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Cherry Creek Apartments 520 S Kelsey St 18 Unit Apartment Building $7,258,784 CAD ($403,266 CAD/Unit) 6.05% Cap Rate Monroe, WA 98272
INVESTMENT HIGHLIGHTS
- Diverse Unit Mix One-bedroom, two-bedroom, and large two- and three-bedroom townhome layouts, averaging 1,134 SF.
- Renovated Interiors: Upgraded units include stainless steel appliances, granite countertops, modern lighting, luxury vinyl plank flooring
- Strategic Location: Located in Snohomish County, offering immediate access to Highway 2, a 20-minute commute to Everett
- Expansive Townhomes Two-bedroom (1,338 SF) and three-bedroom (1,450 SF) townhomes with attached two-car garages
- Robust Parking: Strong 2.67 spaces per unit ratio with 20 garages and 28 surface spaces.
EXECUTIVE SUMMARY
Northmarq is pleased to exclusively present Cherry Creek Apartments, a highly desirable 18-unit multifamily community located in Monroe, Washington.
Cherry Creek offers a diverse unit mix consisting of one-bedroom flats, two-bedroom flats, and spacious two- and three-bedroom townhomes, with an average unit size of 1,134 square feet. The property has undergone extensive renovations, with most residences featuring stainless steel appliances, granite countertops, luxury vinyl plank flooring, modern lighting, refaced cabinetry, and in-unit washer/dryers.
The community provides a superior parking ratio of 2.67 spaces per unit, including 20 garage spaces and 28 surface stalls. Select townhome units feature attached two-car garages and floorplans up to 1,450 square feet, positioning Cherry Creek as a competitive alternative to single-family housing.
Situated in Snohomish County at the base of the Cascade Mountain Range, Cherry Creek benefits from strong regional demand drivers. The property offers convenient access to Highway 2, a 20-minute commute to Everett, and proximity to major employment centers in Bellevue and the greater Seattle metro.
Cherry Creek Apartments represents a rare opportunity to acquire a renovated, well-located community in one of the Puget Sound region’s fastest-growing suburban markets.
Cherry Creek offers a diverse unit mix consisting of one-bedroom flats, two-bedroom flats, and spacious two- and three-bedroom townhomes, with an average unit size of 1,134 square feet. The property has undergone extensive renovations, with most residences featuring stainless steel appliances, granite countertops, luxury vinyl plank flooring, modern lighting, refaced cabinetry, and in-unit washer/dryers.
The community provides a superior parking ratio of 2.67 spaces per unit, including 20 garage spaces and 28 surface stalls. Select townhome units feature attached two-car garages and floorplans up to 1,450 square feet, positioning Cherry Creek as a competitive alternative to single-family housing.
Situated in Snohomish County at the base of the Cascade Mountain Range, Cherry Creek benefits from strong regional demand drivers. The property offers convenient access to Highway 2, a 20-minute commute to Everett, and proximity to major employment centers in Bellevue and the greater Seattle metro.
Cherry Creek Apartments represents a rare opportunity to acquire a renovated, well-located community in one of the Puget Sound region’s fastest-growing suburban markets.
PROPERTY FACTS
| Price | $7,258,784 CAD | Building Class | C |
| Price Per Unit | $403,266 CAD | Lot Size | 0.94 AC |
| Sale Type | Investment | Building Size | 20,556 SF |
| Cap Rate | 6.05% | Average Occupancy | 100% |
| No. Units | 18 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1989 |
| Property Subtype | Apartment | Parking Ratio | 2.34/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | RML, Monroe | ||
| Price | $7,258,784 CAD |
| Price Per Unit | $403,266 CAD |
| Sale Type | Investment |
| Cap Rate | 6.05% |
| No. Units | 18 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.94 AC |
| Building Size | 20,556 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1989 |
| Parking Ratio | 2.34/1,000 SF |
| Zoning | RML, Monroe |
AMENITIES
UNIT AMENITIES
- Dishwasher
- Washer/Dryer
- Kitchen
- Granite Countertops
- Refrigerator
- Oven
- Stainless Steel Appliances
- Range
- Tub/Shower
SITE AMENITIES
- 24 Hour Access
- Laundry Facilities
- Security System
- Walk-Up
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 1 | - | 500 |
| 2+1 | 7 | - | 826 |
| 2+1.5 | 4 | - | 1,338 |
| 3+1.5 | 6 | - | 1,450 |
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PROPERTY TAXES
| Parcel Number | 004846-003-010-00 | Improvements Assessment | $4,791,816 CAD |
| Land Assessment | $768,903 CAD | Total Assessment | $5,560,719 CAD |
PROPERTY TAXES
Parcel Number
004846-003-010-00
Land Assessment
$768,903 CAD
Improvements Assessment
$4,791,816 CAD
Total Assessment
$5,560,719 CAD
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Cherry Creek Apartments | 520 S Kelsey St
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