7221 196th St SW, Lynnwood, WA 98036

$13,500,000
51,311
SqFt

Listing courtesy of Keller Williams Eastside.

List Price
$13,500,000
Status
ACTIVE
MLS#
1759818
Days on Market
20
Style
56 - 10+ Units
Building Condition
['Average']
Finished SqFt
51,311
Lot Size (sq ft)
120,661

Property Description

The Edgewood North apartments are a rare opportunity to acquire a solid real estate investment with significant upside potential. All 46 units are presently rented. Convenient location for north, south, and east commutes and very close to Edmonds CC. Buildings A - D were built in 1991 and are predominantly 2 bed/2 bath flats. Buildings E - G were built in 1998 and are slightly larger townhome-style units. In 2020, several units were upgraded with paint, LVP, carpet, white cabinets, stainless appliances, and trim for an instant 15-20% increase in rent. This creates a PROVEN opportunity for upgrades, to substantially increase the value of the investment. 2011 roofs, 2012 decks, 2020 exterior staircases/railings - hard parts are already done!

Additional Information

List Date
2021-04-19 00:00:00
Community
Lynnwood
Property Type
MULT
Units
46
Stories
2
Potential Terms
Cash Out, Conventional
Year Built
1991
Total Parking
93
Uncovered Parking
40
View
['Territorial']
Exterior
Metal/Vinyl, See Remarks
Roof
Composition
Site Features
Athletic Court, Deck, Fenced-Partially
Lot Details
Paved Street, Sidewalk
School District
Edmonds
Total Monthly Income
$910,561
Gross Scheduled Income
$895,788
Vacancy Rate
3
Annual Taxes
$110,851
Tax Year
2020
Insurance Expense
$14,933
Total Expenses
$399,612
Gross Rent Multiplier
15
Cap Rate
3

Room Dimensions

Unit 1 Beds
2
Unit 1 Baths
2.00
Unit 1 Size
1053
Unit 1 Rent
$1,425
Unit 2 Beds
2
Unit 2 Baths
2.00
Unit 2 Size
1064
Unit 2 Rent
$1,750
Unit 3 Beds
3
Unit 3 Baths
2.00
Unit 3 Size
1143
Unit 3 Rent
$1,880
Unit 4 Beds
2
Unit 4 Baths
2.00
Unit 4 Size
1056
Unit 4 Rent
$1,343
Unit 5 Beds
2
Unit 5 Baths
2.00
Unit 5 Size
1056
Unit 5 Rent
$1,700
Unit 6 Beds
2
Unit 6 Baths
2.00
Unit 6 Size
1056
Unit 6 Rent
$1,650
The database information herein is provided from and copyrighted by the Northwest Multiple Listing Service (NWMLS). NWMLS data may not be reproduced or redistributed and is only for people viewing this site. All information provided is deemed reliable but is not guaranteed and should be independently verified. All properties are subject to prior sale or withdrawal. All rights are reserved by copyright.

Mortgage Calculator

Amount of Loan
Annual Interest Rate
%
Term of Loan
Years

Does not include any taxes or fees.
Please consult a financial professional.
Calculator source: Real Geeks