324 3rd Avenue S, Edmonds, WA 98020

$1,500,000
3,750
SqFt

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Listing courtesy of Paragon Real Estate Advisors.

List Price
$1,500,000
Status
ACTIVE
MLS#
2521636
Days on Market
76
Style
55 - 5-9 Units
Finished SqFt
3,750
Area Total SqFt
3750
Annual Tax Ammount
11443
Lot Size (sq ft)
8,712
Sewer
Sewer Connected

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.

Additional Information

List Date
2026-05-12 19:03:17
Community
Edmonds Bowl
Net Operating Income
$61,006
Gross Adjusted Income
$89,362
Gross Scheduled Income
$94,065
Total Monthly Income
$7,839
Insurance Expenses
$4,529
Water/Sewer/Garbage Expenses
$8,185
Gross Rent Multiplier
15.9
Total Expenses
$28,356
Cap Rate
4.07
Vacancy Rate
5
Total Number of Units
5
Unit Name
324
Potential Terms
Cash
Year Built
1959
Roof
Composition
Other Expenses
4199
Energy Source
Electric
School District
Edmonds
Total Monthly Income
$7,839
Gross Scheduled Income
$94,065
Vacancy Rate
5
Gross Adjusted Income
$89,362
Tax Year
2025
Insurance Expense
$4,529
W/S/G Expenses
$8,185
Total Expenses
$28,356
Net Operating Income
$61,006
Gross Rent Multiplier
15.9
Cap Rate
4.07
Based on information submitted to the MLS GRID as of . All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
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