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 Market436
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: Jul 6
Last Checked: Jul 23 at 8:30AM
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.
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
$330,555
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
7.35%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
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
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 - 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.
