22-Unit Apartment
For Sale
Contact for pricing
1717 Texas St, Bellingham, WA 98229
Two residential buildings provide one- and two-bedroom apartments with both covered and surface parking.
Property Size14,740 SF
Price / SF$295.12
Days on Market148
Property Features for 1717 Texas St
General Information
Standard status
Active
Size
14,740 SF
Net Rentable
14,740 SF
Total Parking Spaces
30
Property subtype
Multifamily
Units
Unit Mix
16 x 1BR, 6 x 2BR
Multifamily Units
22
Additional Details
Cap Rate
6.02%
Building Details
Year Built
1976
Buildings
2
Stories
2
Units
22
Listing Agency:
Northmarq
(206) 505-9435
Listed By:
Steve Fischer · License #WA 87455
Source:
Crexi
Added: Apr 7
Changed: Aug 31
Last Checked: Aug 31 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 Northmarq
Investment Insights
Based on property information with market context.
Texas Street Apartments is a 22-unit multifamily community comprising two residential buildings with approximately 14,740 net rentable square feet. Constructed in 1976, the property includes sixteen one-bedroom apartments and six two-bedroom apartments, supported by 30 parking spaces divided between 15 surface stalls and 15 covered stalls.
The community is located at 1717 Texas St in Bellingham’s Roosevelt neighborhood, near Western Washington University, PeaceHealth St. Joseph Medical Center, and downtown Bellingham. Bellis Fair Mall, local parks, the waterfront, and regional transit corridors are also identified as nearby amenities and connections.
Current operations reflect a 6.02% in-place Cap Rate, while rents are approximately 4.27% below market. Interior renovations have been completed on unit turnover, with additional renovation and rent-adjustment activity identified as ownership strategies.
The community is located at 1717 Texas St in Bellingham’s Roosevelt neighborhood, near Western Washington University, PeaceHealth St. Joseph Medical Center, and downtown Bellingham. Bellis Fair Mall, local parks, the waterfront, and regional transit corridors are also identified as nearby amenities and connections.
Current operations reflect a 6.02% in-place Cap Rate, while rents are approximately 4.27% below market. Interior renovations have been completed on unit turnover, with additional renovation and rent-adjustment activity identified as ownership strategies.
Key Highlights
- 22‑unit multifamily community with approximately 14,740 net rentable square feet
- Unit mix includes sixteen one‑bedroom and six two‑bedroom apartments
- 30 total parking spaces: 15 surface and 15 covered stalls
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
$158,767
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
3.65%
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%
$3,175,340
$3.2M
Cap Rate 7%
$2,268,100
$2.3M
Cap Rate 9%
$1,764,078
$1.8M
Market Conditions
NOI Build-Up for 14,740 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
$300.7K $20.40/SF
− Vacancy
−$12.0K −$0.82/SF
EGI
$288.7K $19.58/SF
− OpEx
−$129.9K −$8.81/SF
NOI
$158.8K $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%
$3,175,340
Cap Rate 7%
$2,268,100
Cap Rate 9%
$1,764,078
Alternative Uses
Best Use
Apartment 5plus
$2.27M
$1.98M – $2.65M
NOI $158,767 @ 7.0% cap · market cap 3.65%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.48M
$3.04M – $4.06M
NOI $243,410 @ 7.0% cap · market cap 5.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
22
Residential units
Location Intelligence
Trade Area within ½ mile
607
Businesses Nearby
Explore this area
Business Placement
Demographics for 98229, WA
33,664
Population
14,392
Households
2.3
Avg Household Size
40
Median Age
51%
College-Educated
95%
High-School Grad
50.2 sq mi
ZIP Area
671
Density / Sq Mi
$90,068
Median Household Income
$45,503
Median Earnings
$1,533
Median Rent
$564,700
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Two residential buildings provide one- and two-bedroom apartments with both covered and surface parking.
Where is this apartment building located?
The property is located at 1717 Texas St Bellingham, WA.
What is the asking price?
The asking price for this property is $4,350,000.
What are key features of this property?
This property features: 22‑unit multifamily community with approximately 14,740 net rentable square feet; Unit mix includes sixteen one‑bedroom and six two‑bedroom apartments; 30 total parking spaces: 15 surface and 15 covered stalls
