Opportunity to acquire a well-maintained, professionally managed, five-unit multifamily investment in the desirable Bayside neighborhood of North Everett just blocks from the Everett Waterfront, and walking distance to Grand Ave Park and Downtown. The building sits on a corner lot, includes a stand-alone two-car garage and boasts amazing views from the top 2 floors. Tenants are professionally screened and have an exceptional history of on-time payments with virtually zero delinquency. The current ownership group has invested nearly $250,000 in capital improvements in the building including all-new double-pane windows, new roof, full exterior paint, extensive PEX plumbing upgrades and complete remodels of Units 1, 2, 3, and 4. The result is a largely turnkey asset in a high-demand rental corridor supported by Boeing, Naval Station Everett, Amazon, and a growing healthcare economy. Current cap rate of 6.26% with pro forma upside to 6.83% as the one remaining unrenovated unit is brought to market. Gross rental income of $96,360 annually with pro forma income of $103,260 or more. Great opportunity to capitalize on one of the highest demand housing markets in Everett.
| MLS # | 2547568 |
|---|---|
| Listing Type | For Sale |
| Sub-Type | Resale |
| Status | Active |
| Year | 1905 |
| Days On Site | 55 |
| Listing Provided By | Opal Blue Real Estate, LLC | Grant Fosheim |
| SQ Feet | 3,070 |
|---|---|
| Garage | 2 |
| Story(s) | 3 |
| Units | 5 |
| Acreage | 0.14 |
| Property View | Yes |
| Property | 6003 |
|---|
| State | WA |
|---|---|
| County | Snohomish |
| City | Everett |
| Zip Code | 98201 |
| Area | 740 Everett | Mukilteo |
| Community Name | Downtown |
| Listing VS Median (in Downtown) | |
Price: $1,195,000 low | high Med: $822,500 sqft: 3,070 low | high Med: 1,257 $ / sqft: $389 low | high Med: $664 On site: 55 low | high Med: 130 | |
| State | WA |
|---|---|
| County | Snohomish |
| City | Everett |
| Zip Code | 98201 |
| Area | 740 Everett | Mukilteo |
| Community Name | Downtown |
| Listing VS Median (in Downtown) | |
Price: $1,195,000 low | high Med: $822,500 sqft: 3,070 low | high Med: 1,257 $ / sqft: $389 low | high Med: $664 On site: 55 low | high Med: 130 | |
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