17820 Smokey Point Blvd - Apartments FOR SALE


Arlington, WA 98223
$1,650,000 USD
510-333-0624
17820 Smokey Point Blvd, Arlington, WA for Sale
$1,650,000 USD
Apartments - FOR SALE
1/21
null | 5.49% Cap Rate

17820 Smokey Point Blvd
Arlington, WA 98223


HIGHLIGHTS

  • Multifamily Investment

OVERVIEW

-First Western Properties is pleased to present the exclusive sale of this 6 unit multi-family investment opportunity in Arlington. -This 6-unit property offers 6,084 SF on 22,651 SF of land, with a strong in-place income. All units are 2 bed / 1 bath, 1,014 SF each. -Current Proforma Revenue: $130,620 (effective 6/1/25) -NOI: $90,620 | Cap Rate: 5.49% -Parking: 16 spaces -Operating Expenses: ~$40,000/year -Units 4, 5 and 6 all recently renovated. New Fence constructed in 2023 in the backyard. -Water & sewer included in rents; tenants pay garbage & electricity direct. -Located in a growing Arlington area with strong rental demand. The new 2.8 million SF Amazon Fulfillment Center is just a couple minutes away. Additionally, Smokey Point Community Park, located across Smokey Point Blvd, is under construction. It will serve as a community/civic center and provide 1.8 acres of recreation to the community. Ownership recently implemented rent increases effective 6/1/25 (details below). Additionally, as of April 2025, tenants are now responsible for their own garbage service. Rental Details Below: -Unit 1: $1,735/month beginning June 1 of 2025. -Unit 2: $1,625/month beginning June 1 of 2025. -Unit 3: $1,875/month beginning June 1 of 2025. -Unit 4: Currently Vacant. Previous tenant moved out March 2025. Ownership renovated the unit, putting $25k into a new stove, toilet, kitchen sink, carpets, and painting. Previous tenant was paying $1,850/month, and ownership is looking for $1,875/month with a new tenant. Running pro formas with this $1,875/month number. -Unit 5: $1,875/month beginning June 1 of 2025. -Unit 6: $1,875/month beginning June 1 of 2025. -Units 4, 5 and 6 have all been recently renovated. -Operating expenses for 2024 were higher with tenant turnover and renovations completed for the property. -See the attached offering flyer. Contact brokers for additional details on the offering.

FOR SALE DETAILS

PRICE

$1,650,000 USD

PRICE/SF

$271 USD /SF

# OF UNITS

6

PRICE/UNIT

$275,000

CAP RATE

5.49%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Arlington 6-Plex

PROPERTY TYPE

Multi-Family

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1969

PARKING SPACES

-

LAND DETAILS

LAND ACRES

-

LAND SF

-

ZONING

Commercial Corridor (CC)

APN/PARCEL ID

010035-000-010-00

ASK ABOUT THIS PROPERTY

Sebastian CamachoFirst Western PropertiesMore Info
510-333-0624

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Sebastian CamachoFirst Western PropertiesMore Info
510-333-0624

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.