Edmonds Multifamily Investment
1050 5th Ave S Edmonds, WA 98020
1050 5th Ave S, Edmonds, WA, 98020
$6,450,000
Pending
For Sale
$6,450,000
Pending
21-unit apartment community in Edmonds Bowl neighborhood.
Property Size20,053 SF
Days on Market334
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
(206) 623-8880
Listed by
RYAN ILES
Source
Corcoran
Added: Aug 19, 2025 Checked: Jul 17 at 3:58 am
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.
Local 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 | $589.6k | $29.40 |
| − Vacancy | −$44.2k | −$2.21 |
| EGI | $545.3k | $27.20 |
| − OpEx | −$245.4k | −$12.24 |
| NOI | $299.9k | $14.96 |
20,053 SF · lease $29.40/SF/yr · vacancy 7.50% · expense 45.00%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Norge Apartments
Apartment Building
Similar For Sale Nearby
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.
