Gated Multifamily
For Sale
$1,675,000
20505 111th Ave SE, Snohomish, WA 98296
Existing residential improvements offer multiple kitchen areas and flexible interior layouts across a substantial gated property.
Property Size6,000 SF
Price / SF$279.17
Days on Market48
Property Features for 20505 111th Ave SE
General Information
Standard status
Active
Size
6,000 SF
Property subtype
Multi-Family
Building Details
Year Built
1991
Listing Agency:
Compass
Listed By:
Chris Murphy · License #111144
(360) 918-6497
Source:
Washingtonwaterfronts
Added: Sep 6
Changed: Oct 8
Last Checked: Oct 20 at 8:42PM
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 Compass
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Investment Insights
Based on property information with market context.
This 6,000-square-foot residential property was built in 1991 and includes six bedrooms, three kitchens, and a fourth kitchen bar. The existing layout provides multiple interior areas within the current home, while the grounds and improvements require work. An inspected septic system serves the property, and no additional structures may be permitted under the stated property limitations.
The site encompasses 6.45 acres in Snohomish County and is enclosed by gates. Two tax parcels are included. The property is being offered with its existing home and layouts, providing a sizable residential setting for a buyer planning interior renovation and site cleanup.
The current improvements can be evaluated as a single existing residence with multiple kitchen areas rather than as a development site, since additional structures are not available for permitting.
The site encompasses 6.45 acres in Snohomish County and is enclosed by gates. Two tax parcels are included. The property is being offered with its existing home and layouts, providing a sizable residential setting for a buyer planning interior renovation and site cleanup.
The current improvements can be evaluated as a single existing residence with multiple kitchen areas rather than as a development site, since additional structures are not available for permitting.
Key Highlights
- 6.45‑acre gated property in Snohomish County
- 6,000‑square‑foot residential property built in 1991
- Six bedrooms with three kitchens and a fourth kitchen bar
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$89,744
Cap Rate
5.36%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,794,880
$1.8M
Cap Rate 7%
$1,282,057
$1.3M
Cap Rate 9%
$997,156
$997.2K
Market Conditions
NOI Build-Up for 6,000 SF
Gross rent
$176.4K $29.40/SF
− Vacancy
−$13.2K −$2.21/SF
EGI
$163.2K $27.20/SF
− OpEx
−$73.4K −$12.24/SF
NOI
$89.7K $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%
$1,794,880
Cap Rate 7%
$1,282,057
Cap Rate 9%
$997,156
Alternative Uses
Best Use
Apartment 5plus
$1.28M
$1.12M – $1.50M
NOI $89,744 @ 7.0% cap · market cap 5.36%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.67M
$1.46M – $1.95M
NOI $117,131 @ 7.0% cap · market cap 6.99%
Zoning and permitted uses should be independently verified with authorities.
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Location Intelligence
Trade Area within ½ mile
22
Businesses Nearby
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Business Placement
Demographics for 98296, WA
27,713
Population
9,573
Households
2.9
Avg Household Size
41
Median Age
48%
College-Educated
97%
High-School Grad
34.5 sq mi
ZIP Area
803
Density / Sq Mi
$172,468
Median Household Income
$76,918
Median Earnings
$2,325
Median Rent
$867,700
Median Home Value
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Multifamily property - Existing residential improvements offer multiple kitchen areas and flexible interior layouts across a substantial gated property.
Where is this multifamily property located?
The property is located at 20505 111th Ave SE Snohomish, WA.
What is the asking price?
The asking price for this property is $1,675,000.
What are key features of this property?
This property features: 6.45‑acre gated property in Snohomish County; 6,000‑square‑foot residential property built in 1991; Six bedrooms with three kitchens and a fourth kitchen bar
