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    Shovel-Ready Mixed-Use Development Opportunity Title is generated by Realmo AI

    2017 Gibson Road, Everett, WA 98204

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    Claim this Listing
    For Sale
    $4,499,900

    Fully approved mixed-use development with income-producing units in Everett, WA.

    Type:Commercial
    Property size:
    96,300 SF
    Price / SF:
    $46/SF
    Added:
    Apr 20, 2026
    Days on Market:
    50
    Last Refresh:
    Apr 20 at 8:18 pm

    Property Features for 2017 Gibson Road

    General Information

    Standard status
    Active
    Size
    96,300 SF
    Property subtype
    Commercial

    We can help!

    Listing Contact
    DAVID M. HILBERT

    Listing agent DAVID M. HILBERT

    Listing office REAL ESTATE 2000 INC.

    Listing date Apr 20, 2026

    Source Corcoran

    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 REAL ESTATE 2000 INC.

    HighLights

    • Shovel‑ready mixed‑use development opportunity with approved plans for a 96,300 SF six‑story building.
    • Fully entitled for 39 residential units (expandable to ~46) plus 7,300 SF of mini‑storage convertible to residential.
    • Zoned County Urban Center, supporting high‑density mixed‑use development in a prime Everett corridor.
    • Includes 56 structured parking spaces, two elevators, and a community event center with full kitchen.
    • Proximity to major employers and transportation options.
    • Existing income‑producing units generate $2,700–$3,400/month each, providing immediate cash flow.

    Overview

    This is a shovel-ready mixed-use development opportunity located in Everett, WA. The property features fully approved plans for a six-story building with a total area of 96,300 square feet. The project is fully entitled and ready for construction. The approved plans include 39 residential units, with the potential to expand to approximately 46 units by converting approved storage space. Additionally, there is 7,300 square feet of mini-storage space that can be converted to residential units if desired. The design incorporates two elevators and 56 structured parking spaces across two levels, with additional parking available for future flexibility. A community event center with a full kitchen is also included in the plans. The property is zoned County Urban Center, which supports high-density mixed-use development. It is situated in a prime Everett corridor, approximately 10 minutes from Paine Field Airport, with convenient access to I-5 and I-405. The location is close to Boeing, Amazon, Microsoft, Naval Station Everett, Everett Community College, and the Port of Everett, as well as shopping, dining, and marinas. Existing income-producing units generate approximately $2,700 to $3,400 per month each, providing immediate cash flow. The residential mix includes 21 three-bedroom units, 15 two-bedroom units, and 3 one-bedroom units, along with 75 storage spaces. The projected fully leased income is approximately $129,550 per month.
    Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Everett
    County
    Snohomish
    State
    Washington
    Longitude
    -122.2611107
    Latitude
    47.8826812

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    FAQs

    What type of property is this?
    Commercial land - Fully approved mixed-use development with income-producing units in Everett, WA.
    Where is this commercial land located?
    The property is located at 2017 Gibson Road Everett, WA.
    What is the asking price?
    The asking price for this property is $4,499,900.
    What are key features of this property?
    This property features: Shovel‑ready mixed‑use development opportunity with approved plans for a 96,300 SF six‑story building.; Fully entitled for 39 residential units (expandable to ~46) plus 7,300 SF of mini‑storage convertible to residential.; Zoned County Urban Center, supporting high‑density mixed‑use development in a prime Everett corridor.
    (425) 670-2000
    We can help!
    Listing Contact
    DAVID M. HILBERT
    Learn More
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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.

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