2367 Main St

Ferndale, WA 98248

Status

PENDING

MLS#

1151829

List Price

$7,600,000

Price Change

▼ $100,000 1502134021

Days on Market

54

Style

56 - 10+ Units

Building Condition

Good

Finished SqFt

52,572

Lot Size (sq ft)

99,317

Property Description

This 65 unit apartment complex comprised of 7 Garden walk-up 2 and 3 story buildings located on 2+ acre site. The site features a park-like courtyard setting between buildings. The unit mix consists of 42- 2 bdrm/2 bath units many with granite counter-tops, 11-1 bdrm/1 bath and 12 studios. 48 of the suites are individually water metered and all have individual electric meters. The apartment complex is conveniently located just west of D/T Ferndale 5 minutes away from shopping and services.

Property Details

List Date

2017-06-28 00:00:00

Community

Ferndale

Property Type

MULT

Units

65

Stories

3

Additional Information

Potential Terms

Cash Out, Conventional

Year Built

2008

Total Parking

114

Uncovered Parking

114

View

Mountain, Territorial

Exterior

Cement Planked

Roof

Composition

Site Features

Cable TV, Deck, Patio, Sprinkler System

Lot Details

Curbs, Paved Street, Sidewalk

School District

Ferndale

Elementary School

Eagleridge Elem

Middle School

Horizon Mid

High School

Ferndale High

Financial Information

Total Monthly Income

$56,147

Gross Scheduled Income

$673,764

Vacancy Rate

2

Gross Adjusted Income

$660,288

Annual Taxes

$43,371

Tax Year

2017

Insurance Expense

$9,042

W/S/G Expenses

$52,661

Total Expenses

$196,308

Net Operating Income

$463,980

Gross Rent Multiplier

12

Cap Rate

6

Approximate Room Dimensions

Unit 1 Beds

1

Unit 1 Baths

1.00

Unit 1 Size

652

Unit 1 Rent

$768

Unit 2 Baths

1.00

Unit 2 Size

373

Unit 2 Rent

$613

Unit 3 Beds

2

Unit 3 Baths

2.00

Unit 3 Size

973

Unit 3 Rent

$949

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Listing courtesy of Windermere Real Estate Whatcom.

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