70-Unit Apartment
New
For Sale
$9,995,000
Pending
6630 202nd Street SW, Lynnwood, WA 98036
Seven-building community offers varied residential layouts, recent roof work, and convenient access to regional transportation.
Property Size44,374 SF
Lot Size2.31 Acres
Days on Market7
Property Features for 6630 202nd Street SW
General Information
Standard status
Pending
Size
44,374 SF
Lot size
2.31 Acres
Property subtype
Residential Income
Zoning
CDM
Net Operating Income
$676,261
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
70
Taxes and HOA fees
Annual Taxes
$116,934
Amenities
Seller intends to review offers upon receipt
Coin Op Laundry,See Remarks,Thermal Windows
Buyer brk to be present at all showings
yes
1962
Electric
no
Thermal Windows
Public Records
Laminate, See Remarks, Vinyl Plank
2
Square Feet
Composition, Flat
Sewer Connected
56 - 10+ Units
Paved
Community
Multi Family
Feet
Brick, Cement/Concrete, See Remarks
false
County
102
114364
100624
71
70
Building Details
Building Size
44,374 SF
Year Built
1962
Buildings
7
Construction
wood-frame
Listing Agency:
(206) 250-6961
Listed By:
Multifamily Properties
(206) 250-6961
Source:
Multifamilymomentum.idxbroker
Added: Aug 3
Changed: Aug 4
Last Checked: Aug 9 at 4:36AM
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 Multifamily Properties
Investment Insights
Based on property information with market context.
This 70-unit apartment property comprises seven buildings across 2.31 acres, with 44,374 square feet of building area. The unit mix includes flats, townhomes, a duplex, and a single-family residence in one-, two-, and three-bedroom configurations averaging 606 square feet. Approximately half of the units have received vinyl plank flooring, resurfaced tubs, and repainted cabinetry. Property systems include copper plumbing, electric baseboard heat, individual water heaters, and off-street parking. Roofing improvements include a TPO roof installed in 2024 and new shingles on several buildings in 2022.
The property is zoned CDM and is located near light rail, Edmonds College, Hwy 99, and Lynnwood Transit Center. Construction includes wood framing with brick, CMU, marblecrete, and wood siding elements.
The property is zoned CDM and is located near light rail, Edmonds College, Hwy 99, and Lynnwood Transit Center. Construction includes wood framing with brick, CMU, marblecrete, and wood siding elements.
Key Highlights
- 70 units across 7 buildings on 2.31 acres
- 44,374 square feet of building area
- Unit layouts include flats, townhomes, a duplex, and a SFR
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
$663,713
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
6.64%
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%
$13,274,260
$13.3M
Cap Rate 7%
$9,481,614
$9.5M
Cap Rate 9%
$7,374,589
$7.4M
Market Conditions
NOI Build-Up for 44,374 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
$1.30M $29.40/SF
− Vacancy
−$97.8K −$2.21/SF
EGI
$1.21M $27.20/SF
− OpEx
−$543.0K −$12.24/SF
NOI
$663.7K $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%
$13,274,260
Cap Rate 7%
$9,481,614
Cap Rate 9%
$7,374,589
Alternative Uses
Best Use
Apartment 5plus
$9.48M
$8.30M – $11.06M
NOI $663,713 @ 7.0% cap · market cap 6.64%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$12.38M
$10.83M – $14.44M
NOI $866,260 @ 7.0% cap · market cap 8.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
70
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,619
Businesses Nearby
Explore this area
Business Placement
Demographics for 98036, WA
42,248
Population
17,228
Households
2.5
Avg Household Size
39
Median Age
39%
College-Educated
92%
High-School Grad
9.6 sq mi
ZIP Area
4,401
Density / Sq Mi
$89,566
Median Household Income
$54,455
Median Earnings
$1,686
Median Rent
$693,300
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 - Seven-building community offers varied residential layouts, recent roof work, and convenient access to regional transportation.
Where is this apartment building located?
The property is located at 6630 202nd Street SW Lynnwood, WA.
What is the asking price?
The asking price for this property is $9,995,000.
What are key features of this property?
This property features: 70 units across 7 buildings on 2.31 acres; 44,374 square feet of building area; Unit layouts include flats, townhomes, a duplex, and a SFR
