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324 3rd Ave S, Edmonds, WA 98020

  • $1,500,000

  • bed

  • bath

  • 3,750

    Sqft ($400/Sqft)

House for sale 30 hours
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About 324 3rd Ave S

Property type House
Neighborhood
Year built 1959
HOA fee $0/month
Lot size 8,712 Sqft
Movoto estimate
Parking 2 garage spaces
Property description
Edmonds Bowl 5 Unit, offered for the first time in over 45 years and Ideally situated in the heart of Downtown Edmonds, just blocks from Main Street and the waterfront. Sellers are open to Seller Financing terms from qualified buyers. Please reach out for terms. Upper-level units offer attractive water, mountain, and territorial views, enhancing overall tenant appeal. The building showcases a classic mid-century design centered around a private courtyard, creating a unique and inviting living environment. Residents benefit from a common laundry and storage area, while ample off-street parking is provided via five surface stalls and a spacious two-car garage. This asset presents a compelling value-add opportunity with clear pathways to increasing rental income through interior upgrades and operational improvements. With its irreplaceable location, strong in-place fundamentals, and multiple avenues for value creation, this offering is well-suited for investors seeking a stable, well-located asset with significant long-term growth potential.
Listed by
Listing Agent - Ryan Iles
Listing Office - Paragon Real Estate Advisors
Source: NWMLS mls logo
MLS#2521636 • last updated 1 day ago
Movoto checked NWMLS for data 22 minutes ago
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Overview
Cooling/AC None
Heating Baseboard
Levels/Style Multi Family
MLS # 2521636
SubType Multi Family
Type Residential Income
SqFt 3750
Status Active
Lot Size (SqFt) 8712
Lot Size (Acres) 0.2
Property Tax 11443
Year Built 1959
Interior
Exterior
Foundation Poured Concrete
Roof Composition
# Covered Spaces 2
# Parking Spaces 7
# Garage Spaces 2
# Uncovered Spaces 5
Amenities / Utilities
Sewer/ Septic Sewer Connected
Power Production: Type Electric
HOA Amenities Coin Op Laundry
Location
County Snohomish
Subdivision Edmonds Bowl
Area 730 - Southwest Snohomish
High School District Edmonds
APN 530400000700
Zoning Multi-Family
Directions From I5 N Take Exit 177 For WA 104 W - Merge Onto WA 104 W - Keep Right To Continue On Edmonds Way. Right On Edmonds Way. Right On Pine St. Left On 3rd Ave S. Property Is On The Left.
Multifamily Details
Net Operating Income 61006
Capitalization Rate 4.07
Expense: Insurance 4529
Gross Scheduled Income 94065
Expense: Other 4199
Gross Adjusted Income 89362
Total Expenses 28356
Gross Rent Multiplier 15.9
Nwm_Totalmonthlyincome 7839
Vacancy Rate 5
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  • Real Estate
  • WA
  • Snohomish County
  • Edmonds
  • 98020
  • 324 3rd Ave S

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