Value-Add Multifamily Investment
For Sale
$2,450,000
Pending
2424 Rucker Ave, Everett, WA 98201
Light value-add property with renovation upside in a desirable location.
Property Size11,856 SF
Days on Market555
Property Features for 2424 Rucker Ave
General Information
Standard status
Pending
Size
11,856 SF
Property subtype
Commercial
Building Details
Year Built
1969
Listing Agency:
CAPSTONE COMMERCIAL REAL ESTATE ADVISORS
(206) 818-0378
Listed By:
TED WOOD · License ##131981
Source:
Corcoran
Added: Feb 13, 2025
Changed: Aug 8
Last Checked: Aug 8 at 12:04PM
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 CAPSTONE COMMERCIAL REAL ESTATE ADVISORS
Investment Insights
Based on property information with market context.
This multifamily property presents an opportunity for investors to acquire a value-add asset with potential for increased returns through renovations. Currently, 7 out of 10 units have been lightly renovated, while 3 remain untouched. The renovations include updated countertops, LVP flooring, stainless steel appliances, paint, fixtures, and hardware. One unit has in-unit laundry, while the remaining nine share a laundry facility on the lower level of the building. Further renovations, such as replacing cabinets, adding laundry to units, and modernizing interiors, could potentially increase rents by an estimated $341 or more per unit per month. There is an existing rent discrepancy of $175 per unit for both one and two-bedroom apartments, offering immediate upside. The property consists of 10 units within a building of 11,856 square feet.
Key Highlights
- Value‑add property with substantial upside through further renovations.
- Immediate upside from in‑place high‑low rent discrepancy of $175 per unit.
- 7/10 units are already lightly renovated.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$175,592
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.17%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,511,840
$3.5M
Cap Rate 7%
$2,508,457
$2.5M
Cap Rate 9%
$1,951,022
$2.0M
Market Conditions
NOI Build-Up for 11,856 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$341.5K $28.80/SF
− Vacancy
−$22.2K −$1.87/SF
EGI
$319.3K $26.93/SF
− OpEx
−$143.7K −$12.12/SF
NOI
$175.6K $14.81/SF
Area
Everett, WA
Vacancy
6.50%
Lease Rate
$28.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,511,840
Cap Rate 7%
$2,508,457
Cap Rate 9%
$1,951,022
Alternative Uses
Best Use
Apartment 5plus
$2.51M
$2.19M – $2.93M
NOI $175,592 @ 7.0% cap · market cap 7.17%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.92M
$3.43M – $4.58M
NOI $274,710 @ 7.0% cap · market cap 11.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,080
Businesses Nearby
Explore this area
Business Placement
Demographics for 98201, WA
30,421
Population
15,196
Households
2
Avg Household Size
39
Median Age
29%
College-Educated
91%
High-School Grad
18.8 sq mi
ZIP Area
1,618
Density / Sq Mi
$73,822
Median Household Income
$48,830
Median Earnings
$1,443
Median Rent
$476,900
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Light value-add property with renovation upside in a desirable location.
Where is this apartment building located?
The property is located at 2424 Rucker Ave Everett, WA.
What is the asking price?
The asking price for this property is $2,450,000.
What are key features of this property?
This property features: Value‑add property with substantial upside through further renovations.; Immediate upside from in‑place high‑low rent discrepancy of $175 per unit.; 7/10 units are already lightly renovated.
