Multifamily Apartment
For Sale
$10,500,000
1205 Casino Rd, Everett, WA 98204
Well-maintained multifamily property with spacious two- and three-bedroom units and in-unit washer and dryer.
Property Size49,110 SF
Days on Market95
Property Features for 1205 Casino Rd
General Information
Standard status
Active
Size
49,110 SF
Property subtype
Multifamily
Additional Details
Cap Rate
6.04%
Amenities
Majority Two and Three-Bedroom Units
Units Average Over 1,000/SF
Well-Maintained Property with Mnimal Deferred Maintenance
In-Unit Washer and Dryer
On-Site Parking including Carports
Strong Tenant Base Supported by Proximity to Boeing and Naval Station Everett
Building Details
Building Size
49,110 SF
Units
48
Tenancy
Multi
Listing Agency:
Seattle Office
Listed By:
Rich Day · License #License(s): WA: 110473
(206) 826-5814
Source:
Marcusmillichap
Added: Jun 9
Changed: Aug 8
Last Checked: Sep 11 at 4:16AM
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 Seattle Office
Investment Insights
Based on property information with market context.
This multifamily apartment building offers spacious residential units averaging more than 1,000 square feet. The unit mix is primarily two- and three-bedroom floor plans designed to support practical family and shared-living layouts. The property has been well maintained with minimal deferred maintenance, which helps support operational stability. Residents also benefit from in-unit washer and dryer appliances, along with convenient on-site parking.
The asset is located at 1205 Casino Road in Everett, Washington. The property’s rental appeal is reinforced by its proximity to major regional employers, including Boeing and Naval Station Everett, which provides access to a steady pool of renters tied to these work centers.
For investors and buyers seeking a residential income asset, the combination of larger unit sizes, family-oriented bedroom counts, and in-unit laundry amenities can be attractive for maintaining consistent tenant satisfaction. The well-kept condition and reduced near-term deferred maintenance profile may also be helpful for operators looking to manage ongoing capital needs while supporting long-term performance.
The asset is located at 1205 Casino Road in Everett, Washington. The property’s rental appeal is reinforced by its proximity to major regional employers, including Boeing and Naval Station Everett, which provides access to a steady pool of renters tied to these work centers.
For investors and buyers seeking a residential income asset, the combination of larger unit sizes, family-oriented bedroom counts, and in-unit laundry amenities can be attractive for maintaining consistent tenant satisfaction. The well-kept condition and reduced near-term deferred maintenance profile may also be helpful for operators looking to manage ongoing capital needs while supporting long-term performance.
Key Highlights
- Multifamily investment at 1205 Casino Road in Everett, WA
- Unit mix primarily 2- and 3‑bedroom floor plans with spacious units averaging over 1,000 SF
- In‑unit washer and dryer appliances plus convenient on‑site parking for residents
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
$727,339
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
6.93%
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%
$14,546,780
$14.5M
Cap Rate 7%
$10,390,557
$10.4M
Cap Rate 9%
$8,081,544
$8.1M
Market Conditions
NOI Build-Up for 49,110 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
$1.41M $28.80/SF
− Vacancy
−$91.9K −$1.87/SF
EGI
$1.32M $26.93/SF
− OpEx
−$595.1K −$12.12/SF
NOI
$727.3K $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%
$14,546,780
Cap Rate 7%
$10,390,557
Cap Rate 9%
$8,081,544
Alternative Uses
Best Use
Apartment 5plus
$10.39M
$9.09M – $12.12M
NOI $727,339 @ 7.0% cap · market cap 6.93%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$16.26M
$14.22M – $18.97M
NOI $1,137,906 @ 7.0% cap · market cap 10.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
441
Businesses Nearby
Explore this area
Business Placement
Demographics for 98204, WA
44,810
Population
18,914
Households
2.4
Avg Household Size
34
Median Age
22%
College-Educated
87%
High-School Grad
7.2 sq mi
ZIP Area
6,224
Density / Sq Mi
$66,592
Median Household Income
$44,349
Median Earnings
$1,732
Median Rent
$386,300
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - Well-maintained multifamily property with spacious two- and three-bedroom units and in-unit washer and dryer.
Where is this apartment building located?
The property is located at 1205 Casino Rd Everett, WA.
What is the asking price?
The asking price for this property is $10,500,000.
What are key features of this property?
This property features: Multifamily investment at 1205 Casino Road in Everett, WA; Unit mix primarily 2- and 3‑bedroom floor plans with spacious units averaging over 1,000 SF; In‑unit washer and dryer appliances plus convenient on‑site parking for residents
