Purnell Apartments | 2603 Elm St
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Purnell Apartments 2603 Elm St
9 Unit Apartment Building $1,875,000 ($208,333/Unit) Bellingham, WA 98225
Investment Highlights
- Well-maintained and charming asset in Bellingham’s Columbia neighborhood, walking distance to the downtown core and Bellingham Station
- Historically 100% occupied with zero delinquency; majority of units have been fully renovated by current ownership and are achieving near market-rate
- Long-term covered land play option; two parcels total an 8,712 square foot corner lot with the potential to support a greater number of units
- Attractive assumable debt at 65% LTV with 5.65% interest, 6.5 years remaining
- Highly visible location at junction of NW Ave & Elm St with bus stops accessible within a two-minute walk, grocer and additional amenities nearby
- New deliveries in Bellingham forecasted to plummet, setting the stage for meaningful rent growth to resume in the next 12-16 months
Executive Summary
Introducing an exceptional investment opportunity in Bellingham, Washington – PURNELL at 2603 Elm St. This meticulously maintained property features nine units offering significant potential for growth with an attractive assumable loan. Located in the desirable Columbia neighborhood, the property boasts a charming setting within walking distance to downtown Bellingham and amenities. With historically high occupancy rates and majority of units already renovated, PURNELL presents a turnkey investment opportunity with near-market rents. The strategic corner lot spanning 8,712 square feet holds the potential for future expansion or development. Projections indicate a substantial rent increase in the coming years, making this an attractive long-term investment. Don't miss out on this lucrative chance to acquire a well-positioned property with strong rental income and promising growth prospects.
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Property Facts
| Price | $1,875,000 | Building Class | C |
| Price Per Unit | $208,333 | Lot Size | 0.20 AC |
| Sale Type | Investment | Building Size | 6,774 SF |
| No. Units | 9 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built | 1925 |
| Apartment Style | Low Rise | Parking Ratio | 0.46/1,000 SF |
| Price | $1,875,000 |
| Price Per Unit | $208,333 |
| Sale Type | Investment |
| No. Units | 9 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.20 AC |
| Building Size | 6,774 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1925 |
| Parking Ratio | 0.46/1,000 SF |
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Oven
- Tub/Shower
Site Amenities
- Vintage Building
- Public Transportation
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 2 | $1,335 | 437 |
| 1+1 | 7 | $1,467 | 700 |
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Walk Score ®
Very Walkable (86)
Bike Score ®
Biker's Paradise (93)
PROPERTY TAXES
| Parcel Number | 380224-504141-0000 | Improvements Assessment | $860,163 |
| Land Assessment | $472,626 | Total Assessment | $1,332,789 |
PROPERTY TAXES
Parcel Number
380224-504141-0000
Land Assessment
$472,626
Improvements Assessment
$860,163
Total Assessment
$1,332,789
zoning
| Zoning Code | RS5 |
| RS5 |
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Chad Blenz -
Mitchell Belcher -
Steven Chattin -
Jay Timpani -
Brandon Lawler -
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Purnell Apartments | 2603 Elm St
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