Cambridge Apartments | 405 S Norris St
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Cambridge Apartments 405 S Norris St
16 Unit Apartment Building $4,250,000 ($265,625/Unit) 5.33% Cap Rate Burlington, WA 98233
Executive Summary
Northmarq is pleased to present Cambridge Apartments in Burlington, Washington. Constructed in 1991, this property features four, 4-unit buildings consisting of spacious 2-bedroom apartments. The property saw recent renovations in 2018 and is achieving near market rents. Each unit features vinyl plank flooring, washer and dryer, and dishwasher. There is an opportunity to further upgrade the interior to compete with newer construction in the area and achieve an increase in rental income.
Cambridge Apartments offers residents a desirable neighborhood location while providing quick access to I-5 and other major thoroughfares. Everett is a 40-minute drive away and Bellingham is only 30 minutes from the complex. Burlington Highschool ,Westview Elementary, along with local grocery stores and restaurants within downtown Burlington are nearby. The property features a parking ratio of over 2 spaces per unit. Additionally, there is a bus stop directly in front of the property that offers ease of transportation for residents.
Cambridge Apartments offers residents a desirable neighborhood location while providing quick access to I-5 and other major thoroughfares. Everett is a 40-minute drive away and Bellingham is only 30 minutes from the complex. Burlington Highschool ,Westview Elementary, along with local grocery stores and restaurants within downtown Burlington are nearby. The property features a parking ratio of over 2 spaces per unit. Additionally, there is a bus stop directly in front of the property that offers ease of transportation for residents.
Property Facts Under Contract
| Price | $4,250,000 | Building Class | C |
| Price Per Unit | $265,625 | Lot Size | 0.82 AC |
| Sale Type | Investment | Building Size | 13,600 SF |
| Cap Rate | 5.33% | Average Occupancy | 100% |
| No. Units | 16 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1991/2018 |
| Property Subtype | Apartment | Parking Ratio | 3.24/1,000 SF |
| Apartment Style | Garden |
| Price | $4,250,000 |
| Price Per Unit | $265,625 |
| Sale Type | Investment |
| Cap Rate | 5.33% |
| No. Units | 16 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.82 AC |
| Building Size | 13,600 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1991/2018 |
| Parking Ratio | 3.24/1,000 SF |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 16 | - | 850 |
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PROPERTY TAXES
| Parcel Number | P62642 | Improvements Assessment | $1,527,900 |
| Land Assessment | $1,612,000 | Total Assessment | $3,139,900 |
PROPERTY TAXES
Parcel Number
P62642
Land Assessment
$1,612,000
Improvements Assessment
$1,527,900
Total Assessment
$3,139,900
zoning
| Zoning Code | R-2 |
| R-2 |
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Cambridge Apartments | 405 S Norris St
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