147 unit mixed used development site | 1111 Hewitt Ave
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147 unit mixed used development site 1111 Hewitt Ave
15 Unit Apartment Building $3,395,000 ($226,333/Unit) 7.45% Cap Rate Everett, WA 98201
Investment Highlights
- Downtown Everett Core Waterfront View Development Site
Executive Summary
Downtown Everett Mixed used development site, attached PDF rendering for 147 units. Currently 21k gross monthly rent in 3 existing older buildings, all tenants on a 1-year lease. Street-level unobstructed views of Puget Sound, Navy base, and Everett waterfront. The seller would consider a land lease. This property has 3 older commercial buildings on site that will need to be removed to accommodate the conceptual 147-unit structure in the rendering, please see pictures of existing buildings and the ground floor view.
multi-family apartment industrial auto repair storage warehouse
multi-family apartment industrial auto repair storage warehouse
Financial Summary (Actual - 2024) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$297,600
|
$10.35
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$297,600
|
$10.35
|
| Net Operating Income |
-
|
-
|
Financial Summary (Actual - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $297,600 |
| Annual Per SF | $10.35 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $297,600 |
| Annual Per SF | $10.35 |
| Net Operating Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
Property Facts
| Price | $3,395,000 | Apartment Style | Low Rise |
| Price Per Unit | $226,333 | Building Class | B |
| Sale Type | Investment | Lot Size | 0.66 AC |
| Cap Rate | 7.45% | Construction Status | Proposed |
| Sale Conditions | Redevelopment Project | Building Size | 28,750 SF |
| No. Units | 15 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built | 2027 |
| Price | $3,395,000 |
| Price Per Unit | $226,333 |
| Sale Type | Investment |
| Cap Rate | 7.45% |
| Sale Conditions | Redevelopment Project |
| No. Units | 15 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | B |
| Lot Size | 0.66 AC |
| Construction Status | Proposed |
| Building Size | 28,750 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 2027 |
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Walk Score ®
Walker's Paradise (90)
Bike Score ®
Very Bikeable (74)
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $1,027,400 | |
| Land Assessment | $2,346,000 | Total Assessment | $3,373,400 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$2,346,000
Improvements Assessment
$1,027,400
Total Assessment
$3,373,400
zoning
| Zoning Code | Downtown Business MF (Retail, multi family, grandfathered industrial) |
| Downtown Business MF (Retail, multi family, grandfathered industrial) |
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Rick Lapinski -
John L. Scott, Inc.
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147 unit mixed used development site | 1111 Hewitt Ave
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