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Mitchell Belcher
Managing Director
425.891.9594
mitchell.belcher@berkadia.com
Steven Chattin
Managing Director
425.269.3826
steven.chattin@berkadia.com
Jay Timpani
Managing Director
206.999.3206
jay.timpani@berkadia.com
INVESTMENT ADVISORS
Primary Contact:
Chad Blenz
Senior Director
206.491.2008
chad.blenz@berkadia.com
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Well Maintained & Fully Stabilized
Nine Apartments with
ATTRACTIVE ASSUMABLE DEBT
Address
Units
Price
Market Cap Rate
Year Built
Total Size
Zoning
County
Parcel No.
2603 Elm St, Bellingham
9
$1,875,000
6.10%
1925
6,774 NRSF
RS5
Whatcom
3802245041410000
Chad Blenz
Senior Director
206.491.2008
chad.blenz@berkadia.com
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage company business in Nevada.
© 2024 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. For state licensing details for the above entities, visit www.berkadia.com/licensing.
Seattle office
601 Union St, Suite 3909
Seattle, WA 98101
bellevue office
411 108th Avenue NE, Suite 1080
Bellevue, WA 98004
contact
Phone: 206.521.7220
Fax: 206.521.7222
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The Opportunity
/ Charming 9-unit asset in Bellingham’s Columbia neighborhood, walking distance to the downtown core and Bellingham Station
/ Historically 100% occupied with zero delinquency; majority of units have been fully renovated by current ownership and are achieving near market-rate rents
/ Highly visible location at junction of Northwest Avenue and Elm Street with bus stops accessible within a 2-minute walk, grocer and additional amenities within a 10-minute walk
/ Long-term covered land play option: corner lot has the potential to support a greater number of units with future rezoning
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Well Maintained & Fully Stabilized
NINE Units with Attractive assumable debt
Brandon Lawler
Senior Director
206.484.8114
brandon.lawler@berkadia.com
Chad Blenz
Senior Director
206.491.3826
chad.blenz@berkadia.com
brandon lawler
Senior Director
206.484.8114
brandon.lawler@berkadia.com
Jay Timpani
Managing Director
206.999.3206
jay.timpani@berkadia.com
Steven Chattin
Managing Director
425.269.3826
steven.chattin@berkadia.com
Mitchell Belcher
Managing Director
425.891.9594
mitchell.belcher@berkadia.com
INVESTMENT ADVISORS
Our team
Back to Top
View Listings
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage company business in Nevada.
© 2024 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. For state licensing details for the above entities, visit www.berkadia.com/licensing.
contact
Phone: 206.521.7220
Fax: 206.521.7222
Seattle office
601 Union St, Suite 3909
Seattle, WA 98101
bellevue office
411 108th Avenue NE, Suite 1080
Bellevue, WA 98004
2603 Elm Street
Bellingham, WA 98225
Units
9
built
1925
total size
6,774 NRSF
county
Whatcom
Chad Blenz | Senior Director
206.491.2008
chad.blenz@berkadia.com
206.491.2008
chad.blenz@berkadia.com
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Our Team
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The Opportunity
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Our Team
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View Opportunity
/ Charming 9-unit asset in Bellingham’s Columbia neighborhood, walking distance to the downtown core and Bellingham Station
/ Attractive assumable debt at 65% LTV with 5.65% interest, 6.5 years remaining
/ $1,594 average rent for one-bed units in Bellingham projected to reach $1,932 in the next 4 years, an increase of 21% (or 4.24% average annual rent growth)
/ New deliveries in Bellingham forecasted to plummet, setting the stage for meaningful rent growth to resume in the next 12-16 months following record absorption
/ Highly visible location at junction of Northwest Avenue and Elm Street with bus stops accessible within a 2-minute walk, grocer and additional amenities within a 10-minute walk
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/ $1,594 average rent for one-bed units in Bellingham projected to reach $1,932 in the next 4 years, an increase of 21% (or 4.24% average annual rent growth)
/ Long-term covered land play option: corner lot has the potential to support a greater number of units with future rezoning
Price
$1.875M
/ New deliveries in Bellingham forecasted to plummet, setting the stage for meaningful rent growth to resume in the next 12-16 months following record absorption
/ Historically 100% occupied with zero delinquency; majority of units have been fully renovated by current ownership and are achieving near market-rate rents
/ Attractive assumable debt at 65% LTV with 5.65% interest, 6.5 years remainingo the downtown core and Bellingham Station
market Cap
6.10%