2148 E View Place, Ferndale, WA 98248

$1,937,000
9,744
SqFt

Listing courtesy of The Foundation Group LLC. Selling Office: Hansen Group Real Estate Inc.

Sold Price
$1,937,000
List Price
$1,950,000
Status
SOLD
MLS#
2175948
Closing Date
Feb 15, 2024
Days on Market
24
Style
56 - 10+ Units
Building Condition
Average
Finished SqFt
9,744
Area Total SqFt
9744
Annual Tax Ammount
12897
Lot Size (sq ft)
19,602
Sewer
Sewer Connected

Property Description

Attractive 12-unit walk-up style apartment building for sale in Ferndale, WA. Current cap rate of 5.84%. Built in 1970 property has favorable unit mix of 11x 2B/1B (812SqFt) and 1x 1B/1B(700SqFt). Property had significant exterior capital improvements within last few years making this a simple value-add play. Property is trending to over an 8% proforma cap rate. This is a can’t-miss opportunity for the value-add investor looking to grow their portfolio in the desirable and growing Whatcom County market.

Additional Information

List Date
2024-01-22 00:00:00
Community
Ferndale
Net Operating Income
$113,831
Gross Adjusted Income
$162,720
Gross Scheduled Income
$169,500
Total Monthly Income
$14,187
Insurance Expenses
$4,907
Water/Sewer/Garbage Expenses
$16,000
Gross Rent Multiplier
12
Total Expenses
$52,832
Cap Rate
5.84
Vacancy Rate
4
Total Number of Units
12
Unit Name
2148
Potential Terms
Cash Out, Conventional, FHA
Year Built
1970
Waterfront
Yes
Roof
Composition
Electric Expenses
3528
Other Expenses
15500
Energy Source
Electric
School District
Ferndale
Elementary School
Buyer To Verify
Middle School
Buyer To Verify
High School
Ferndale High
Total Monthly Income
$14,187
Gross Scheduled Income
$169,500
Vacancy Rate
4
Gross Adjusted Income
$162,720
Tax Year
2023
Insurance Expense
$4,907
W/S/G Expenses
$16,000
Total Expenses
$52,832
Net Operating Income
$113,831
Gross Rent Multiplier
12
Cap Rate
5.84
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