Multifamily Property with Development
For Sale
$1,450,000
Pending
7119 47th Ave NE, Marysville, WA 98270
Multifamily property with income upside and development potential.
Property SizeContact for details
Days on Market665
Property Features for 7119 47th Ave NE
General Information
Standard status
Pending
Property subtype
Commercial
Building Details
Year Built
1961
Listing Agency:
JOHN L. SCOTT - MUKILTEO
Listed By:
JESI WILLIAMS
Source:
Corcoran
Added: Oct 25, 2024
Changed: Jul 6
Last Checked: Jul 23 at 7:16AM
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 JOHN L. SCOTT - MUKILTEO
Investment Insights
Based on property information with market context.
This multifamily property offers potential for future development of additional units. Financial data from 2023 is not indicative of the property's current situation due to market changes following the end of the eviction moratorium. Nonpayment issues have been addressed, and the property is now fully occupied. Utility buy backs started halfway through 2024, increasing the property's income. Nearly half of the units are currently under market rent, presenting an opportunity to increase income by adjusting all units to market rates.
Key Highlights
- Potential for increased income by adjusting below‑market rents to current market rates.
- Utility buy backs started in 2024, increasing property income.
- Property is now fully occupied after addressing previous nonpayment issues.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,246
Businesses Nearby
Explore this area
Business Placement
Demographics for 98270, WA
51,969
Population
19,840
Households
2.6
Avg Household Size
37
Median Age
23%
College-Educated
93%
High-School Grad
14.3 sq mi
ZIP Area
3,634
Density / Sq Mi
$102,258
Median Household Income
$50,619
Median Earnings
$1,845
Median Rent
$540,000
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - Multifamily property with income upside and development potential.
Where is this apartment building located?
The property is located at 7119 47th Ave NE Marysville, WA.
What is the asking price?
The asking price for this property is $1,450,000.
What are key features of this property?
This property features: Potential for increased income by adjusting below‑market rents to current market rates.; Utility buy backs started in 2024, increasing property income.; Property is now fully occupied after addressing previous nonpayment issues.
