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5709/3rd Ave, Ferndale WA 6148

$395,000

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$395k - $415k Transparent Transparent Listing Based on an openly advertised listing price.

House 2 Beds 1 Bath 2 Cars 768 m² 84 m²

Listed: 53 days ago

Overview

Discover a valuable investment opportunity in the heart of downtown Ferndale with this appealing property. While the existing structure is a modest 2-bedroom, 1-bathroom single-story home built in 1924, the true potential lies in the land, which spans approximately 768 square meters (~8,276 square feet) and comes with completed architectural and civil designs for a 9-unit apartment building including an optional retail space along the 3rd Avenue frontage. This inclusion offers considerable savings in time and cost for any prospective developer aiming to capitalize on the property's location and zoning privileges.

The site is zoned Urban Residential (UR) by the City of Ferndale, allowing for flexible mixed commercial and high-density residential developments. This zoning combined with the strategic location provides excellent prospects for long-term rental demand, making it highly suitable for investors and developers looking to establish multi-family residences or retail businesses in a walkable neighborhood setting.

Current improvements include a wood exterior home and a two-car garage, accompanied by two additional outbuildings. These existing structures show their age and would require rehabilitation if preserved; however, they offer a foothold or interim utility for buyers reimagining the site’s future use. The home itself provides a cozy living space which can be valued as a stand-alone asset or used during development planning.

The neighborhood's residential charm is complemented by views of the city and mountains, enhancing the property's appeal. Amenities such as cable TV connectivity, partial fencing, and gas availability reflect modern urban conveniences. The lot is fully integrated with municipal sewer connections, and paved curbs and sidewalks affirm the developed status of the parcel.

Convenience and connectivity are advantageous features here, with shopping, restaurants, and grocery stores all within walking distance, alongside easy access to the I-5 corridor, facilitating swift commuter and transport options. Such connectivity not only benefits future tenants or patrons of commercial ventures but also elevates the property's marketability.

Overall, this site presents a noteworthy opportunity for developers or investors targeting mixed-use, high-density urban projects, or for those seeking a redevelopment venture right in the vibrant core of Ferndale. The combination of location, zoning, completed design work, and proximity to community amenities anchors the property's value proposition and makes it a compelling proposition for thoughtful redevelopment strategies.

Local Market Insights

In Ferndale, Quiet Listings observed 28 new houses entering the market over the last 30 days, down from 29 during the previous 30-day period, with an average advertised asking price of $912,121. The property type mix of listed properties is predominantly Houses at 97%, followed by land (3%). The most active agency for houses in the Ferndale area is currently RE/MAX Whatcom County & RE/MAX Gateway, representing 50% of new listings, followed by Maxpro Real Estate with 11%. These insights are based on agencies currently monitored by Quiet Listings and are updated as the local market changes.

While every effort is made to ensure the accuracy and completeness of the property information provided, no guarantee is given. Buyers should independently verify all details, inclusions, availability, pricing, and other relevant information directly with the listing agent before relying on this information.