Property Details

324 3rd Avenue S
Edmonds, WA 98020
$1,500,000
MLS# 2521636 courtesy of NWMLS Listing firm: Paragon Real Estate Advisors

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324 3rd Avenue S, Edmonds, WA 98020, Edmonds

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324 3rd Avenue S, Edmonds, WA 98020, Edmonds

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Multi-Family
Property Type
3,750
Bldg Sq Ft
5
Units
4.07%
Cap Rate
1959
Year Built

Property Overview

Edmonds Bowl 5 Unit, offered for the first time in over 45 years and Ideally situated in the heart of Downtown Edmonds, just blocks from Main Street and the waterfront. Sellers are open to Seller Financing terms from qualified buyers. Please reach out for terms. Upper-level units offer attractive water, mountain, and territorial views, enhancing overall tenant appeal. The building showcases a classic mid-century design centered around a private courtyard, creating a unique and inviting living environment. Residents benefit from a common laundry and storage area, while ample off-street parking is provided via five surface stalls and a spacious two-car garage. This asset presents a compelling value-add opportunity with clear pathways to increasing rental income through interior upgrades and operational improvements. With its irreplaceable location, strong in-place fundamentals, and multiple avenues for value creation, this offering is well-suited for investors seeking a stable, well-located asset with significant long-term growth potential.

Property Details

Property Information

Property Type Residential Income
Subtype Multi Family
Status Active
County Snohomish
Neighborhood Edmonds Bowl
Listed May 12, 2026

Financial Summary

Cap Rate 4.07%
Net Operating Income $61,006
Gross Scheduled Income $94,065
Gross Rent Multiplier 15.90
Total Expenses $28,356
Vacancy Rate 5.0%

Building & Use

Building Sq Ft 3,750
Leasable Area 3,750 sqft
Total Units 5
Zoning Multi-Family
Possible Use Multi-Family
Lot Size 8,712 sqft
Year Built 1959

Exterior & Lot

Lot Size 0.20 sqft
Year Built 1959
Garage 2 spaces
Exterior Materials Brick, Wood
Sewer Sewer Connected
Exterior Features Brick, Wood, Wood Products

Location

City Edmonds
County Snohomish
Coordinates 47.80798, -122.38069

Additional Information

Tax Year 2025
Annual Taxes $11,443
Possession Array
Listed By
Ryan Iles
Paragon Real Estate Advisors

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