Multifamily Property Near WWU
1011 21st Street Bellingham, WA 98225
For Sale
$8,400,000
19-unit multifamily property near Western Washington University.
Property Size25,265 SF
Price / SF$332.48
Days on Market248
Property Features for 1011 21st Street
General Information
Standard status
Active
Size
25,265 SF
Property subtype
Multifamily
Building Details
Year Built
1991
Listing Agency:
(360) 319-1649
Listed By:
Cory Walken · License #WA #86060
Source:
Sperrycga
Added: Nov 21, 2025
Changed: Jul 6
Last Checked: Jul 27 at 2:39AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Cory Walken
Investment Insights
Based on property information with market context.
This multifamily property, located in the Happy Valley area of Bellingham, features 19 units with a mix of large 3- and 4-bedroom layouts. The property is situated just three blocks from the Western Washington University (WWU) campus. The location offers convenient access to the Fairhaven Historic District, Boulevard Park, and the Bellingham Farmers Market, as well as nearby trails, parks, and waterfront areas. The property is well-maintained and in excellent condition with historically low vacancy. Potential exists to boost income through revenue streams such as RUBS, coin-op laundry, and covered parking fees. The property offers assumable debt at 3.1% for 3+ years. The property size is 25,265 square feet.
Key Highlights
- Assumable debt at 3.1% provides a +5% cash‑on‑cash return in year 1.
- Located just two blocks from Western Washington University (WWU) campus.
- Potential to boost income by 11.8% in year 1 by implementing RUBS, laundry, and parking fees.
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $515.4k | $20.40 |
| − Vacancy | −$20.6k | −$0.82 |
| EGI | $494.8k | $19.58 |
| − OpEx | −$222.7k | −$8.81 |
| NOI | $272.1k | $10.77 |
25,265 SF · lease $20.40/SF/yr · vacancy 4.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$3.89M
$3.40M – $4.54M
NOI $272,134 @ 7.0% cap · market cap 3.24%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.96M
$5.22M – $6.95M
NOI $417,214 @ 7.0% cap · market cap 4.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Apartment building - 19-unit multifamily property near Western Washington University.
Where is this apartment building located?
The property is located at 1011 21st Street Bellingham, WA.
What is the asking price?
The asking price for this property is $8,400,000.
What are key features of this property?
This property features: Assumable debt at 3.1% provides a +5% cash‑on‑cash return in year 1.; Located just two blocks from Western Washington University (WWU) campus.; Potential to boost income by 11.8% in year 1 by implementing RUBS, laundry, and parking fees.
