Investment Overview

The Gateway Apartments sits on a 0.47-acre site in Bellingham, Washington, the geographic midway-point between the world class cities of Seattle and Vancouver. Currently an 8,175 square foot office building sits on the property. Three tenants occupy the premises generating $6,200 per month in gross revenue. Located at 770 Holly Street at the top of a hill, the property sits half a mile from Downtown Bellingham. A Fred Meyer, Whole Foods, and various restaurants and shops are all within walking distance of the property. An onramp for Interstate 5 is about a half mile from the property. Bus stops for 10 different routes are all within walking distance. The Gateway Apartments is a fully entitled site for 104 multifamily units. The proposed unit mix is 65 studio flats, 16 one-bedroom one-bath flats, and 23 two-bedroom two-bath flats. A 69 stall parking garage is also part of the proposed plan. The property also qualifies for Bellingham’s Multifamily Tax Exemption program allowing for a 8-year real estate property tax abatement. Bellingham, Washington, is a city celebrated for its scenic beauty, outdoor recreation, and thriving arts scene. At the heart of Bellingham’s charm is the Fairhaven Historic District, a delightful neighborhood with cobblestone streets, unique shops, art galleries, and a mix of restaurants and cafes, all reminiscent of the 19th century and beautifully situated along the waterfront. The city is also home to Western Washington University, whose campus, perched on a hillside overlooking Bellingham Bay, features an impressive outdoor art collection and adds a creative, youthful energy to the area.