Everett Turn-Key Investment
3113 Oakes Ave Everett, WA 98201
3113 Oakes Ave, Everett, WA, 98201
$699,000
For Sale
$699,000
Remodeled 1901 property near courthouse with redevelopment potential.
Property Size2,180 SF
Price / SF$320.64
Days on Market635
Property Features for 3113 Oakes Ave
General Information
- Standard status
- Active
- Size
- 2,180 SF
Building Details
- Year Built
- 1901
Listing Agency
COMPASS WASHINGTON, LLC
Listed by
CAITLIN SULLIVAN
Source
Corcoran
Added: Oct 23, 2024 Checked: Jul 19 at 3:45 am
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 COMPASS WASHINGTON, LLC
Investment Insights
Based on property information with market context.
This property, originally built in 1901, has been remodeled and presents a turn-key investment opportunity or a prime redevelopment prospect in Everett. The current configuration allows for use as five separate offices, plus a reception area, with kitchens and bathrooms on each floor. Alternatively, it is set up as a multi-family duplex property, featuring a 2-bed, 1-bath main floor unit and a 3-bed, 1-bath upper unit. The property includes 480 square feet of storage space below. Located near the Snohomish County Courthouse, the property benefits from a high-demand location and includes six off-street parking spaces and a view deck off the main floor. The property has flexible Mixed Urban Zoning through the City of Everett, allowing up to 25 floors in building height for future redevelopment. The total property size is 2180 square feet.
Key Highlights
- Prime redevelopment opportunity with flexible Mixed Urban Zoning allowing up to 25 floors.
- Turn‑key investment property with recent studs‑out remodel.
- High demand location near the Snohomish County Courthouse.
Local Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $57.6k | $26.40 |
| − Vacancy | −$8.9k | −$4.09 |
| EGI | $48.6k | $22.31 |
| − OpEx | −$12.2k | −$5.58 |
| NOI | $36.5k | $16.73 |
2,180 SF · lease $26.40/SF/yr · vacancy 15.50% · expense 25.00%
Alternative Uses
Best Use
Office B
$521.1K
$455.9K – $607.9K
NOI $36,474 @ 7.0% cap · market cap 5.22%
Second Best
Multifamily LT 5
$515.5K
$451.0K – $601.4K
NOI $36,083 @ 7.0% cap · market cap 5.16%
Theoretical Best
Office A
$721.6K
$631.4K – $841.9K
NOI $50,512 @ 7.0% cap · market cap 7.23%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Office Units
Similar For Sale Nearby
FAQs
What type of property is this?
Office units - Remodeled 1901 property near courthouse with redevelopment potential.
Where is this office units located?
The property is located at 3113 Oakes Ave Everett, WA.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: Prime redevelopment opportunity with flexible Mixed Urban Zoning allowing up to 25 floors.; Turn‑key investment property with recent studs‑out remodel.; High demand location near the Snohomish County Courthouse.
