Mid-Century Apartment Courtyard
For Sale
$1,500,000
324 3RD, Edmonds, WA 98020
Five-unit apartment building with a private courtyard, shared laundry and storage, and off-street parking including a two-car garage.
Property Size3,750 SF
Price / SF$400
Days on Market155
Property Features for 324 3RD
General Information
Standard status
Active
Size
3,750 SF
Total Parking Spaces
7
Property subtype
Multi-family
Additional Details
Multifamily Units
5
Amenities
common laundry
common storage
private courtyard
Building Details
Year Built
1959
Construction
mid-century
Tenancy
Multi
Listing Agency:
Paragon Real Estate Advisors
Listed By:
Ryan Iles
(206) 522-3400
Source:
Skylineproperties
Added: Feb 26
Changed: Jul 27
Last Checked: Jul 30 at 7:11PM
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.
This mid-century apartment building is configured as a five-unit property centered around a private courtyard. The building includes a common laundry and storage area, and provides off-street parking with five surface stalls plus a spacious two-car garage. Upper-level units offer water, mountain, and territorial views.
The property is offered for sale and is described as ideally situated in the heart of Downtown Edmonds, just blocks from Main Street and the waterfront.
Sellers indicate the offering is intended as a value-add opportunity, with stated pathways to increasing rental income through interior upgrades and operational improvements. Seller financing is also described as available to qualified buyers; please reach out for terms.
The property is offered for sale and is described as ideally situated in the heart of Downtown Edmonds, just blocks from Main Street and the waterfront.
Sellers indicate the offering is intended as a value-add opportunity, with stated pathways to increasing rental income through interior upgrades and operational improvements. Seller financing is also described as available to qualified buyers; please reach out for terms.
Key Highlights
- 5‑unit apartment building built in 1959 with a private courtyard at the center of the property
- Shared common laundry and shared storage area for residents
- Off‑street parking includes five surface stalls plus a spacious two‑car garage
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 | $110.3k | $29.40 |
| − Vacancy | −$8.3k | −$2.21 |
| EGI | $102.0k | $27.20 |
| − OpEx | −$45.9k | −$12.24 |
| NOI | $56.1k | $14.96 |
3,750 SF · lease $29.40/SF/yr · vacancy 7.50% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$801.3K
$701.1K – $934.8K
NOI $56,090 @ 7.0% cap · market cap 3.74%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.05M
$915.1K – $1.22M
NOI $73,207 @ 7.0% cap · market cap 4.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
5
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,900
Businesses Nearby
Explore this area
Business Placement
Demographics for 98020, WA
20,236
Population
9,379
Households
2.2
Avg Household Size
52
Median Age
60%
College-Educated
98%
High-School Grad
5.2 sq mi
ZIP Area
3,892
Density / Sq Mi
$122,243
Median Household Income
$73,725
Median Earnings
$1,894
Median Rent
$959,200
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 - Five-unit apartment building with a private courtyard, shared laundry and storage, and off-street parking including a two-car garage.
Where is this apartment building located?
The property is located at 324 3RD Edmonds, WA.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: 5‑unit apartment building built in 1959 with a private courtyard at the center of the property; Shared common laundry and shared storage area for residents; Off‑street parking includes five surface stalls plus a spacious two‑car garage
