Canelina Apartments | 107-109 W Casino Rd
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Canelina Apartments 107-109 W Casino Rd
4 Unit Apartment Building $2,400,000 ($600,000/Unit) 6.42% Cap Rate Everett, WA 98204
Investment Highlights
- 2 new roofs in 2024 3rd in 2017
- Fresh Paint
- Vinyl Windows
Executive Summary
Presenting a prime investment opportunity in the heart of Everett, WA! This well-maintained property consists of three 4-plex buildings located on two separate tax parcels, offering a total of 12 units. Two of these buildings were constructed in 1977, while the third was added in 1979. Each unit boasts a comfortable and spacious 808 square feet of living space, featuring two bedrooms and one bathroom. Residents also enjoy the convenience of a common laundry area in each building. Rents are 25% below market. Upgrades include roofs, vinyl windows & Submeter sys. for water.
Financial Summary (Actual - 2024) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$202,380
|
$20.08
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$202,380
|
$20.08
|
| Taxes |
$17,670
|
$1.75
|
| Operating Expenses |
$20,612
|
$2.04
|
| Total Expenses |
$38,282
|
$3.80
|
| Net Operating Income |
$164,098
|
$16.28
|
Financial Summary (Actual - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $202,380 |
| Annual Per SF | $20.08 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $202,380 |
| Annual Per SF | $20.08 |
| Taxes | |
|---|---|
| Annual | $17,670 |
| Annual Per SF | $1.75 |
| Operating Expenses | |
|---|---|
| Annual | $20,612 |
| Annual Per SF | $2.04 |
| Total Expenses | |
|---|---|
| Annual | $38,282 |
| Annual Per SF | $3.80 |
| Net Operating Income | |
|---|---|
| Annual | $164,098 |
| Annual Per SF | $16.28 |
Property Facts
| Price | $2,400,000 | Apartment Style | Garden |
| Price Per Unit | $600,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.50 AC |
| Cap Rate | 6.42% | Building Size | 10,080 SF |
| Sale Conditions | 1031 Exchange | Average Occupancy | 96% |
| No. Units | 4 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1979 |
| Property Subtype | Apartment | Parking Ratio | 1.58/1,000 SF |
| Price | $2,400,000 |
| Price Per Unit | $600,000 |
| Sale Type | Investment |
| Cap Rate | 6.42% |
| Sale Conditions | 1031 Exchange |
| No. Units | 4 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.50 AC |
| Building Size | 10,080 SF |
| Average Occupancy | 96% |
| No. Stories | 2 |
| Year Built | 1979 |
| Parking Ratio | 1.58/1,000 SF |
Unit Amenities
- Balcony
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
- Freezer
Site Amenities
- 24 Hour Access
- Laundry Facilities
- Tenant Controlled HVAC
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 12 | $1,398 | 808 |
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Bike Score®
Very Bikeable (75)
PROPERTY TAXES
| Parcel Numbers | Total Assessment | $2,355,000 | |
| Land Assessment | $690,200 | Annual Taxes | $17,670 ($1.75/SF) |
| Improvements Assessment | $1,664,800 | Tax Year | 2024 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$690,200
Improvements Assessment
$1,664,800
Total Assessment
$2,355,000
Annual Taxes
$17,670 ($1.75/SF)
Tax Year
2024
zoning
| Zoning Code | R-3, Everett |
| R-3, Everett |
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Canelina Apartments | 107-109 W Casino Rd
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