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2603 Elm St
Bellingham, WA 98225

$1,875,000 USD

Apartments For Sale  •  6,774 SF

Property Details

  • Property Type Apartments
  • Total Building Size 6,774 SF
  • Lot Size 0.2 AC
  • Building Class C
  • Year Built 1925
  • Zoning RS5
37 Transit Score
86 Walk Score

Highlights

Well-maintained and charming asset in Bellingham’s Columbia neighborhood, walking distance to the downtown core and Bellingham Station
Attractive assumable debt at 65% LTV with 5.65% interest, 6.5 years remaining
Historically 100% occupied with zero delinquency; majority of units have been fully renovated by current ownership and are achieving near market-rate
Highly visible location at junction of NW Ave & Elm St with bus stops accessible within a two-minute walk, grocer and additional amenities nearby
Long-term covered land play option; two parcels total an 8,712 square foot corner lot with the potential to support a greater number of units
New deliveries in Bellingham forecasted to plummet, setting the stage for meaningful rent growth to resume in the next 12-16 months

Property Flyers

Amenities

  • Air Conditioning
  • Heating
  • Vintage Building
  • Kitchen
  • Oven
  • Tub/Shower
  • Public Transportation

Public Transportation

Commuter RailDriveWalkDistance
Bellingham Amtrak Station (Amtrak Cascades - Amtrak) 8 min - 4.2 mi
AirportDriveWalkDistance
Bellingham International 8 min - 3.4 mi
Abbotsford International 46 min - 25.9 mi

Parking Details

Parking Available: Yes
Reserved: No
Spaces Provided: 3
Type: Surface
Included in Rent: Yes
Chad Blenz 206-491-2008 Berkadia
Chad Blenz 206-491-2008 Berkadia