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 Market425
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: Oct 11
Last Checked: Oct 16 at 9:05AM
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
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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 / Yr
$299,938
Cap Rate
4.65%
Suggested Prices Based on Cap Rates
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
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 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.
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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.
