Four-Story Beaux-Arts Apartment
New
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 Market7
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
Listing Agency:
MARCUS & MILLICHAP, INC.
(206) 826-5731
Listed By:
Zac Mazzuca · License #License(s): WA: 22026573
(206) 826-5731
Source:
Marcusmillichap
Added: Aug 26
Changed: Aug 28
Last Checked: Aug 31 at 12:41PM
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 MARCUS & MILLICHAP, INC.
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 = 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
$204,739
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
4.55%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
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
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 - 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
