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Nyland Apartments 8509 244th St 19 Unit Apartment Building $9,842,190 CAD ($518,010 CAD/Unit) 4.85% Cap Rate Edmonds, WA 98026
Investment Highlights
- Completed in 2021 — modern construction with premium materials and energy-efficient systems
- Gourmet kitchens with granite countertops, stainless steel appliances, dishwasher, and microwave
- Low-maintenance vinyl flooring and marble-style interior finishes for modern durability and appeal
- Spacious units averaging 783 SF with strong in-place rental performance and upside potential
- Each unit includes in-unit washer and dryer, air-conditioning, walk-in closets, and private patio or balcony
- Ample surface parking with more than 1:1 ratio and EV charging potential
Executive Summary
CBRE is pleased to present the Nyland Apartments, a 19-unit multifamily investment opportunity located in highly desirable Edmonds, Washington. Completed in 2021, this charming residential community offers investors the rare chance to acquire a newly constructed property in one of the Puget Sound’s most coveted and supply-constrained submarkets. The property sits on approximately one acre of land (51,000+ square feet) zoned for multifamily use, providing long-term flexibility and redevelopment potential in a rapidly growing suburban environment.
Property Facts
| Price | $9,842,190 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $518,010 CAD | Building Class | B |
| Sale Type | Investment | Lot Size | 0.68 AC |
| Cap Rate | 4.85% | Building Size | 16,500 SF |
| No. Units | 19 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 2021 |
| Property Subtype | Apartment | ||
| Zoning | RM-1.5 | ||
| Price | $9,842,190 CAD |
| Price Per Unit | $518,010 CAD |
| Sale Type | Investment |
| Cap Rate | 4.85% |
| No. Units | 19 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 0.68 AC |
| Building Size | 16,500 SF |
| No. Stories | 2 |
| Year Built | 2021 |
| Zoning | RM-1.5 |
Amenities
Unit Amenities
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
- Freezer
Site Amenities
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 5 | - | 661 |
| 2+1 | 12 | - | 750 |
| 3+2 | 2 | - | 1,286 |
Fairly walkable
50/100
Exceptionally drivable
100/100
Some public transit
50/100
Somewhat bikeable
30/100
Property Taxes
| Parcel Number | 004633-032-003-03 | Improvements Assessment | $4,882,001 CAD |
| Land Assessment | $2,149,314 CAD | Total Assessment | $7,031,316 CAD |
Property Taxes
Parcel Number
004633-032-003-03
Land Assessment
$2,149,314 CAD
Improvements Assessment
$4,882,001 CAD
Total Assessment
$7,031,316 CAD
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Nyland Apartments | 8509 244th St
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