Multifamily Apartment
For Sale
$2,525,000
849 Spring Street, Friday Harbor, WA 98250
Apartment complex in Friday Harbor with 24 units across five buildings, including a vacant lot and recent exterior and life-safety upgrades.
Property Size20,000 SF
Price / SF$126.25
Days on Market146
Property Features for 849 Spring Street
General Information
Standard status
Active
Size
20,000 SF
Property subtype
General Commercial
Additional Details
Cap Rate
6.5%
Road Access
Yes
Sprinkler System
Yes
Multifamily Units
24
Taxes and HOA fees
Annual Taxes
$13,470
Amenities
3
40 Parking Spaces.
Building Details
Year Built
1993
Listing Agency:
Windermere RE San Juan Islands
(360) 378-3600
Listed By:
Gregory King · License #77332
(360) 298-0390
Source:
Xome
Added: Apr 12
Changed: Sep 1
Last Checked: Sep 4 at 2:36AM
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 Windermere RE San Juan Islands
Investment Insights
Based on property information with market context.
Spring Street Square is an established multifamily apartment complex in Friday Harbor consisting of five buildings with 24 units. The property includes two tax parcels, one of which is accompanied by an additional vacant lot.
The complex benefits from prominent Spring Street frontage and offers ample parking. It is located near the hospital and airport.
Recent upgrades include installation of a fire suppression system, improvements to landings and railings, and exterior paint. The current configuration is described as operating near capacity, with an indicated 6.5% cap rate and projected returns of approximately 7.8% upon stabilization. The offering also notes the potential to incorporate short- or mid-term residential units.
The complex benefits from prominent Spring Street frontage and offers ample parking. It is located near the hospital and airport.
Recent upgrades include installation of a fire suppression system, improvements to landings and railings, and exterior paint. The current configuration is described as operating near capacity, with an indicated 6.5% cap rate and projected returns of approximately 7.8% upon stabilization. The offering also notes the potential to incorporate short- or mid-term residential units.
Key Highlights
- Spring Street Square in Friday Harbor: approx. 20,000± SF across five buildings, currently configured as 24 units
- Generates a stated 6.5% cap rate currently, with projected returns of approx. 7.8% upon stabilization
- Sale includes two tax parcels plus an additional 0.55± acre vacant lot
Property Analytics
Property Profile
Current Use
Lease Details
24
Residential units
Yes
Sprinkler system
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,049
Businesses Nearby
Explore this area
Business Placement
Demographics for 98250, WA
8,632
Population
5,998
Households
1.4
Avg Household Size
54
Median Age
51%
College-Educated
95%
High-School Grad
61.1 sq mi
ZIP Area
141
Density / Sq Mi
$90,146
Median Household Income
$42,395
Median Earnings
$1,498
Median Rent
$745,700
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 - Apartment complex in Friday Harbor with 24 units across five buildings, including a vacant lot and recent exterior and life-safety upgrades.
Where is this apartment building located?
The property is located at 849 Spring Street Friday Harbor, WA.
What is the asking price?
The asking price for this property is $2,525,000.
What are key features of this property?
This property features: Spring Street Square in Friday Harbor: approx. 20,000± SF across five buildings, currently configured as 24 units; Generates a stated 6.5% cap rate currently, with projected returns of approx. 7.8% upon stabilization; Sale includes two tax parcels plus an additional 0.55± acre vacant lot
