16028 44th Ave W #1-24
Lynnwood, WA 98087
24 fully renovated,5.4% Cap rate with room to increase income, Actual NOI $294,886.00,$900K spent on interior & exterior renovations. Spacious 1,2,and 3 bedroom condo quality units, opportunity for an investor to acquire a turnkey asset, easy to manage in a growing area with a strong job market,,1.6 Billion link extension near the property will guarantee future appreciation and offer a 20 min commute to Seattle. Onsite leasing office, washer& dryers in all units, plenty of parking on a large parcel near hospitals, community college, minutes to I-5/405, bus and walk to shopping, restaurants and local activities.
Lynnwood City Center, the commercial area bounded roughly by 194thStreet SW to the north, 48th Avenue W to the west, and Interstate 5 to the south and east, is in the only Puget Sound Regional Council (PSRC)Regional Growth Center located along Interstate 5 between Everett and the Northgate area.
The project began in 2001 and is expected to continue to be developed over the next 20 years. The purpose of the project is to transform the area into a pedestrian and bike friendly place with improved streets, public parks and open spaces, and a vibrant, high density mix of residential and commercial development.
The City Center is currently home to the convention center and the Lynnwood Transit Center, a 1,370-stall park and ride that is less than three miles from the Martin at Meadowdale. In addition, the transit center is the northern terminus of the $1.6 billion, 8.5-mile Lynnwood Link Extension that will connect the City via rail to Northgate, the University of Washington, Downtown Seattle, the Seattle-Tacoma International Airport, and beyond.
The Lynnwood station is targeted to open for service in 2023 and ride times are projected to be 20 minutes to the UW, and 28 minutes to Downtown Seattle. Trains will operate every 10 minutes during rush hour with lower frequencies on evenings, weekends, and holidays.
By 2035, weekday ridership is expected to reach 63,000 to 74,000, with nearly 18,000 riders boarding at the Lynnwood station. In the meantime, Lynnwood residents can take one of 18 bus routes that pass through the transit center and travel to a number of destinations including Mountlake Terrace, Mukilteo, Everett, Edmonds, Marysville, Stanwood, Bellevue, the University District, and Downtown Seattle.