Depot Estates & Villas
Multifamily | 92 Units | Lynden, WA
Marketing description
Northmarq is pleased to present Depot Estates and Villas, a 92-unit multifamily community in Lynden, Washington. The property offers investors a stabilized asset with strong in-place operations and long-term growth potential in one of Northwest Washington's most supply-constrained multifamily markets.
Completed in two phases in 2017 and 2022, the property features a highly desirable mix of spacious two- and three-bedroom residences designed to meet the needs of Lynden's growing family-oriented renter base. The community consists of 48 two-bedroom, two-bath units averaging 1,021 square feet and 44 three-bedroom, two-bath units averaging 1,185 square feet. The asset also offers a compelling mark-to-market opportunity, with current rents generally ranging from $50 to $150 per month below comparable market levels.
Lynden continues to benefit from steady population growth, a young and family-oriented demographic profile, and a diversified economic base supported by agriculture, manufacturing, retail, healthcare, and cross-border commerce. With a median household income of approximately $103,800, the city also demonstrates the income strength needed to support sustained rental demand. The city's limited multifamily development pipeline and constrained housing supply create favorable fundamentals for long-term occupancy and rent growth, positioning Depot Estates and Villas as a compelling long-term investment opportunity.
Investment highlights
- Modern, Two-Phase Construction: Completed in 2017 and 2022, offering contemporary design, quality building systems, and limited near-term capital requirements
- Demographics & Regional Tenant Base: Lynden's growing, family-oriented population and diverse economic drivers support a stable and expanding renter pool
- Mark-to-Market Rental Upside: Current rents are generally estimated to be $50 to $150 per month below comparable market levels, providing investors with a clear path for future revenue growth
- Utility Bill-Back Upside: Currently implemented in only 61 of 92 units, providing the next owner with a clear path to immediate NOI growth through full property-wide RUBS implementation.
- Limited New Supply: Constrained multifamily development pipeline supports long-term rental demand and occupancy stability
- Desirable Unit Mix: Large two- and three-bedroom floor plans cater to the area's strong demand for family sized housing
- In-Unit Washer/Dryer: Every unit is equipped with full-size washers and dryers, adding to resident comfort and overall appeal
- Strategic Whatcom County Location: Positioned near the Canadian border and within the greater Northwest Washington economic corridor, providing access to a broad regional employment base
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