Lynnwood Multifamily Investment
For Sale
$4,495,000
Pending
19628 68th Ave W, Lynnwood, WA 98036
31-unit apartment building with value-add potential in Lynnwood, Washington.
Property Size22,100 SF
Days on Market482
Property Features for 19628 68th Ave W
General Information
Standard status
Pending
Size
22,100 SF
Property subtype
Commercial
Building Details
Year Built
1962
Listing Agency:
PARAGON REAL ESTATE ADVISORS
Listed By:
BRIAN PLATT
Source:
Corcoran
Added: Jun 25, 2025
Changed: Oct 12
Last Checked: Oct 16 at 9:12AM
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 PARAGON REAL ESTATE ADVISORS
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Investment Insights
Based on property information with market context.
The Chrimar Apartments present a multifamily investment opportunity in the Lynnwood market. This 31-unit property offers immediate operational upside with the opportunity to increase rents and reposition the asset. The building consists of 4 one-bedroom/one-bath units, 25 two-bedroom/two-bath units, 1 three-bedroom/1-bath unit, and 1 three-bedroom/one-and-a-half-bath townhouse unit. Five of the units have recently been turned over and are in the process of lease up. The property features a large common laundry room for tenant convenience. Additionally, there is a RUBS system currently in place for ownership reimbursement of utility costs. Situated on two tax parcels with an expansive 61,419 square feet of land, the property encompasses a total building size of 22,100 square feet.
Key Highlights
- Value‑add multifamily investment opportunity.
- 31 units in a thriving Lynnwood market.
- Opportunity to increase rents and reposition the asset.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$330,555
Cap Rate
7.35%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$6,611,100
$6.6M
Cap Rate 7%
$4,722,214
$4.7M
Cap Rate 9%
$3,672,833
$3.7M
Market Conditions
NOI Build-Up for 22,100 SF
Gross rent
$649.7K $29.40/SF
− Vacancy
−$48.7K −$2.21/SF
EGI
$601.0K $27.20/SF
− OpEx
−$270.5K −$12.24/SF
NOI
$330.6K $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 Rate 5%
$6,611,100
Cap Rate 7%
$4,722,214
Cap Rate 9%
$3,672,833
Alternative Uses
Best Use
Apartment 5plus
$4.72M
$4.13M – $5.51M
NOI $330,555 @ 7.0% cap · market cap 7.35%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.16M
$5.39M – $7.19M
NOI $431,432 @ 7.0% cap · market cap 9.60%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
845
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
Check the figures for this property
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 - 31-unit apartment building with value-add potential in Lynnwood, Washington.
Where is this apartment building located?
The property is located at 19628 68th Ave W Lynnwood, WA.
What is the asking price?
The asking price for this property is $4,495,000.
What are key features of this property?
This property features: Value‑add multifamily investment opportunity.; 31 units in a thriving Lynnwood market.; Opportunity to increase rents and reposition the asset.
