405 Norris StBurlington, WA 98233

For Sale
$4,250,000

16-Unit Apartment Building, High ROI

Overview

Added:
Dec 11, 2024
Days on market:
93
Exceptional investment opportunity: Cambridge Apartments, a 16-unit multifamily property located at 405 S Norris St, Burlington, WA 98233, is now available for $4,250,000. This well-maintained property, built in 1991, comprises four two-story buildings, each housing four spacious 2-bedroom apartments. The 13,600 square foot complex sits on a 35,702 square foot lot (APN P62642) and boasts a desirable R-2 zoning. Recent renovations in 2018 have ensured the property is achieving near-market rents, currently generating a strong NOI of $226,637 and a 5.33% cap rate. Each unit features modern amenities including vinyl plank flooring, in-unit washer/dryer, and dishwasher. The property offers ample parking with a ratio exceeding 2 spaces per unit, and a convenient location with a bus stop directly in front. Residents enjoy proximity to I-5, downtown Burlington, Burlington High School, Westview Elementary, and local amenities. Everett and Bellingham are within a short driving distance (40 and 30 minutes respectively). This presents a compelling opportunity for value-add potential through further interior upgrades to capitalize on increasing rental income in the area. The price per unit is $265,625, and the price per square foot is $312.50. This property offers a strong return on investment and significant upside potential.

Highlights

  • 16-unit multifamily property in Burlington, WA, listed at $4,250,000.
  • Well-maintained, 13,600 sq ft complex on a 35,702 sq ft lot (APN P62642), built in 1991.
  • Four two-story buildings, each with four 2-bedroom units; R-2 zoning.
  • Strong NOI of $226,637 and a 5.33% cap rate; 2018 renovations.
  • Modern amenities (vinyl plank flooring, in-unit W/D, dishwasher); over 2 parking spaces per unit.
  • Excellent location near I-5, schools, and amenities; close to Everett and Bellingham.

Property Details for 405 Norris St

Property type
Multifamily properties, Apartment buildings
Square Feet
13,600 SF
Year Built
1991
Buildings
4
Stories
2
Units
16

Location Insight

City
Burlington
County
Skagit
State
Washington
Latitude
48.473456333658
Longitude
-122.34102444872
405 Norris St, Burlington, Washington

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405 Norris St
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