1252 Nevada St · Bellingham, WA 98226

$3,400,000

34 bd · 17.0 ba · 12,768 sqft · MultiFamily public records · 10 Days on market

Built 1979 0.67 ac lot

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Why this score? — see what drove the C- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +18.6/30.0
• ARV discount +7.5/15.0
• DSCR +5.9/10.0
• Schools +4.8/10.0
• 1% rule +4.1/10.0
• Livability +4.0/5.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 17 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

17 unit apartment complex off Lakeway on Nevada Street within walking distance to bus line, Whole Foods, Carl cozier elementary school, city park and pool complex. Central location. Unit mix:12 one- bedroom units and 5 -two bedroom units all under market rent with stable vacancy history. Excellent parking. Recent maintenance: New roof 2026new gutters 2026new washer dry units in common laundry room. The third floor units are accessed off a ground level parking lot with 9 uncovered spaces on the east side of the property. 20 uncovered spaces on ground floor access and 7 covered spaces. Operating Expenses: Using a 28% total expense estimate.

Key facts

• 0.67 acre lot
• 7 parking spots
• Built 1979

Property features AI

Finance

• Other: Total building area: 12,768 square feet; Total units in building reported as 17; Units below grade: none reported
• Financial info: Property listed for cash offers; Total monthly income reported: $21,933; Gross scheduled income: $263,000; Gross adjusted income: $258,100; Net operating income: $186,000; Total expenses: $71,967; Electric expense: $3,100; Insurance expense: $11,660; Other expenses: $20,600; Gross rent multiplier: 12.9; Vacancy rate: 2%

Exterior

• Parking: 29 uncovered parking spaces; 7 covered spaces; 7 carport spaces
• Utilities: Electric energy source; Power provided by PSE; Public water; Sewer connected
• Home design: Multi-family residential income property; Style: 10+ units; 3 stories; Entry level information not provided
• Construction: Wood construction; Composition roof; Slab foundation; Built on lots 32, 33, 34
• Exterior features: Wood exterior; Paved lot

Interior

• Kitchen: Unit 101: Range/oven; Unit 101: Refrigerator; Unit 101: Dishwasher
• Bedrooms: Unit 101: 2 bedrooms
• Bathrooms: Unit 101: 1 bathroom
• Heating & cooling: Baseboard heating; No central air / no cooling
• Interior features: Coin-operated laundry available (community); Baseboard heating
• Laundry & utility: Unit 101: No in-unit washer/dryer; Public water service

What this means for you Summary

Snapshot

• This is a 12×1bd/1.0ba + 5×2bd/1.0ba units multifamily listed at $3.40M.

Deal economics

• At list price, monthly cash flow is $3k ($40k/yr) — positive. Per door: $196/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $3.08M (9.3% below list).
• Recommended offer: $3.08M (9.3% below list) — sets the bar for 1% rule.
• Cap rate 7.5% vs local median 2.0% in Bellingham — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 80/100 on livability (#102 in WA, #1,947 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, health & safety A+; Watch: crime F, cost of living F.
• Bellingham School District (urban): math 47% / reading 63% proficiency, ranked #106 of 291 in WA (top 36%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents flat; 380 active listings in the ZIP; solid renter incomes; 1,190 units permitted in Whatcom County in 2024 (327 in 5+ unit buildings).
• At $30,829/mo this rent would consume 466% of the median local household income ($79k/yr) (locally 2061% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $24k of loan paydown is wiped out by about $102k of value loss. Plan a longer hold.
• Whatcom County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $420k; list at $3.40M implies a 710% gain — meaningful room to come down on a strong offer.

Recommended offer $3,082,900 (9.3% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
6. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
7. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
8. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.91% ✗
• Cap rate: 7.47%
• Cash-on-cash: 4.20%
• DSCR: 1.19
• GRM: 9.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.42% rent growth · sell at horizon

5-year hold

• IRR: -12.4%
• Equity multiple: 0.56×
• Total profit: $-418,033
• Equity at exit: $506,951

10-year hold

• IRR: -7.4%
• Equity multiple: 0.58×
• Total profit: $-399,357
• Equity at exit: $293,970

Cash invested: $952,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 28 Tenant-Leaning
• State Washington: 28 Tenant-Leaning · D+8
• County: — inherits STATE
• City: — inherits STATE

Just-cause statewide (2021); Seattle layers rent control restrictions + relocation assistance; very tenant-friendly.

