Mixed-Use Asset in Everett
2011 Madison Street Everett, WA 98203
For Sale
$998,000
Pending
Mixed-use property with development potential in Everett's urban core.
Property Size7,629 SF
Lot Size0.61 Acres
Days on Market319
Property Features for 2011 Madison Street
General Information
Standard status
Pending
Size
7,629 SF
Lot size
0.61 Acres
Property subtype
Commercial
Building Details
Year Built
1947
Listing Agency:
WINDERMERE REAL ESTATE CO.
(206) 524-1100
Listed By:
EDWARD KRIGSMAN
Source:
Corcoran
Added: Sep 13, 2025
Changed: Jul 6
Last Checked: Jul 27 at 7:51AM
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 REAL ESTATE CO.
Investment Insights
Based on property information with market context.
This mixed-use property is located in Everett’s revitalizing urban core. The property, known as Interurban Corner, occupies a 26,572 square foot corner lot with alley access. It includes over 20 parking spaces and a 7,629 square foot structure. The building is currently leased to local tenants and includes three storefronts, three apartments, and three flex spaces. The current gross rent is over $64,000, with a pro forma of over $144,000 with light upgrades. The property's lot coverage is 26.3%. The NB zoning and Opportunity Zone offer phased development potential. The location is near the Interurban Trail, the future light rail, and the new stadium district. This walkable location offers built-in income and upside potential.
Key Highlights
- High pro forma income potential ($144K+) with light upgrades.
- Opportunity Zone and NB zoning allow for phased development.
- Mixed‑use property with a diverse tenant base.
Financial Insights For Industrial
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 | $108.9k | $14.28 |
| − Vacancy | −$8.5k | −$1.11 |
| EGI | $100.4k | $13.17 |
| − OpEx | −$30.1k | −$3.95 |
| NOI | $70.3k | $9.22 |
7,629 SF · lease $14.28/SF/yr · vacancy 7.80% · expense 30.00%
Alternative Uses
Best Use
Flex RnD
$1.64M
$1.44M – $1.92M
NOI $114,966 @ 7.0% cap · market cap 11.52%
Second Best
Apartment 5plus
$1.61M
$1.41M – $1.88M
NOI $112,989 @ 7.0% cap · market cap 11.32%
Theoretical Best
Office A
$2.53M
$2.21M – $2.95M
NOI $176,768 @ 7.0% cap · market cap 17.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-use property with development potential in Everett's urban core.
Where is this mixed-use property located?
The property is located at 2011 Madison Street Everett, WA.
What is the asking price?
The asking price for this property is $998,000.
What are key features of this property?
This property features: High pro forma income potential ($144K+) with light upgrades.; Opportunity Zone and NB zoning allow for phased development.; Mixed‑use property with a diverse tenant base.
