Bought with Windermere Real Estate Whatcom
$2,600,000
$2,800,000
7.1%For more information regarding the value of a property, please contact us for a free consultation.
2325 Ferndale Terrace Ferndale, WA 98248
12,960 SqFt
Key Details
Sold Price $2,600,000
Property Type Multi-Family
Sub Type Multi-Family
Listing Status Sold
Purchase Type For Sale
Square Footage 12,960 sqft
Price per Sqft $200
Subdivision Ferndale
MLS Listing ID 1754223
Sold Date 05/14/21
Style 56 - 10+ Units
Year Built 1990
Annual Tax Amount $19,817
Lot Size 1.000 Acres
Property Sub-Type Multi-Family
Property Description
Offering four 4-plexes, each on its own tax parcel, the 16 units are being sold together. The 4-plexes share a common parking and garbage collection area. Constructed in 1990, all units are 2 bedroom/one bath with washer/dryer hookups and gas fireplaces. Condition is average with newer roof, vinyl siding is easy to maintain. Appliances, floor covering, carpets and vinyl floors are replaced as needed. The units are fully occupied, with vacancies being filled at $1200/month. Five units are now at $1200/mo. There is a huge upside potential for new owner/manager to increase rents which are averaging just $995/month. Bring the remaining units to current market rents ($1200/mo) would increase GSI by $40,000/yr.
Location
State WA
County Whatcom
Area 870 - Ferndale/Custer
Interior
Interior Features Wall to Wall Carpet
Flooring Vinyl, Carpet
Fireplace false
Exterior
Exterior Feature Metal/Vinyl, Wood
Utilities Available Sewer Connected, Geothermal, Natural Gas Connected
View Y/N Yes
View Mountain(s), Territorial
Roof Type Flat
Building
Lot Description Curbs, Paved, Sidewalk
Sewer Sewer Connected
Water Public
New Construction No
Schools
Elementary Schools Mountain View Elementary
Middle Schools Vista Mid
High Schools Ferndale High
School District Ferndale
Others
Senior Community No
Acceptable Financing Cash Out, Conventional, See Remarks
Listing Terms Cash Out, Conventional, See Remarks
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"Three Trees" icon indicates a listing provided courtesy of NWMLS.