Listing Provided Courtesy Of:
Capstone Commercial and NWMLS
Address
2603 Elm Street Bellingham, WA
Price
$ 1,500,000
Property Attributes
  • ID#1836579
  • TypeMulti-Family
  • CountyWHATCOM
  • CityBellingham
  • AreaBellingham
  • NeighborhoodColumbia
  • Zip98225
  • Style5-9 Units
  • Year Built1925
  • Taxes$ 8742
  • Price$ 1,500,000
  • Bedrooms0
  • Full Bathrooms0
  • Half Bathrooms0
  • Sqr Footage6474
  • Lot Size4,356 SqFt
Listing Provided Courtesy Of:
Capstone Commercial and NWMLS
Data Source:
Northwest Multiple Listing Service (NWMLS) - 21 - WA
Property Description

This classic, brick 9-unit apartment building features spacious and efficient units with open floor plans. The Purnell is comprised of 7 one-bedroom units and 2 studio units. Most units have private entrances in addition to access from the common areas. Located on a bus line in Bellingham's charming Fountain District, the Purnell offers the new owner a fantastic value-add opportunity. Current rents are 10% below market as is. However, with extensive but cosmetic updates to the units, the rents for these units can easily be increased by upwards of 25-30%. In addition, the new buyer will have the first opportunity to purchase the newly remodeled adjacent rental house, which offers the new owner additional income or possible development.

Elementary School Middle School High School
Columbia Elem Whatcom Mid Bellingham High
Price History
9/8/2021 Listed $1,600,000
10/20/2021 7% - $1,500,000

General Features

Building Area Units Square Feet
Carport Y/N No
City Bellingham
County Whatcom
Directions South on NW Ave, which turns into Elm St. Located at the intersection of Elm & West North Street.
Electric Expense 385
Elementary School Columbia Elem
Exterior Features Brick
Fuel Expense 3295
High School Bellingham High
High School District Bellingham
Insurance Expense 3030
Leasable Area 6474
Lot Size Square Feet 4356
MLS Area 860 - Bellingham
Middle/Junior High School Whatcom Mid
Net Operating Income 81742
New Construction No
Possession Closing
Possible Use Multi-Family
Property Style 55 - 5-9 Units
Property SubType Multi-Family
Property Type Residential Income
Roof See Remarks
Senior Community Y/N No
Sewer Sewer Connected
Special Listing Conditions None
Standard Status Active
Status Active
Street Name Elm
Structure Type Multi Family
Subdivision Name Columbia
Tax Annual Amount 8742
Tax Year 2021
Terms Cash Out, Conventional
Total Units 9
Units Below Grade false
Units In Building Total 9
Utilities Sewer Connected, Electricity Available, Natural Gas Connected
Water Company Bellingham
Water Sewer Garbage 4786
Year Built 1925
Zoning Class Multi-Family

Interior Features

Electric On Property Y/N No
Fireplace Y/N No
Furnished Y/N Unfurnished
Heating Y/N Yes
Living Area Units Square Feet
Power Production Type Electric, Natural Gas
Street Suffix Street
Total Stories 2

Exterior Features

Building Area Total 6474
Irrigation Water Rights Y/N No
Lot Features Corner Lot, Curbs, Paved, Sidewalk
Lot Size Acres 0.1
Lot Size Units Square Feet
Open Parking Y/N No
View Y/N No
Water Source Public
Waterfront Y/N No

Amenities

  • Foreclosure
  • Views
  • Short Sale
  • New Construction
  • Adult 55+
  • Lease To Own
  • No HOA Fees
  • Furnished
  • Primary On Main
  • Air Conditioning
  • Seller Finance
  • Green
  • Fixer Upper
  • Horse
  • Golf
  • Fireplace
  • Deck
  • Garage
  • Basement
  • Pool

Property vs Multi-Family Average in 98225

Price
AVG $1.5M
$1.5M
Taxes
AVG $8,742
$8,742
Visits
AVG 53
52
Year Built
AVG 1925
1925
Walkscore
AVG 82
82
Data Provided by Walkscore ® not using MLS data

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