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7221 196th Street SW

Lynnwood, WA 98036
  • $13,500,000
  • STATUS: Pending
  • ON SITE: 58 days
  • ID#: 1759818
Under Contract
UPDATED: 43 min ago
$13,500,000
  • 0
    BEDS
  • 2.77
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Multi-Family
Built:
1991
County:

School Ratings & Info

School District:
Listing Courtesy of Keller Williams Eastside.

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!

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The listing data relating to real estate for sale on this web site comes in part from the Northwest Multiple Listing Service. Real estate listings held by brokerage firms other than Five Doors Real Estate are marked by the "three tree" symbol; detailed information about such listings includes the names of the listing brokers. Data last updated 2021-06-17T19:15:00.333.

www.pugetsoundfivedoors.com/homes/116270394
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7221 196th Street SW Lynnwood, WA 98036

  • Price: $13,500,000
  • Status: Pending
  • Updated: 43 min ago
  • ID#: 1759818
0
Beds
0
Baths
0
½ Baths
2.77
Acres
1991
Built
Neighborhood:
Lynnwood
County:
Snohomish
Area:
SW Snohomish Cty/Lynnwood/Edmonds
School District:
Edmonds
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!
Exterior Features

Carport Spaces 37 Carport YN No Covered Spaces 16 Exterior Features Metal/VinylSee Remarks Lot Features PavedSidewalk Open Parking Spaces 40 Open Parking YN Yes Parking Total 93 Parking Uncovered Spaces 40 Roof Composition Structure Type Multi Family Style Code 56 - 10+ Units View YN Yes Waterfront YN No

Interior Features

Fireplace YN No Flooring Ceramic TileVinylVinyl PlankCarpet Foundation Details Poured Concrete Furnished Unfurnished Heating Cooling Type Wall Heating YN Yes

Property Features

Electric Expense 0 Electric On Property YN False Fuel Expense 0 Gross Scheduled Income 895788 Insurance Expense 14933 Irrigation Water Rights YN No Leased Items None Listing Terms Cash OutConventional Net Operating Income 0 New Construction YN No Possible Use Multi-Family Power Production Type ElectricNatural Gas Property Condition Average Property Sub Type Multi-Family Sewer Sewer Connected Site Features Athletic CourtDeckFenced-Partially Special Listing Conditions None Tax Annual Amount 110851 Tax Year 2020 Total Expenses 399612 Units In Building Total 46 Utilities Sewer ConnectedElectricity AvailableNatural Gas Connected Water Sewer Garbage 0 Water Source Public Zoning Class Multi-Family

Listing information © 2021 Northwest Multiple Listing Service. Information is based on data available to the associate, including county records. The information contained in this listing has not been verified by Five Doors Real Estate and should be verified by the buyer.


The listing data relating to real estate for sale on this web site comes in part from the Northwest Multiple Listing Service. Real estate listings held by brokerage firms other than Five Doors Real Estate are marked by the "three tree" symbol; detailed information about such listings includes the names of the listing brokers. Data last updated 2021-06-17T19:15:00.333.

 
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Five Doors Real Estate
33434 8th Ave S, Ste 103
Federal Way WA, 98003
Listing Courtesy of Keller Williams Eastside.