Duplex with Tandem
For Sale
$699,000
2320 Ravenna St, Everett, WA 98203
Two separate units offer flexible occupancy with finished garages, individual utilities, and updated features in one residence.
Property Size1,660 SF
Price / SF$421.08
Days on Market18
Property Features for 2320 Ravenna St
General Information
Standard status
Active
Size
1,660 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Utilities to Site
Yes
Amenities
garage
composite decking with aluminum railings
retractable awnings
fully fenced side yard
dedicated garden beds
ductless mini-split systems
Building Details
Year Built
1956
Buildings
1
Listing Agency:
Redfin
(425) 529-5426
Listed By:
Brian Shields
Source:
Lifestylehomeswithmel
Added: Aug 13
Changed: Aug 30
Last Checked: Aug 25 at 5:01AM
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 Redfin
Investment Insights
Based on property information with market context.
This duplex contains two 2-bedroom, 1-bath units, each with a living room, primary bedroom with a large closet, and an 806-square-foot finished 2-car tandem garage with storage. Separate gas and electrical meters, individual strapped hot water tanks, gas forced-air furnaces, and ductless mini-split systems support independent operation. Unit A includes a remodeled full bathroom and dedicated laundry, while Unit B has updated vinyl flooring, granite countertops, built-in cabinetry, stainless steel appliances, and solid wood doors. Unit A’s furnace was updated in 2022.
Exterior features include Hardiplank siding, composite decking with aluminum railings, retractable awnings, and a fully fenced side yard with garden beds. The property is located at 2320 Ravenna St in Everett’s Lowell neighborhood and was built in 1956.
Exterior features include Hardiplank siding, composite decking with aluminum railings, retractable awnings, and a fully fenced side yard with garden beds. The property is located at 2320 Ravenna St in Everett’s Lowell neighborhood and was built in 1956.
Key Highlights
- Two 2‑bedroom, 1‑bath units
- Each unit includes an 806 sq ft finished 2‑car tandem garage
- Separate gas and electrical meters with individual strapped hot water tanks
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$27,476
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.93%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$549,520
$549.5K
Cap Rate 7%
$392,514
$392.5K
Cap Rate 9%
$305,289
$305.3K
Market Conditions
NOI Build-Up for 1,660 SF
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.
Gross rent
$41.8K $25.20/SF
− Vacancy
−$2.6K −$1.55/SF
EGI
$39.3K $23.65/SF
− OpEx
−$11.8K −$7.09/SF
NOI
$27.5K $16.55/SF
Area
Everett, WA
Vacancy
6.17%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$549,520
Cap Rate 7%
$392,514
Cap Rate 9%
$305,289
Alternative Uses
Best Use
Multifamily LT 5
$392.5K
$343.5K – $457.9K
NOI $27,476 @ 7.0% cap · market cap 3.93%
Second Best
Apartment 5plus
$351.2K
$307.3K – $409.8K
NOI $24,585 @ 7.0% cap · market cap 3.52%
Theoretical Best
Office A
$549.5K
$480.8K – $641.1K
NOI $38,463 @ 7.0% cap · market cap 5.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
124
Businesses Nearby
Explore this area
Business Placement
Demographics for 98203, WA
37,491
Population
14,848
Households
2.5
Avg Household Size
39
Median Age
34%
College-Educated
91%
High-School Grad
11.8 sq mi
ZIP Area
3,177
Density / Sq Mi
$101,505
Median Household Income
$55,176
Median Earnings
$1,761
Median Rent
$575,300
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two separate units offer flexible occupancy with finished garages, individual utilities, and updated features in one residence.
Where is this duplex located?
The property is located at 2320 Ravenna St Everett, WA.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: Two 2‑bedroom, 1‑bath units; Each unit includes an 806 sq ft finished 2‑car tandem garage; Separate gas and electrical meters with individual strapped hot water tanks
