22-Unit Multifamily Property For
1902 Casino Rd Everett, WA 98204
1902 Casino Rd, Everett, WA, 98204
$3,600,000
For Sale
$3,600,000
22-unit multifamily property featuring a new roof and parking.
Property Size13,840 SF
Price / SF$260.12
Days on Market109
Property Features for 1902 Casino Rd
General Information
- Standard status
- Active
- Size
- 13,840 SF
- Property subtype
- Commercial
Building Details
- Year Built
- 1986
Listing Agency
WINDERMERE G.H., INC.
Listed by
DAVID WATKINS
Source
Corcoran
Added: Mar 31 Checked: Jul 17 at 3:16 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 WINDERMERE G.H., INC.
Investment Insights
Based on property information with market context.
This multifamily property features 20 one-bedroom units and 2 studio units, totaling 22 units. The studio units were converted from recreation rooms over 30 years ago and are non-conforming. Each unit includes one tuck-under parking space and a storage unit. Laundry facilities are available in two laundry rooms, one in each building. The property includes 24 under-building parking stalls and storage units. The roof was replaced within the last 3 years with PVC roofing material, plywood, and insulation. The property size is 13,840 square feet.
Key Highlights
- New PVC roof (installed within last 3 years) with plywood and insulation.
- 22 total units: Featuring 20 one‑bedroom units and 2 studio units.
- Each unit includes one tuck‑under parking space.
Local Financial Insights For Apartment 5plus
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 | $398.6k | $28.80 |
| − Vacancy | −$25.9k | −$1.87 |
| EGI | $372.7k | $26.93 |
| − OpEx | −$167.7k | −$12.12 |
| NOI | $205.0k | $14.81 |
13,840 SF · lease $28.80/SF/yr · vacancy 6.50% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$2.93M
$2.56M – $3.42M
NOI $204,976 @ 7.0% cap · market cap 5.69%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.58M
$4.01M – $5.34M
NOI $320,681 @ 7.0% cap · market cap 8.91%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Anthem apartments
Apartment Complex
Similar For Sale Nearby
FAQs
What type of property is this?
Apartment building - 22-unit multifamily property featuring a new roof and parking.
Where is this apartment building located?
The property is located at 1902 Casino Rd Everett, WA.
What is the asking price?
The asking price for this property is $3,600,000.
What are key features of this property?
This property features: New PVC roof (installed within last 3 years) with plywood and insulation.; 22 total units: Featuring 20 one‑bedroom units and 2 studio units.; Each unit includes one tuck‑under parking space.
