9-Unit Apartment
For Sale
$1,550,000
1955 Eaton, Ferndale, WA 98248
Two adjacent buildings offer occupied units, on-site laundry, parking, and an enclosed courtyard.
Property Size8,184 SF
Price / SF$189.39
Days on Market13
Property Features for 1955 Eaton
General Information
Standard status
Active
Size
8,184 SF
Property subtype
Multi-family
Zoning
RM High Density
Occupancy
100%
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
6 x 3BR/1BA, 2 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
9
Amenities
on-site laundry
enclosed courtyard
ample parking
Building Details
Year Built
1969
Buildings
2
Tenancy
Multi
Listing Agency:
Muljat Group
Listed By:
Ian Steger
(425) 205-2135
Source:
Skylineproperties
Added: Aug 18
Changed: Aug 28
Last Checked: Aug 29 at 10:23AM
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 Muljat Group
Investment Insights
Based on property information with market context.
This multifamily property consists of two adjacent buildings totaling 9 units: a 6-unit building at 1955 Eaton St and a triplex at 5825 Portal. The unit mix includes 6 three-bedroom, one-bath units, 2 two-bedroom, one-bath units, and 1 one-bedroom, one-bath unit. All units are currently occupied. Property features include on-site laundry, parking, and an enclosed courtyard. The triplex received a new roof in 2025, and the buildings were constructed in 1969.
The property is located in Ferndale near downtown shopping and restaurants, parks, schools, freeway access, and bus service. It sits outside the flood plain and is zoned RM High Density. Additional unit potential is identified in the property information, subject to buyer verification with the city.
The property is located in Ferndale near downtown shopping and restaurants, parks, schools, freeway access, and bus service. It sits outside the flood plain and is zoned RM High Density. Additional unit potential is identified in the property information, subject to buyer verification with the city.
Key Highlights
- 9 units across two adjacent buildings at 1955 Eaton St and 5825 Portal
- Unit mix includes 6 three‑bedroom, one‑bath units, 2 two‑bedroom, one‑bath units, and 1 one‑bedroom, one‑bath unit
- All 9 units currently occupied
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
$95,195
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
6.14%
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%
$1,903,900
$1.9M
Cap Rate 7%
$1,359,929
$1.4M
Cap Rate 9%
$1,057,722
$1.1M
Market Conditions
NOI Build-Up for 8,184 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
$142.4K $17.40/SF
− Vacancy
−$6.4K −$0.78/SF
EGI
$136.0K $16.62/SF
− OpEx
−$40.8K −$4.99/SF
NOI
$95.2K $11.63/SF
Area
Whatcom County, WA
Vacancy
4.50%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
30.00%
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%
$1,903,900
Cap Rate 7%
$1,359,929
Cap Rate 9%
$1,057,722
Alternative Uses
Best Use
Multifamily LT 5
$1.36M
$1.19M – $1.59M
NOI $95,195 @ 7.0% cap · market cap 6.14%
Second Best
Apartment 5plus
$1.26M
$1.10M – $1.47M
NOI $88,152 @ 7.0% cap · market cap 5.69%
Theoretical Best
Office A
$1.93M
$1.69M – $2.25M
NOI $135,147 @ 7.0% cap · market cap 8.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
9
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
536
Businesses Nearby
Explore this area
Business Placement
Demographics for 98248, WA
26,784
Population
10,576
Households
2.5
Avg Household Size
39
Median Age
31%
College-Educated
93%
High-School Grad
71.8 sq mi
ZIP Area
373
Density / Sq Mi
$88,566
Median Household Income
$50,059
Median Earnings
$1,455
Median Rent
$550,300
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 adjacent buildings offer occupied units, on-site laundry, parking, and an enclosed courtyard.
Where is this apartment building located?
The property is located at 1955 Eaton Ferndale, WA.
What is the asking price?
The asking price for this property is $1,550,000.
What are key features of this property?
This property features: 9 units across two adjacent buildings at 1955 Eaton St and 5825 Portal; Unit mix includes 6 three‑bedroom, one‑bath units, 2 two‑bedroom, one‑bath units, and 1 one‑bedroom, one‑bath unit; All 9 units currently occupied
