Lynnwood Country Club Apartments | 5620 183rd St SW
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Lynnwood Country Club Apartments 5620 183rd St SW
36 Unit Apartment Building $12,560,451 CAD ($348,901 CAD/Unit) 4.34% Cap Rate Lynnwood, WA 98037
Investment Highlights
- Prime Value Add Opportunity
- Excellent Lynnwood Location
- Massive 3.33 Acre Lot
- First Time On The Market In 40 Years
- Large Rental Upside
Executive Summary
The Lynnwood Country Club is a 36-unit garden-style multifamily community located in Lynnwood. Property is on the market for the first time in 40 Years. This expansive 3.33-acre property is comprised of three buildings with a professionally landscaped courtyard. The units all feature private decks or patios that face the private courtyard. There is additional land on the property that could be subdivided and sold to a developer or could accommodate additional apartment homes, buyer to verify.
The Country Club is comprised of Twenty (20) 1 bed/1 bath units measuring 675 sf and Sixteen (16) 2 bed/1 bath units measuring 825 sf. A select number of units have had vinyl flooring installed and cabinets painted white, but most are in classic condition. This property presents a tremendous opportunity to acquire a well maintained asset from a long-term ownership group and further upgrade the property to achieve significant rent premiums available in the Lynnwood market.
The Country Club is comprised of Twenty (20) 1 bed/1 bath units measuring 675 sf and Sixteen (16) 2 bed/1 bath units measuring 825 sf. A select number of units have had vinyl flooring installed and cabinets painted white, but most are in classic condition. This property presents a tremendous opportunity to acquire a well maintained asset from a long-term ownership group and further upgrade the property to achieve significant rent premiums available in the Lynnwood market.
Financial Summary (Actual - 2023) Click Here to Access |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2023) Click Here to Access
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts Under Contract
| Price | $12,560,451 CAD | Property Subtype | Apartment |
| Price Per Unit | $348,901 CAD | Apartment Style | Low Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 4.34% | Lot Size | 3.33 AC |
| Gross Rent Multiplier | 14.13 | Building Size | 36,440 SF |
| No. Units | 36 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1969 |
| Price | $12,560,451 CAD |
| Price Per Unit | $348,901 CAD |
| Sale Type | Investment |
| Cap Rate | 4.34% |
| Gross Rent Multiplier | 14.13 |
| No. Units | 36 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 3.33 AC |
| Building Size | 36,440 SF |
| No. Stories | 2 |
| Year Built | 1969 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 20 | $1,933 CAD | 675 |
| 2+1 | 16 | $1,966 CAD | 825 |
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PROPERTY TAXES
| Parcel Number | 003734-006-004-01 | Total Assessment | $11,880,260 CAD (2024) |
| Land Assessment | $4,539,384 CAD (2024) | Annual Taxes | -$1 CAD ($0.00 CAD/SF) |
| Improvements Assessment | $7,340,876 CAD (2024) | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
003734-006-004-01
Land Assessment
$4,539,384 CAD (2024)
Improvements Assessment
$7,340,876 CAD (2024)
Total Assessment
$11,880,260 CAD (2024)
Annual Taxes
-$1 CAD ($0.00 CAD/SF)
Tax Year
2023
zoning
| Zoning Code | RML |
| RML |
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Lynnwood Country Club Apartments | 5620 183rd St SW
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