Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    1050 5th Ave S Edmonds, WA 98020

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $6,450,000

    21-unit apartment community in Edmonds Bowl neighborhood.

    Type:Commercial
    Property size:
    20,053 SF
    Added:
    Aug 19, 2025
    Days on Market:
    243
    Last Refresh:
    Apr 5 at 8:43 pm

    Property Features for 1050 5th Ave S

    General Information

    Standard status
    Active
    Size
    20,053 SF
    Property subtype
    Commercial

    Building Details

    Year Built
    1978

    We can help!

    Listing Contact
    RYAN ILES

    Listing agent RYAN ILES

    Listing office PARAGON REAL ESTATE ADVISORS

    Listing date Aug 19, 2025

    Source Corcoran

    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

    Overview

    Edmonds Multifamily Investment Opportunity

    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.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Norge Apartments Apartment Building

    Suggested Use

    Restaurant Law Firm Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Grocery & Convenience Store Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Edmonds
    County
    Snohomish
    State
    Washington
    Longitude
    -122.378
    Latitude
    47.802

    Nearby Similar for Sale

    • $1,800,000
      3,624 SF

      Edmonds Medical Office Building For Sale

      Class A medical office building in Edmonds medical district.
      21906 76th Ave W, Edmonds, WA 98026
      View Details
    • $65,000

      Established Hair Salon For Sale

      Profitable hair salon with expansion potential and existing clientele.
      23805 Hwy 99, Edmonds, WA 98026
      View Details
    • $849,950
      1,320 SF

      Single-Story Office Building in Edmonds

      1,320 SF office building with parking in Edmonds, WA.
      20120 76th Ave W, Edmonds, WA 98026
      View Details
    • $3,295,000
      7,560 SF

      Iconic Edmonds Building For Sale

      Versatile commercial space in a high-traffic, desirable waterfront community.
      542 Main St, Edmonds, WA
      View Details
    • $1,370,000

      High-Visibility Edmonds Commercial Property

      Main Street commercial property in high-demand Edmonds Bowl.
      605 Main St, Edmonds, WA 98020
      View Details
    • $3,295,000
      7,500 SF

      Downtown Edmonds Versatile Commercial Space

      Landmark building with versatile commercial space in downtown Edmonds.
      542 Main Street, Edmonds, WA 98020
      View Details
    • $2,095,000
      3,576 SF

      Edmonds Office Building For Sale

      Office building with 3576 square feet of space.
      109 Main Street, Edmonds, WA, 98020
      View Details
    • $3,295,000
      7,560 SF

      Iconic Building in Downtown Edmonds

      Versatile commercial space in a high-traffic, walkable location.
      542 Main St, Edmonds, WA 98020
      View Details
    • $3,300,000

      High-Yield Hospitality Investment Opportunity

      Hospitality business in Edmonds with high cash flow.
      23905 Hwy 99, Edmonds, WA 98026
      View Details
    • $899,990
      3,086 SF

      Edmonds Duplex on Oversized Lot

      Duplex on large lot with development potential and rental income.
      14916 48th Avenue W, Edmonds, WA 98026
      View Details
    • $699,950
      1,006 SF

      Edmonds Corner Commercial Property

      Vacant office building in high-traffic Edmonds location near medical facilities.
      7523 220th St SW, Edmonds, WA
      View Details
    • $65,000

      Established Hair Salon Opportunity

      Hair salon for sale with equipment and remodel included.
      23805 Highway 99 , 106, Edmonds, WA 98026
      View Details

    FAQs

    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.
    (206) 623-8880
    We can help!
    Listing Contact
    RYAN ILES
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!