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Listed by:KW Everett • Aaron Byrne
$ 2,300,000
Est. payment | /mo
0.27 Acres Lot
$ 2,300,000
Est. payment | /mo
0.27 Acres Lot
Key Details
Property Type Commercial
Sub Type Commercial Industrial
Listing Status Active
Purchase Type For Sale
Subdivision Evergreen
MLS Listing ID 2475831
Style 61 - Comm Bldg Ovr 10K
Year Built 1968
Annual Tax Amount $11,541
Lot Size 0.270 Acres
Property Sub-Type Commercial Industrial
Property Description
PRICE ADJUSTMENT - EVERETT 2044 REDEVELOPMENT | MU-7 (7-STORY) | 6.00% CAP RATE A rare 2-parcel assemblage in Everett's highest-velocity growth corridor — offered at $2,30,000 ($2,090,000 main building + $210,000 development parcel). This combined footprint is a textbook Covered Land Play: bankable cash flow today, transformational upside tomorrow. CASH FLOW + VALUE-ADD: 16 existing units — retail storefronts and apartments — deliver a proven 6.00% in-place cap rate at $2,090,000 against the main parcel. Rents sit materially below market, creating an immediate path to compress that gap and drive NOI higher from day one. Underutilized basement and storage areas represent untapped income with minimal capital outlay. THE ASSEMBLAGE ADVANTAGE: Two parcels deliver the depth and scale single-lot sites simply cannot replicate. The development parcel alone represents significant value at $310,000 for a 3,000 SF lot in this corridor. Unlock maximum Floor Area Ratio, optimized parking configurations, and institutional-grade mid-rise construction potential under Everett's new TOD mandates. This footprint is purpose-built for what's coming. EVERETT 2044 VISION: Zoned MU-7 (Mixed Urban, 7-Story) in Everett's designated high-density growth corridor. Positioned on a high-visibility arterial with 30,000+ VPD, steps from the future Sound Transit Light Rail station. The city's blueprint for density is written — this parcel is inside it.
Location
State WA
County Snohomish
Area 740 - Everett/Mukilteo
Interior
Fireplace false
Exterior
Roof Type Built-Up
Building
Sewer Sewer Connected
Water Public
Others
Senior Community No
Acceptable Financing Cash, Conventional, See Remarks
Listing Terms Cash, Conventional, See Remarks
"Three Trees" icon indicates a listing provided courtesy of NWMLS.
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