Unfinished Multifamily
New
For Sale
$195,000
221 Front St, Sumas, WA 98295
Gutted interior with an open configuration and alley-accessed parking supports a substantial renovation or multifamily conversion.
Property Size1,373 SF
Price / SF$142.02
Days on Market7
Property Features for 221 Front St
General Information
Standard status
Active
Size
1,373 SF
Property subtype
Multi-Family
Property Condition
Severity
Major Repairs Needed
Evidence
gutted
Additional Details
Road Access
Yes
Building Details
Year Built
2005
Listing Agency:
(425) 941-2091
Listed By:
Realtrua
(425) 941-2091
Source:
Realtrua
Added: Aug 26
Changed: Aug 28
Last Checked: Aug 31 at 3:10PM
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 Realtrua
Investment Insights
Based on property information with market context.
This 2005-built multifamily property is unfinished and requires substantial renovation. The interior has been stripped to exposed framing and electrical, with no flooring or sheetrock in place. Its current arrangement consists of one broad open area and three exterior entrance doors, allowing the interior plan to be reconsidered during redevelopment.
Parking is accessed from the alley, while the property fronts Front Street. Multifamily zoning supports consideration of a duplex conversion or other multifamily redevelopment, subject to verification of zoning, permitted uses, and project feasibility. The property is offered for buyers prepared to undertake significant improvements, with entry requiring appropriate caution.
Parking is accessed from the alley, while the property fronts Front Street. Multifamily zoning supports consideration of a duplex conversion or other multifamily redevelopment, subject to verification of zoning, permitted uses, and project feasibility. The property is offered for buyers prepared to undertake significant improvements, with entry requiring appropriate caution.
Key Highlights
- 2005‑built multifamily property requiring substantial renovation
- Interior stripped to exposed framing and electrical, with no flooring or sheetrock
- One open interior area with 3 exterior entrance doors
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
$14,789
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
7.58%
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%
$295,780
$295.8K
Cap Rate 7%
$211,271
$211.3K
Cap Rate 9%
$164,322
$164.3K
Market Conditions
NOI Build-Up for 1,373 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
$28.0K $20.40/SF
− Vacancy
−$1.1K −$0.82/SF
EGI
$26.9K $19.58/SF
− OpEx
−$12.1K −$8.81/SF
NOI
$14.8K $10.77/SF
Area
Whatcom County, WA
Vacancy
4.00%
Lease Rate
$20.40 /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%
$295,780
Cap Rate 7%
$211,271
Cap Rate 9%
$164,322
Alternative Uses
Best Use
Apartment 5plus
$211.3K
$184.9K – $246.5K
NOI $14,789 @ 7.0% cap · market cap 7.58%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$323.9K
$283.4K – $377.9K
NOI $22,673 @ 7.0% cap · market cap 11.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1
Businesses Nearby
Explore this area
Business Placement
Demographics for 98295, WA
2,899
Population
1,181
Households
2.5
Avg Household Size
35
Median Age
18%
College-Educated
88%
High-School Grad
31.3 sq mi
ZIP Area
93
Density / Sq Mi
$96,337
Median Household Income
$52,830
Median Earnings
$1,341
Median Rent
$408,000
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Multifamily property - Gutted interior with an open configuration and alley-accessed parking supports a substantial renovation or multifamily conversion.
Where is this multifamily property located?
The property is located at 221 Front St Sumas, WA.
What is the asking price?
The asking price for this property is $195,000.
What are key features of this property?
This property features: 2005‑built multifamily property requiring substantial renovation; Interior stripped to exposed framing and electrical, with no flooring or sheetrock; One open interior area with 3 exterior entrance doors
