Windermere Real Estate/Whatcom, Inc. - Fairhaven Branch | 1200 Old Fairhaven Parkway Suite 106, Bellingham WA 98225 Information contained herein has been obtained from sources deemed reliable, but not guaranteed. Buyer to Verify. 2516-2536 DOUGLAS, BELLINGHAM, WA PRICE: $17,495,000 ACTUAL CAP RATE*: 5.27% TOTAL UNITS: 66 TOTAL BEDROOMS 186 TOTAL BUILDING SIZE: 65,088 SF PRICE PER SF: $269/SF LAND AREA: 1.84 Acres PARKING: +/- 120 Spaces *Based on Sept 2017 rent roll. EXCLUSIVELY REPRESENTED BY KC Coonc, Managing Broker Commercial Sales & Leasing 360.296.7365 [email protected]Ryan Martin, Broker Commercial Leasing & Marketing 360.296.7366 [email protected]5.27% CAP - 186 Beds - WWU Housing - Bellingham WA
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Windermere Real Estate/Whatcom, Inc. - Fairhaven Branch | 1200 Old Fairhaven Parkway Suite 106, Bellingham WA 98225 Information contained herein has been obtained from sources deemed reliable, but not guaranteed. Buyer to Verify.
5.27% CAP - 186 Beds - WWU Housing - Bellingham WA
Windermere Real Estate/Whatcom, Inc. - Fairhaven Branch | 1200 Old Fairhaven Parkway Suite 106, Bellingham WA 98225 Information contained herein has been obtained from sources deemed reliable, but not guaranteed. Buyer to Verify.
Ryan Martin, Broker Commercial Leasing & Marketing 360.296.7366 [email protected]
TABLE OF CONTENTS
PROPERTY DETAILS………………………………...….2
MARKET OVERVIEW……………………….…………..3
RENT COMPS………..…………………….….………….4
SALES COMPS…………...……………….……………...5
WWU DATA………….…..………………………………..6
FINANCIALS...……….…..………………………………..7
Highly efficient off-campus apartment complex located across the street from Western Washington University (WWU). The current vacancy rate in Bellingham is 1.01%, which includes turnover. The rental market near WWU is even stronger and rental rates are on a sharp incline. The New England apartments are 100% pre-leased through Aug 2018. The surrounding land zoned for high density apartments is all built out near WWU, which makes this property so highly desirable to students and investors.
PROPERTY DETAILS
Building Stats
Total Buildings in Apartment Complex 6
Total Number of Units 66
Four Bedroom - Two Bathroom Units 24
Three Bedroom - Two Bathroom Units 12
Two Bedroom - One Bathroom Units 24
One Bedroom - One Bathroom Units 6
Area Calculations
Total Building SF 65,088 SF
Individual Building Size 10,848 SF
Number of Floors per Building 4
Actual Cap Rate 5.12%
Year Built 2001– 2004
Total Parking Spaces +/- 120
Windermere Real Estate/Whatcom, Inc. - Fairhaven Branch | 1200 Old Fairhaven Parkway Suite 106, Bellingham WA 98225 Information contained herein has been obtained from sources deemed reliable, but not guaranteed. Buyer to Verify.
Ryan Martin, Broker Commercial Leasing & Marketing 360.296.7366 [email protected]
Population 1 Mile 3 Mile 10 Mile
2016 Total Population: 13,728 49,208 127,910
2021 Population: 14,196 50,843 132,283
Pop Growth 2016-2021: 3.41% 3.32% 3.42%
Average Age: 36.30 35.80 38.10
Households
2016 Total Households: 6,593 20,527 52,722
HH Growth 2016-2021: 3.25% 3.46% 3.42%
Median Household Inc: $34,301 $43,481 $52,886
Avg Household Size: 2.10 2.10 2.30
2016 Avg HH Vehicles: 2.00 2.00 2.00
Housing
Median Home Value: $386,027 $319,754 $286,432
Median Year Built: 1980 1974 1983
CoStar Demographics
Bellingham MF Vacancy 1.01%
2015 Bellingham Population: 85,146
2010 Bellingham Population: 80,885
2015 Permitted MF Unit: Starts 424
2016 Permitted MF Unit: Starts 232
Key Market Indicators
MARKET OVERVIEW
Windermere Real Estate/Whatcom, Inc. - Fairhaven Branch | 1200 Old Fairhaven Parkway Suite 106, Bellingham WA 98225 Information contained herein has been obtained from sources deemed reliable, but not guaranteed. Buyer to Verify.
Ryan Martin, Broker Commercial Leasing & Marketing 360.296.7366 [email protected]
Property Name Morse Landing
Address: 112 E Maple St, Bellingham
Year Built: 2007
Utilities: W/S/G, DW, Deck
Washer/Dryers: Yes
Highlights Garage Parking, Central Location
Rental Data Rent SQ FT Rent/SF
Studios: $780 371 SF $2.10
1 Bed/1 Bath: $1,000 553 SF $1.81
2 Bed/ 1 Bath: $1,280 769 SF $1.66
Property Name Gateway Plaza
Address: 202 E Holly St, Bellingham
Year Built: 2013
Utilities: W/S/G, DW, Deck
Washer/Dryers: No
Highlights Central Location
Rental Data Rent SQ FT Rent/SF
Studios: $577 257 SF $2.25
1 Bed/1 Bath: $814 555 SF $1.47
2 Bed/ 1 Bath: n/a n/a n/a
Property Name The Condor
Address: 203 E Laurel St, Bellingham
Year Built: 2016
Utilities: W/S/G, DW, Deck
Washer/Dryers: Yes
Highlights Garage Parking, Central Location
Rental Data Rent SQ FT Rent/SF
Studios: $860 390 SF $2.21
1 Bed/1 Bath: $950 600 SF $1.58
2 Bed/ 1 Bath: $1,250 750 SF $1.67
Property Name Chelsea Lofts
Address: 835 N State St, Bellingham
Year Built: 2014
Utilities: W/S/G, DW, Deck
Washer/Dryers: Yes
Highlights Near Downtown & WWU
Rental Data Rent SQ FT Rent/SF
Studios: $876 493 SF $1.78
1 Bed/1 Bath: $910 707 SF $1.29
2 Bed/ 1 Bath: $1,098 795 SF $1.38
MULTI-FAMILY RENT COMPS
Windermere Real Estate/Whatcom, Inc. - Fairhaven Branch | 1200 Old Fairhaven Parkway Suite 106, Bellingham WA 98225 Information contained herein has been obtained from sources deemed reliable, but not guaranteed. Buyer to Verify.