7221 196th Street SW $14,500,000

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    7221 196th Street SW Lynnwood, WA 98036

    • 0 Beds
    • 0 Baths
    • 51,311 sq. ft.
    • Multi-Family
    • Listing# 1759818
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    Views: 59 Days On Site: 107

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    Property Details

    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!

    • General Features
      • County Or Parish Snohomish
      • Furnished Unfurnished
      • Leasable Area 51311
      • Leasable Area Units Square feet
      • MLS Area Major 730 - Southwest Snohom
      • New Construction Y/N No
      • Property Sub Type Multi-Family
      • Special Listing Conditions None
      • Style Code 56 - 10+ Units
      • Subdivision Name Lynnwood
      • Tax Annual Amount 110851
      • Tax Year 2020
      • Year Built 1991
    • Building Features
      • Building Area Total 51311
      • Building Area Units Square feet
      • Exterior Features Metal/Vinyl, See Remarks
      • Flooring Ceramic Tile, Vinyl, Carpet
      • Foundation Details Poured Concrete
      • Heating Y/N Yes
      • Living Area 0
      • Living Area Units Square feet
      • Roof Composition
    • Property Features
      • Carport Spaces 37
      • Carport Y/N No
      • Covered Spaces 16
      • Irrigation Water Rights Y/N No
      • Lot Features Paved, Sidewalk
      • Lot Size Acres 2.77
      • Lot Size Square Feet 120661
      • Lot Size Units Square feet
      • Open Parking Spaces 40
      • Open Parking Y/N Yes
      • Parking Total 93
      • Sewer Sewer Connected
      • Utilities Sewer Connected,Electricity Available,Natural Gas Connected
      • View Territorial
      • View Y/N Yes
      • Waterfront Y/N No
    • Schools
      • High School District Edmonds

    Contact

    Gabe Berhe

    Gabe Berhe

    Broker

    Edmonds Office

    Cell: 425-478-4615
    • 2-10 Home Buyers Warranty
    • American Home Shield - Be sure with the Shield.

    Neighborhood

    98036 (Lynnwood) Demographics

    38 Median Age
    3,982 Population Density (per sq. mile)
    45% College Educated
    $68,750 Estimated Median Income
    9,035 Estimated Total Home Owners
    5,180 Estimated Total Renters
    64% / 36% Estimated Owner / Renter Divide
    2 Estimated Average Household Size
    38,536 Total Population
    Community data courtesy of LiveBy, Inc.

    Market Last 30 Days In This Postal Code

    $773,500 Median Sales Price
    46 Homes Sold
    65 New On Market

    Average Days on Site

      Properties for Sale

        Calculations provided by Reliance Network

        Property History

        Date Event Price Percent Change
        -- Current Price Source: Multiple Listing Service New Value: $14,500,000
        7/13/2021 5:50:20 PM Status Changed Source: Multiple Listing Service New Value: Pending
        6/24/2021 2:37:07 PM Price Increased Source: Multiple Listing Service New Value: $14,500,000 7.41%
        6/24/2021 2:37:07 PM Status Changed Source: Multiple Listing Service New Value: Active
        5/10/2021 3:17:10 PM Status Changed Source: Multiple Listing Service New Value: Pending
        4/19/2021 3:03:00 PM New in Database Source: Multiple Listing Service New Value: $13,500,000

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        **Assumes 3.5% APR, 20% down payment, and conventional 30-year fixed rate first mortgage. Rates cited are for instructional purposes only; current rates are subject to change at any time without notice. You should not make any decisions based simply on the information provided. Additional required amounts such as taxes, insurance, homeowner association dues, assessments, mortgage insurance premiums, flood insurance or other such required payments should also be considered. Contact your mortgage company for current rates and additional information.

        This property search is part of the Berkshire Hathaway HomeServices Northwest Real Estate website. Listing information is courtesy of the WA-NWMLS and Berkshire Hathaway HomeServices Northwest Real Estate. Property information is based on available data that may include MLS information, county records, and other sources. Listings marked with this symbol: provided by Northwest Multiple Listing Service, 2021. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental Information has not been verified by agent and should be verified by buyer.



        Note: All room dimensions, including square footage data, are approximate and must be verified by the buyer. The information contained herein is furnished by the owner to the best of his/her knowledge but is subject to verification by the purchaser, and agent assumes no responsibility for the correctness thereof. The sale offering is made subject to errors, omissions, change of price, prior sale, or withdrawal without notice. In accordance with the Law, this property is offered without respect to race, color, creed, national origin, sex, familial status or disability. This is not intended to solicit property currently listed.