Arlington Multifamily Investment
For Sale
$1,879,000
17820 Smokey Point Blvd, Arlington, WA 98223
Six-unit multifamily property in Arlington with strong in-place income.
Property Size6,084 SF
Price / SF$308.84
Days on Market402
Property Features for 17820 Smokey Point Blvd
General Information
Standard status
Active
Size
6,084 SF
Property subtype
Multi-Family
Building Details
Year Built
1969
Listing Agency:
Realty One Group Enterprise
Listed By:
Kevin Zellmer
(425) 453-4597
Source:
Viewhomesinpugetsound
Added: Sep 1, 2025
Changed: Oct 1
Last Checked: Oct 5 at 7:10PM
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 Realty One Group Enterprise
Investment Insights
Based on property information with market context.
This six-unit multifamily property in Arlington offers 6,084 square feet of space on a 22,651 square foot lot. Each of the six units features two bedrooms and one bathroom, with each unit measuring 1,014 square feet. The property benefits from a strong in-place income. The current pro forma revenue is $130,620, effective June 1, 2025, with a net operating income of $90,620 and a cap rate of 5.49%. Sixteen parking spaces are available. Operating expenses are approximately $40,000 per year. Units 4, 5, and 6 have been recently renovated. A new fence was constructed in the backyard in 2023. Water and sewer are included in the rents, while tenants pay for garbage and electricity directly. The property is situated in a growing area of Arlington with strong rental demand. A new 2.8 million square foot Amazon Fulfillment Center is located just a couple of minutes away. Smokey Point Community Park is located across Smokey Point Boulevard.
Key Highlights
- Strong in‑place income with a NOI of $90,620 and a cap rate of 5.49%.
- Located in a growing Arlington area near the new 2.8 million SF Amazon Fulfillment Center, with strong rental demand.
- Six spacious 2 bed / 1 bath units, each 1,014 SF.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$91,000
Cap Rate
4.84%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,820,000
$1.8M
Cap Rate 7%
$1,300,000
$1.3M
Cap Rate 9%
$1,011,111
$1.0M
Market Conditions
NOI Build-Up for 6,084 SF
Gross rent
$178.9K $29.40/SF
− Vacancy
−$13.4K −$2.21/SF
EGI
$165.5K $27.20/SF
− OpEx
−$74.5K −$12.24/SF
NOI
$91.0K $14.96/SF
Area
Snohomish County, WA
Vacancy
7.50%
Lease Rate
$29.40 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,820,000
Cap Rate 7%
$1,300,000
Cap Rate 9%
$1,011,111
Alternative Uses
Best Use
Apartment 5plus
$1.30M
$1.14M – $1.52M
NOI $91,000 @ 7.0% cap · market cap 4.84%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.70M
$1.48M – $1.98M
NOI $118,771 @ 7.0% cap · market cap 6.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
948
Businesses Nearby
Explore this area
Business Placement
Demographics for 98223, WA
45,139
Population
18,224
Households
2.5
Avg Household Size
40
Median Age
21%
College-Educated
93%
High-School Grad
316.2 sq mi
ZIP Area
143
Density / Sq Mi
$96,478
Median Household Income
$52,487
Median Earnings
$1,780
Median Rent
$556,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - Six-unit multifamily property in Arlington with strong in-place income.
Where is this apartment building located?
The property is located at 17820 Smokey Point Blvd Arlington, WA.
What is the asking price?
The asking price for this property is $1,879,000.
What are key features of this property?
This property features: Strong in‑place income with a NOI of $90,620 and a cap rate of 5.49%.; Located in a growing Arlington area near the new 2.8 million SF Amazon Fulfillment Center, with strong rental demand.; Six spacious 2 bed / 1 bath units, each 1,014 SF.
