12-Unit Apartment
For Sale
$2,850,000
404 Front, Sumas, WA 98295
Twelve apartments arranged as three fourplexes, with 3-bedroom layouts, kitchens, in-unit laundry, and patios.
Property Size14,196 SF
Price / SF$200.76
Days on Market63
Property Features for 404 Front
General Information
Standard status
Active
Size
14,196 SF
Property subtype
Multi-family
Building Details
Year Built
2019
Listing Agency:
Muljat Group
Listed By:
Troy C. Muljat
(425) 205-2135
Source:
Skylineproperties
Added: Jun 8
Changed: Aug 8
Last Checked: Aug 9 at 12:16PM
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 Muljat Group
Investment Insights
Based on property information with market context.
This 12-unit apartment complex is organized as three separate fourplex buildings. Each unit features 3 bedrooms and 2.5 bathrooms, along with fully equipped kitchens, washer/dryer, vinyl and carpeted floors, and an outdoor patio. The property has on-site parking for tenants and has been professionally managed since it was built in 2019.
The complex is located directly adjacent to Sumas Elementary School in a quiet part of town, while being only blocks away from dining and retail establishments along State Route 9. It is also minutes from the US/Canada border crossing.
With a consistent unit configuration across the three fourplex groupings, the property’s layout is designed for straightforward tenant leasing and ongoing property management.
The complex is located directly adjacent to Sumas Elementary School in a quiet part of town, while being only blocks away from dining and retail establishments along State Route 9. It is also minutes from the US/Canada border crossing.
With a consistent unit configuration across the three fourplex groupings, the property’s layout is designed for straightforward tenant leasing and ongoing property management.
Key Highlights
- 12‑unit apartment complex built in 2019, arranged as three fourplexes
- All units feature 3‑bed/2.5‑bath layouts with fully equipped kitchens
- In‑unit laundry available in every unit (washer/dryer)
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
$152,908
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
5.37%
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%
$3,058,160
$3.1M
Cap Rate 7%
$2,184,400
$2.2M
Cap Rate 9%
$1,698,978
$1.7M
Market Conditions
NOI Build-Up for 14,196 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
$289.6K $20.40/SF
− Vacancy
−$11.6K −$0.82/SF
EGI
$278.0K $19.58/SF
− OpEx
−$125.1K −$8.81/SF
NOI
$152.9K $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%
$3,058,160
Cap Rate 7%
$2,184,400
Cap Rate 9%
$1,698,978
Alternative Uses
Best Use
Apartment 5plus
$2.18M
$1.91M – $2.55M
NOI $152,908 @ 7.0% cap · market cap 5.37%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.35M
$2.93M – $3.91M
NOI $234,426 @ 7.0% cap · market cap 8.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
167
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Twelve apartments arranged as three fourplexes, with 3-bedroom layouts, kitchens, in-unit laundry, and patios.
Where is this apartment building located?
The property is located at 404 Front Sumas, WA.
What is the asking price?
The asking price for this property is $2,850,000.
What are key features of this property?
This property features: 12‑unit apartment complex built in 2019, arranged as three fourplexes; All units feature 3‑bed/2.5‑bath layouts with fully equipped kitchens; In‑unit laundry available in every unit (washer/dryer)
