Lynnwood Multifamily Investment
19628 68th Ave W Lynnwood, WA 98036
19628 68th Ave W, Lynnwood, WA, 98036
$4,495,000
Pending
For Sale
$4,495,000
Pending
31-unit apartment building with value-add potential in Lynnwood, Washington.
Property Size22,100 SF
Days on Market391
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 Checked: Jul 20 at 3:49 am
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
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.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $649.7k | $29.40 |
| − Vacancy | −$48.7k | −$2.21 |
| EGI | $601.0k | $27.20 |
| − OpEx | −$270.5k | −$12.24 |
| NOI | $330.6k | $14.96 |
22,100 SF · lease $29.40/SF/yr · vacancy 7.50% · expense 45.00%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
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FAQs
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.
