2625 Maplewood AveBellingham, WA 98225

Property Details for 2625 Maplewood Ave

Lot size

0.72 AC

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This exceptional investment opportunity presents a well-maintained 11-unit mobile home park situated on a 0.72-acre lot in Bellingham, Washington, at 2625 W Maplewood Ave, 98225. Currently generating a net operating income (NOI) of $111,960, with a cap rate of 4.76%, the property offers significant upside potential. The park comprises 9 mobile home spaces, 5 of which are park-owned, and a rambler duplex. All units are connected to city water and sewer. Currently, all units are rented below market value, presenting a clear path to increased profitability. A pro-forma analysis projects a substantial increase in gross rents to $178,800 annually, resulting in a pro-forma NOI of $147,060 and a pro-forma cap rate of 6.26%. This is achieved by increasing rents and billing back water, sewer, and garbage costs to tenants. The property is zoned for multifamily development, offering further long-term growth opportunities. The asking price is $2,350,000. This is a rare chance to acquire a well-located, income-producing asset in a thriving Washington market. Don't miss this chance to capitalize on this promising investment.

Location Insight

City

Bellingham

County

Whatcom

State

Washington

Latitude

48.7754

Longitude

-122.5

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