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    2424 Rucker Ave Everett, WA 98201

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    For Sale
    $2,450,000

    Value-add multifamily property with renovation upside in desirable Everett location.

    Building Details

    Year built
    1969

    We can help!

    Listing Contact
    Ted Wood
    Ted Wood
    Source: Sperrycga

    Listing Agency: CAPSTONE COMMERCIAL REAL ESTATE ADVISORS Listing Agent: Ted Wood

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

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    Overview

    Everett Multifamily Investment Opportunity

    The Bayside Apartments, a 10-unit multifamily building, presents an investment opportunity in Snohomish County. Located on Rucker Ave, the property overlooks the East Waterway and is near Everett High School, Port Gardner Bay, and downtown Everett. Residents have access to dining, entertainment, outdoor recreation, and transportation. The property features spacious one and two-bedroom units, with one-bedroom units averaging 631 square feet and two-bedroom units averaging 909 square feet. Select units offer views of the water and Puget Sound. The building includes a secured parking garage with remote access, a shared laundry facility, and storage lockers. One unit has a washer and dryer. Select units have balconies, LVP flooring, hard surface countertops, and updated hardware. The property also features a manicured common area courtyard and front yard, ample off-street parking, and security cameras. There are four rear surface parking spaces. The location on Rucker Ave is desirable, and the oversized windows provide natural light. The property offers a stable occupancy and consistent income stream. Renovation upside is estimated at approximately $344 per unit per month, with potential to add laundry to units to increase monthly rent. Approximately 81.5% of the assessed value is improvements, suggesting bonus depreciation benefits. TopGolf has solidified plans for a new Everett Mall location, which is 13 minutes (5.9 mi) South of Bayside.
    Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Real Estate Agency Restaurant Law Firm Dental Office Spa & Massage Center Hair Salon Nail Salon Gym & Fitness Center Building Supply Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Everett
    County
    Snohomish
    State
    Washington
    Longitude
    -122.2117666
    Latitude
    47.9850979

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    FAQs

    What type of property is this?
    Apartment building - Value-add multifamily property with renovation upside in desirable Everett 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: - Significant rental income upside potential through strategic renovations and modernization, estimated at $344/month per unit.; - Prime location on Rucker Ave in a desirable, historic area of Snohomish County, offering views of the Puget Sound and proximity to downtown Everett.; - Strong local economy driven by major employers like Boeing and Providence Regional Medical Center, ensuring a stable tenant base.
    (206) 818-0378
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    2424 Rucker Ave Everett, WA 98201
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    2424 Rucker Ave Everett, WA 98201
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    We can help!
    Listing Contact
    Ted Wood
    Ted Wood
    Real Estate License ID: #131981
    (206) 818-0378
    Learn more
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