Bought with eXp Realty
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Key Details
Sold Price $1,197,000
Property Type Multi-Family
Sub Type Multi-Family
Listing Status Sold
Purchase Type For Sale
Square Footage 7,672 sqft
Price per Sqft $156
Subdivision Sumas
MLS Listing ID 2169586
Sold Date 12/01/23
Style 55 - 5-9 Units
Year Built 1993
Annual Tax Amount $12,674
Lot Size 0.341 Acres
Property Description
Investor Opportunity! 8.2% (ish) Cap Rate!! Ask price is $149K per Unit. Huge financial upside possibility, these 8 units are already condominimized, if one was to sell separately @ $249K per condo, one would expect an immediate return of an $800K profit. (Less closing costs) Units are 2 bedrooms, 2 Baths, averaging 952 SQFT. If rents averaged $1,250 or $10K per Month / $120K per year. Current rents range in the $1,100 - $1,375 per month range. With a little effort, rent could be closer to $1,450 per month, This would create a 9.76 Cap. Lots of upside! Building is well situated, decent elevation, new construction methods and was not effected in the past Sumas floods. Or- The Condominium Building could be purchased by 8 separate individuals.
Location
State WA
County Whatcom
Area 890 - Nooksack Valley
Interior
Interior Features Wall to Wall Carpet
Flooring Vinyl Plank, Carpet
Fireplace No
Exterior
Exterior Feature Wood
Amenities Available High Speed Internet
Waterfront No
View Y/N Yes
View Mountain(s)
Roof Type Composition
Building
Lot Description Paved, Sidewalk
Sewer Sewer Connected
Water Community
New Construction No
Schools
Elementary Schools Sumas Elem
Middle Schools Nooksack Vly Mid
High Schools Nooksack Vly High
School District Nooksack Valley
Others
Senior Community No
Acceptable Financing Cash Out
Listing Terms Cash Out
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