VIEW OPPORTUNITY

2603 Elm Street Bellingham, WA 98225

/ Charming 9-unit asset in Bellingham’s Columbia neighborhood, walking distance to the downtown core and Bellingham Station

/ 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

/ Attractive assumable debt at 65% LTV with 5.65% interest, 6.5 years remaining

/ 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

/ $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

Primary Contact:

Chad Blenz | Senior Director

206.491.2008

chad.blenz@berkadia.com

Privacy | Terms of Use

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.