2603 Elm St Bellingham, WA 98225
- Commercial real estate
- 0.20 lot acres
Current Use by Public Records
- Commercial real estate
Property Details for 2603 Elm St
- Year built
- 1925
- Lot size
- 0.20 lot acres
- Property type
- Commercial real estate
- APN
- 3802245041410000
Description
This exceptional investment opportunity presents a well-maintained, nine-unit apartment building located at 2603 Elm St, Bellingham, WA 98225. The property, built in 1925, features a total of 6,774 square feet of net rentable space across two stories. Situated on a 0.2-acre lot (8,712 square feet), it benefits from a highly visible corner location. Currently operating at near-market rents with historically high occupancy rates (100%), the majority of units have undergone recent renovations. An attractive assumable loan is available, offering a 65% loan-to-value ratio with a 5.65% interest rate and 6.5 years remaining. The property is zoned RS5 and offers significant potential for future expansion or development given its size and location. The building is within walking distance of downtown Bellingham and amenities, including public transportation. Projections indicate substantial rent increases in the coming years, making this a compelling long-term investment. The average rent for a one-bedroom unit in Bellingham is projected to increase by 21% over the next four years. This property presents a turnkey investment opportunity with strong rental income and promising growth prospects.
Value Estimation
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CAP approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Bellingham
- County
- Whatcom
- State
- Washington
- Longitude
- -122.4885846
- Latitude
- 48.7646163
