Four-Story Beaux-Arts Apartment
For Sale
$4,500,000
421 E Maple St, Bellingham, WA 98225
Historic studio apartment property with dedicated laundry, bike storage, maintenance, and building-support rooms.
Property Size19,008 SF
Days on Market52
Property Features for 421 E Maple St
General Information
Standard status
Active
Size
19,008 SF
Property subtype
Multifamily
Financials
Asking Price
$4,500,000
Cap Rate
5.31%
Units
Unit Mix
44 x studio
Multifamily Units
44
Amenities
common laundry room
bike storage room
Unparalleled Location: Walkable to Downtown and WWU
Value-Add Opportunity: Rents $325 per Month Below Market on Average
Blank Canvas: Held by the Current Owner for 80+ Years
Building Details
Building Size
19,008 SF
Year Built
1924
Buildings
1
Stories
4
Units
44
Construction
Beaux-Arts
Listed By:
Zac Mazzuca · License #License(s): WA: 22026573
(206) 826-5731
Source:
Marcusmillichap
Added: Aug 26
Changed: Oct 9
Last Checked: Oct 16 at 5:42AM
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 Zac Mazzuca
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Investment Insights
Based on property information with market context.
Completed in 1924, this four-story apartment property contains 44 studio units in a Beaux-Arts building with detailed exterior and roofline ornamentation. The main, second, and third floors each contain 12 studios, while the basement adds eight more. Every apartment measures approximately 324 square feet, with access from interior hallways and stairways on the building’s north and south sides.
Basement support areas include an office, electrical room, boiler room, common laundry room, bike storage room with a half bath, and maintenance storage. The property is located at 421 E Maple St in Bellingham’s Sehome neighborhood, blocks from downtown and within walking distance of Western Washington University. The reported in-place cap rate is 5.31%, with a projected pro forma cap rate of 8.52%.
Basement support areas include an office, electrical room, boiler room, common laundry room, bike storage room with a half bath, and maintenance storage. The property is located at 421 E Maple St in Bellingham’s Sehome neighborhood, blocks from downtown and within walking distance of Western Washington University. The reported in-place cap rate is 5.31%, with a projected pro forma cap rate of 8.52%.
Key Highlights
- 44‑unit, four‑story apartment building completed in 1924
- Beaux‑Arts construction with exterior and roofline ornamentation
- 36 studios on the main, second, and third floors; 8 additional basement studios
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$204,739
Cap Rate
4.55%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,094,780
$4.1M
Cap Rate 7%
$2,924,843
$2.9M
Cap Rate 9%
$2,274,878
$2.3M
Market Conditions
NOI Build-Up for 19,008 SF
Gross rent
$387.8K $20.40/SF
− Vacancy
−$15.5K −$0.82/SF
EGI
$372.3K $19.58/SF
− OpEx
−$167.5K −$8.81/SF
NOI
$204.7K $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 Rate 5%
$4,094,780
Cap Rate 7%
$2,924,843
Cap Rate 9%
$2,274,878
Alternative Uses
Best Use
Apartment 5plus
$2.92M
$2.56M – $3.41M
NOI $204,739 @ 7.0% cap · market cap 4.55%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.48M
$3.92M – $5.23M
NOI $313,889 @ 7.0% cap · market cap 6.98%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
44
Residential units
Location Intelligence
Trade Area within ½ mile
2,833
Businesses Nearby
Explore this area
Business Placement
Demographics for 98225, WA
49,078
Population
24,202
Households
2
Avg Household Size
31
Median Age
48%
College-Educated
96%
High-School Grad
12.6 sq mi
ZIP Area
3,895
Density / Sq Mi
$62,220
Median Household Income
$33,122
Median Earnings
$1,430
Median Rent
$588,800
Median Home Value
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - Historic studio apartment property with dedicated laundry, bike storage, maintenance, and building-support rooms.
Where is this apartment building located?
The property is located at 421 E Maple St Bellingham, WA.
What is the asking price?
The asking price for this property is $4,500,000.
What are key features of this property?
This property features: 44‑unit, four‑story apartment building completed in 1924; Beaux‑Arts construction with exterior and roofline ornamentation; 36 studios on the main, second, and third floors; 8 additional basement studios
