Renovated Multifamily Asset in
For Sale
$6,210,000
524 Terrace St, Monroe, WA 98272
High-quality, fully renovated multifamily property with immediate cash flow.
Property Size20,320 SF
Price / SF$305.61
Days on Market544
Property Features for 524 Terrace St
General Information
Standard status
Active
Size
20,320 SF
Property subtype
Commercial
Building Details
Year Built
1991
Listing Agency:
COLLIERS INTERNATIONAL WA, LLC
Listed By:
CHRISTOPHER HARDMAN
(415) 259-8241
Source:
Corcoran
Added: Apr 24, 2025
Changed: Oct 14
Last Checked: Oct 16 at 9:00AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of COLLIERS INTERNATIONAL WA, LLC
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
A fully renovated multifamily asset is available for sale in Monroe. The property is located in a high-demand commuter submarket. It was extensively upgraded in 2023-2024 with modern finishes and appliances. The property size is 20320 square feet. The property offers immediate cash flow and has zero deferred maintenance.
Key Highlights
- Fully renovated in 2023‑2024 with modern finishes and appliances.
- Immediate cash flow.
- Zero deferred maintenance.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$303,931
Cap Rate
4.89%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$6,078,620
$6.1M
Cap Rate 7%
$4,341,871
$4.3M
Cap Rate 9%
$3,377,011
$3.4M
Market Conditions
NOI Build-Up for 20,320 SF
Gross rent
$597.4K $29.40/SF
− Vacancy
−$44.8K −$2.21/SF
EGI
$552.6K $27.20/SF
− OpEx
−$248.7K −$12.24/SF
NOI
$303.9K $14.96/SF
Area
Snohomish County, WA
Vacancy
7.50%
Lease Rate
$29.40 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$6,078,620
Cap Rate 7%
$4,341,871
Cap Rate 9%
$3,377,011
Alternative Uses
Best Use
Apartment 5plus
$4.34M
$3.80M – $5.07M
NOI $303,931 @ 7.0% cap · market cap 4.89%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.67M
$4.96M – $6.61M
NOI $396,683 @ 7.0% cap · market cap 6.39%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
691
Businesses Nearby
Explore this area
Business Placement
Demographics for 98272, WA
31,127
Population
10,313
Households
3
Avg Household Size
38
Median Age
29%
College-Educated
92%
High-School Grad
106.3 sq mi
ZIP Area
293
Density / Sq Mi
$115,894
Median Household Income
$51,879
Median Earnings
$1,902
Median Rent
$638,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - High-quality, fully renovated multifamily property with immediate cash flow.
Where is this apartment building located?
The property is located at 524 Terrace St Monroe, WA.
What is the asking price?
The asking price for this property is $6,210,000.
What are key features of this property?
This property features: Fully renovated in 2023‑2024 with modern finishes and appliances.; Immediate cash flow.; Zero deferred maintenance.
