405 Norris St Burlington, WA 98233
- Commercial real estate
- 13,600 SF
Current Use by Public Records
- Cambridge Apartments / Apartment Building
Property Details for 405 Norris St
- Year built
- 1991
- Property size
- 13,600 SF
- Property type
- Commercial real estate
- APN
- P62642
Description
Exceptional investment opportunity: Cambridge Apartments, a 16-unit multifamily property located at 405 S Norris St, Burlington, WA 98233, is now available for $4,250,000. This well-maintained property, built in 1991, comprises four two-story buildings, each housing four spacious 2-bedroom apartments. The 13,600 square foot complex sits on a 35,702 square foot lot (APN P62642) and boasts a desirable R-2 zoning. Recent renovations in 2018 have ensured the property is achieving near-market rents, currently generating a strong NOI of $226,637 and a 5.33% cap rate. Each unit features modern amenities including vinyl plank flooring, in-unit washer/dryer, and dishwasher. The property offers ample parking with a ratio exceeding 2 spaces per unit, and a convenient location with a bus stop directly in front. Residents enjoy proximity to I-5, downtown Burlington, Burlington High School, Westview Elementary, and local amenities. Everett and Bellingham are within a short driving distance (40 and 30 minutes respectively). This presents a compelling opportunity for value-add potential through further interior upgrades to capitalize on increasing rental income in the area. The price per unit is $265,625, and the price per square foot is $312.50. This property offers a strong return on investment and significant upside potential.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Burlington
- County
- Skagit
- State
- Washington
- Longitude
- -122.34102444872
- Latitude
- 48.473456333658
