2516 Cornwall Ave

Bellingham, WA 98226

Status

ACTIVE

MLS#

1248518

List Price

$1,750,000

Price Change

▼ $145,000 1528416536

Days on Market

91

Style

55 - 5-9 Units

Building Condition

['Good']

Finished SqFt

4,668

Lot Size (sq ft)

6,098

Property Description

Invest in this beautifully remodeled Art Deco apartment building on Cornwall near Broadway & Cornwall Park. 8 fully renovated units combining modern styles with fine craftsmanship & rich materials. All units have been updated with new appliances, granite countertops, flooring & open floor plans. Building's utility & structural upgrades include a new roof, extensive plumbing & electrical work and much more. In a town that is very much on the rise, this is an opportunity one should not pass up.

Property Details

List Date

2018-03-19 00:00:00

Community

Cornwall Park

Property Type

MULT

Units

8

Stories

2

Additional Information

Potential Terms

Cash Out, Conventional

Year Built

1932

Total Parking

4

Uncovered Parking

4

View

City, Territorial

Exterior

Stucco

Roof

Flat, Torch Down

Site Features

['Cable TV', 'Patio']

Lot Details

Alley, Curbs, Paved Street, Sidewalk

School District

Bellingham

Elementary School

Parkview Elem

Middle School

Whatcom Mid

High School

Bellingham High

Financial Information

Total Monthly Income

$117,840

Gross Scheduled Income

$117,840

Vacancy Rate

1

Gross Adjusted Income

$116,662

Annual Taxes

$7,947

Tax Year

2018

Insurance Expense

$4,729

W/S/G Expenses

$3,978

Total Expenses

$16,734

Net Operating Income

$99,928

Gross Rent Multiplier

15

Cap Rate

5

Approximate Room Dimensions

Unit 1 Beds

1

Unit 1 Baths

1.00

Unit 1 Size

539

Unit 1 Rent

$1,120

Unit 2 Beds

1

Unit 2 Baths

1.00

Unit 2 Size

588

Unit 2 Rent

$1,200

Unit 3 Baths

1.00

Unit 3 Size

377

Unit 3 Rent

$975

Unit 4 Beds

2

Unit 4 Baths

1.00

Unit 4 Size

813

Unit 4 Rent

$1,500

Unit 5 Baths

1.00

Unit 5 Size

517

Unit 5 Rent

$1,200

Unit 6 Beds

1

Unit 6 Baths

1.00

Unit 6 Size

420

Unit 6 Rent

$1,150

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Listing courtesy of Coldwell Banker Bain.

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