
Bellingham High
Total Monthly Income
$9,885
Gross Scheduled Income
$117,024
Vacancy Rate
2
Gross Adjusted Income
$114,684
Tax Year
2021
Insurance Expense
$3,030
W/S/G Expenses
$4,786
Total Expenses
$32,422
Net Operating Income
$81,742
Gross Rent Multiplier
14
Cap Rate
5
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