Investment Overview

Originally completed in 1924, the Alamo is a four-story, forty-four-unit apartment building located in the Sehome neighborhood of Bellingham. The building was constructed in the Beaux-Arts style, with beautiful embellishments abounding along the exterior and roofline. Held by the same family for over 80 years, the Alamo is a generational asset perfectly positioned for new ownership to take advantage of an excellent location and robust rental market. The property is ideally located blocks from downtown Bellingham, and a short walk to Western Washington University. The Alamo’s main, second, and third floor consist of twelve studio apartments each, with all units measuring 18 feet by 18 feet, or approximately 324 square feet each. Units are accessed by an interior hallway via stairs on the south and north sides of the property. The basement level also features six studio apartments of the same size along the west side, and two studio apartments on the southeast corner. The remainder of the basement features an office space, electrical room, boiler room, common laundry room, bike storage room with a half bath, and maintenance storage room. At a purchase price of $4,500,000, the Alamo offers an extremely attractive $102,273 / unit and $316 / rentable square foot. Investors have the opportunity to purchase the asset at a 5.31% in-place cap rate, with massive value-add potential of approximately $325 per unit in monthly rent upside upon stabilization, which projects to a 8.52% pro forma cap rate.