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$281.55
Days on Market193
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
Listed By:
Steve Fischer · License #87455
(206) 505-9435
Source:
Crexi
Added: Apr 7
Changed: Oct 7
Last Checked: Oct 16 at 8:17AM
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
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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 / Yr
$158,767
Cap Rate
3.83%
Suggested Prices Based on Cap Rates
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
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 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 3.83%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.48M
$3.04M – $4.06M
NOI $243,410 @ 7.0% cap · market cap 5.87%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
22
Residential units
Location Intelligence
Trade Area within ½ mile
607
Businesses Nearby
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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 $4,150,000.
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
