2728 Maplewood AveBellingham, WA 98225

This exceptional 51-unit apartment complex presents a compelling investment opportunity in Bellingham, WA. Priced at $9,180,000, this property boasts a substantial 42,358 square feet of space across five buildings, situated on an 86,249 square foot lot. The complex comprises 37 two-bedroom and 13 one-bedroom units, with 75 parking spaces available. Built in phases between 1961 and 1991, the buildings are classified as Class D and feature a mix of 6-unit, 14-unit, and 16-unit structures, along with a separate three-bedroom house occupied by the on-site managers in exchange for property management services. The property benefits from a strong tenant base, with 50% of residents having occupied their units for five or more years. Two coin-operated laundry rooms provide additional income streams, and one building offers in-unit washer/dryer hookups. The property is zoned for high-density multifamily use, offering potential for future development or rent increases. The current Net Operating Income (NOI) is $617,257, resulting in a 6.72% capitalization rate. This well-maintained property offers a solid foundation for a strong return on investment, with potential for further growth through market rent adjustments and/or property upgrades. The property's location in Bellingham, WA, provides access to a thriving community and a stable rental market. The APN is 3802131470750000.