Edmonds Multifamily Investment
For Sale
$6,450,000
Pending
1050 5th Ave S, Edmonds, WA 98020
21-unit apartment community in Edmonds Bowl neighborhood.
Property Size20,053 SF
Days on Market380
Property Features for 1050 5th Ave S
General Information
Standard status
Pending
Size
20,053 SF
Property subtype
Commercial
Building Details
Year Built
1978
Listing Agency:
PARAGON REAL ESTATE ADVISORS
Listed By:
RYAN ILES
(206) 623-8880
Source:
Corcoran
Added: Aug 19, 2025
Changed: Jul 6
Last Checked: Jul 23 at 7:28AM
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 PARAGON REAL ESTATE ADVISORS
Investment Insights
Based on property information with market context.
The Norge Apartments, available for sale for the first time since their construction in 1978, present a multifamily investment opportunity. This 21-unit apartment community is located in the Edmonds Bowl neighborhood. Situated on a 27,007 SqFt lot, the property features mature landscaping and ample parking. The apartment building contains 20,053 SqFt of space. The units are large, with 1 bedroom – 1 bath units averaging 816 SqFt and the 2 bedroom – 2 bath units.
Key Highlights
- 21‑unit apartment community in the coveted Edmonds Bowl neighborhood.
- Tremendous upside and value‑add opportunity.
- Seller financing available for qualified buyers.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$299,938
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.65%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$5,998,760
$6.0M
Cap Rate 7%
$4,284,829
$4.3M
Cap Rate 9%
$3,332,644
$3.3M
Market Conditions
NOI Build-Up for 20,053 SF
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.
Gross rent
$589.6K $29.40/SF
− Vacancy
−$44.2K −$2.21/SF
EGI
$545.3K $27.20/SF
− OpEx
−$245.4K −$12.24/SF
NOI
$299.9K $14.96/SF
Area
Snohomish County, WA
Vacancy
7.50%
Lease Rate
$29.40 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$5,998,760
Cap Rate 7%
$4,284,829
Cap Rate 9%
$3,332,644
Alternative Uses
Best Use
Apartment 5plus
$4.28M
$3.75M – $5.00M
NOI $299,938 @ 7.0% cap · market cap 4.65%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.59M
$4.89M – $6.52M
NOI $391,470 @ 7.0% cap · market cap 6.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,309
Businesses Nearby
Explore this area
Business Placement
Demographics for 98020, WA
20,236
Population
9,379
Households
2.2
Avg Household Size
52
Median Age
60%
College-Educated
98%
High-School Grad
5.2 sq mi
ZIP Area
3,892
Density / Sq Mi
$122,243
Median Household Income
$73,725
Median Earnings
$1,894
Median Rent
$959,200
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - 21-unit apartment community in Edmonds Bowl neighborhood.
Where is this apartment building located?
The property is located at 1050 5th Ave S Edmonds, WA.
What is the asking price?
The asking price for this property is $6,450,000.
What are key features of this property?
This property features: 21‑unit apartment community in the coveted Edmonds Bowl neighborhood.; Tremendous upside and value‑add opportunity.; Seller financing available for qualified buyers.
