2603 Elm Street Pending Save Request In-Person Tour Request Virtual Tour
Bellingham,WA 98225
Key Details
Property Type Residential Income
Sub Type Multi-Family
Listing Status Pending
Purchase Type For Sale
Square Footage 6,474 sqft
Price per Sqft $231
Subdivision Columbia
MLS Listing ID 1836579
Style 5
Year Built 1925
Annual Tax Amount $8,742
Tax Year 2021
Lot Size 4,356 Sqft
Property Sub-Type Multi-Family
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.
Location
State WA
County Whatcom
Area 860 - Bellingham
Interior
Heating Radiator
Cooling Radiator
Exterior
Exterior Feature Brick
Utilities Available Sewer Connected,Electricity Available,Natural Gas Connected
View Y/N false
Roof Type See Remarks
Building
Lot Description Corner Lot,Curbs,Paved,Sidewalk
Story 2
Sewer Sewer Connected
Water Public
New Construction false
Schools
Elementary Schools Columbia Elem
Middle Schools Whatcom Mid
High Schools Bellingham High
School District Bellingham
Others
Acceptable Financing Cash Out,Conventional
Listing Terms Cash Out,Conventional
Special Listing Condition None