Methodology + full state rankings →

ZIP-level market 98226

• Rents YoY: 0.4%
• Active inventory: 380
• Price-to-rent: 161.1×

Monthly cashflow live

• Estimated rent: $30,829 high
• Mortgage (P&I): −$17,830
• Tax from tax record: −$1,780 /mo · $21,359/yr
• Insurance: −$1,417
• HOA: −$0
• Vacancy / Maint / Mgmt: −$6,474
• Net cashflow: $3,328

Break-even live

Break-even rent $26,616

Max offer price $3,400,000

Occupancy floor 84%

Sensitivity live

Price	-10% $5,253	-5% $4,291	+0% $3,328	+5% $2,366	+10% $1,404
Rent	-10% $893	-5% $2,111	+0% $3,328	+5% $4,546	+10% $5,764
Rate	-1.0pp $5,041	-0.5pp $4,193	base $3,328	+0.5pp $2,447	+1.0pp $1,551

17-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 12× units	1	1	$21,108
▸ 5× units	2	1	$9,725
Total (17 units)			$30,829

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $850,000
• Closing costs: $102,000
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-06-21
   days on market $3,400,000 Active 10 DOM
2. 2026-06-18
   days on market $3,400,000 Active 7 DOM
3. 2026-06-17
   days on market $3,400,000 Active 6 DOM
4. 2026-06-16
   days on market $3,400,000 Active 5 DOM
5. 2026-06-15
   days on market $3,400,000 Active 4 DOM
6. 2026-06-14
   days on market $3,400,000 Active 2 DOM
7. 2026-06-13
   remarks 646-char remark
8. 2026-06-13
   listed $3,400,000 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast WA · Resets to sale price

• Current annual tax: $21,359 · $1,780/mo
• Projected year-2 tax: $33,320 · $2,777/mo
• Expected delta: +$11,961/yr (+$997/mo · 56.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥83°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 9 unhealthy d/yr today · 10 by 30 yrs out

Taxation est. · year 1

• Rental income: $369,948
• − Mortgage interest: −$190,453
• − Property taxes: −$21,359
• − Insurance: −$17,000
• − Repairs & maintenance: −$29,596
• − Management: −$29,596
• − Depreciation: −$98,909
• Taxable loss: −$16,964
• Est. tax savings @ 24.0%: +$4,071
• After-tax cash flow: $44,012/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Bellingham School District
• NCES district ID: 5300420
• Math proficiency: 47% ▼ -6.00%
• Reading proficiency: 63% ▼ -1.00%
• Median HH income: $47,678
• Composite: 48.49/100
• National rank: #4632
• State rank: #106 of 291 in WA

Livability — Bellingham

• Score: 80/100
• State rank: #102
• US rank: #1947

Category grades

Amenities A+ Commute A+ Cost of living F Crime F Employment C+ Housing B- Health & safety A+ User ratings C+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bellingham, WA
• County: Whatcom County · 209,776 people
• City population: 130,296
• Metro: Bellingham, WA
• Population (ZIP): 46,782
• Household income: $79,375
• Rent vs Own: 37.6% rent · 62.4% own
• Severe rent burden: 2061.0

Population outlook (Whatcom County) Hauer SSP2

• Today (2025): 240,408 people
• By 2030: 254,667 · +5.9%
• By 2040: 281,365 · +17.0%
• By 2050: 307,592 · +27.9%
• By 2075: 375,576 · +56.2%
• By 2100: 421,637 · +75.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (72%)
• Race & ethnicity: White 72% Two or more races 10% Hispanic / Latino 9% Asian 6% Native American 5% Black 1%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Portuguese 6% Iranian 4% Slovak 4%
• Foreign-born: 11% · Canada, China, Vietnam
• Languages at home: 88% English-only · Spanish 5% Chinese 2% Other Indo-European 1%

Political lean MEDSL · Whatcom

• 2024 margin: Strong D (+24.9) · D 60.8% · R 35.9% · Other 3.3%
• 2008→2024 swing: +6.9pp toward D · 2008: 18.0pp · 2024: 24.9pp
• All cycles: 2024: D+24.9 2020: D+23.9 2016: D+17.7 2012: D+12.1 2008: D+18.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -573.37%
• Current HPI: 406.1085
• Rent YoY: ▲ 0.42%
• Metro: Bellingham, WA
• State GDP YoY: ▲ 4.65%
• F500 in state: 22

Industry mix (Fortune 500 HQ in WA)

Industry	F500 HQs	Revenue
▸Retail	2	$269B
▸Technology / Retail	1	$638B
▸Technology	1	$245B
▸Telecommunications	1	$38B
▸Food / Beverage	1	$36B
▸Automotive / Trucks	1	$34B

Price history

+709.5% since first listed

3 events — show timeline

• 2026-06-05 Listed $3,400,000 NWMLS as Distributed by MLS Grid
• 2022-08-26 Price Changed $1,250 RENT.
• 1999-04-09 Sold (Public Records) $420,000 Public Records

Property tax history

+6.1%/yr

Latest (2026): $21,359 · +0.3% YoY. Source: county tax records.