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 Market72
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 · License #118196
(360) 733-3030
Source:
Skylineproperties
Added: Aug 4
Changed: Oct 13
Last Checked: Oct 12 at 7:57PM
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 / Yr
$95,195
Cap Rate
6.14%
Suggested Prices Based on Cap Rates
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
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 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.
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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
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Market
Vacancy Rate% for Multifamily in West region
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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
