Building Details

Building Size 19,120 SF

Year Built 2020

Listing Agency: c***@sperrycga.com Show Phone

Listed By: Cory Walken · License #WA #86060

Source: Sperrycga

Added: Nov 21, 2025 Changed: Aug 16 Last Checked: Aug 17 at 5:16AM

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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 in Sumas, WA, presents an investment opportunity. Constructed in 2020, the property features 16 townhome units, suitable for low-rise or garden investors. The property is located in Sumas, offering a combination of modern design and location. The units have an 8.35% rental upside. The property is located near local attractions such as the Sumas Historical Society Museum and parks. Residents have access to shops, dining, and amenities. Its proximity to the Canadian border facilitates international travel. The area provides outdoor recreational activities.

Key Highlights

• Modern multifamily property built in 2020, offering a high‑quality investment.
• 16 townhome units provide a lucrative venture.
• Attractive financing options available with lower interest rates and reduced down payment.

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

$205,945

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

4.93%

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%

$4,118,900 $4.1M

Cap Rate 7%

$2,942,071 $2.9M

Cap Rate 9%

$2,288,278 $2.3M

Market Conditions

NOI Build-Up for 19,120 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

$390.0K $20.40/SF

− Vacancy

−$15.6K −$0.82/SF

EGI

$374.4K $19.58/SF

− OpEx

−$168.5K −$8.81/SF

NOI

$205.9K $10.77/SF

Area

Whatcom County, WA

Vacancy

4.00%

Lease Rate

$20.40 /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%

$4,118,900

Cap Rate 7%

$2,942,071

Cap Rate 9%

$2,288,278

Alternative Uses

Best Use

Apartment 5plus

$2.94M

$2.57M – $3.43M (±1% cap)

NOI $205,945 @ 7.0% cap · market cap 4.93%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$4.51M

$3.95M – $5.26M (±1% cap)

NOI $315,739 @ 7.0% cap · market cap 7.56%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Apartment buildings

Suggested Use

Top Pick Real Estate Agency Storage Facility Garden Center Pharmacy Bakery (Bike/Boat/Book/etc) Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

167

Businesses Nearby

Explore this area Business Placement

Demographics for 98295, WA

2,899

Population

1,181

Households

2.5

Avg Household Size

35

Median Age

18%

College-Educated

88%

High-School Grad

31.3 sq mi

ZIP Area

93

Density / Sq Mi

$96,337

Median Household Income

$52,830

Median Earnings

$1,341

Median Rent

$408,000

Median Home Value

Market

Vacancy Rate% for Multifamily in West region

7% 2022

7.8% 2023

8.6% 2024

8.6% 2025

Questions? Ask Rey

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Frequently Asked Questions

What type of property is this?

Apartment building - Sixteen modern townhome units built in 2020 in Sumas, WA.

Where is this apartment building located?

The property is located at 1205 Boon St Sumas, WA.

What is the asking price?

The asking price for this property is $4,175,000.

What are key features of this property?

This property features: Modern multifamily property built in 2020, offering a high‑quality investment.; 16 townhome units provide a lucrative venture.; Attractive financing options available with lower interest rates and reduced down payment.