Value-Add Multifamily Investment
For Sale
$2,450,000
Pending
2424 Rucker Ave, Everett, WA 98201
Light value-add property with renovation upside in a desirable location.
Property Size11,856 SF
Days on Market601
Property Features for 2424 Rucker Ave
General Information
Standard status
Pending
Size
11,856 SF
Property subtype
Commercial
Building Details
Year Built
1969
Listing Agency:
CAPSTONE COMMERCIAL REAL ESTATE ADVISORS
Listed By:
TED WOOD · License ##131981
(206) 818-0378
Source:
Corcoran
Added: Feb 13, 2025
Changed: Aug 8
Last Checked: Aug 8 at 12:04PM
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 CAPSTONE COMMERCIAL REAL ESTATE ADVISORS
Investment Insights
Based on property information with market context.
This multifamily property presents an opportunity for investors to acquire a value-add asset with potential for increased returns through renovations. Currently, 7 out of 10 units have been lightly renovated, while 3 remain untouched. The renovations include updated countertops, LVP flooring, stainless steel appliances, paint, fixtures, and hardware. One unit has in-unit laundry, while the remaining nine share a laundry facility on the lower level of the building. Further renovations, such as replacing cabinets, adding laundry to units, and modernizing interiors, could potentially increase rents by an estimated $341 or more per unit per month. There is an existing rent discrepancy of $175 per unit for both one and two-bedroom apartments, offering immediate upside. The property consists of 10 units within a building of 11,856 square feet.
Key Highlights
- Value‑add property with substantial upside through further renovations.
- Immediate upside from in‑place high‑low rent discrepancy of $175 per unit.
- 7/10 units are already lightly renovated.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$175,592
Cap Rate
7.17%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,511,840
$3.5M
Cap Rate 7%
$2,508,457
$2.5M
Cap Rate 9%
$1,951,022
$2.0M
Market Conditions
NOI Build-Up for 11,856 SF
Gross rent
$341.5K $28.80/SF
− Vacancy
−$22.2K −$1.87/SF
EGI
$319.3K $26.93/SF
− OpEx
−$143.7K −$12.12/SF
NOI
$175.6K $14.81/SF
Area
Everett, WA
Vacancy
6.50%
Lease Rate
$28.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,511,840
Cap Rate 7%
$2,508,457
Cap Rate 9%
$1,951,022
Alternative Uses
Best Use
Apartment 5plus
$2.51M
$2.19M – $2.93M
NOI $175,592 @ 7.0% cap · market cap 7.17%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.92M
$3.43M – $4.58M
NOI $274,710 @ 7.0% cap · market cap 11.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
2,080
Businesses Nearby
Explore this area
Business Placement
Demographics for 98201, WA
30,421
Population
15,196
Households
2
Avg Household Size
39
Median Age
29%
College-Educated
91%
High-School Grad
18.8 sq mi
ZIP Area
1,618
Density / Sq Mi
$73,822
Median Household Income
$48,830
Median Earnings
$1,443
Median Rent
$476,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - Light value-add property with renovation upside in a desirable location.
Where is this apartment building located?
The property is located at 2424 Rucker Ave Everett, WA.
What is the asking price?
The asking price for this property is $2,450,000.
What are key features of this property?
This property features: Value‑add property with substantial upside through further renovations.; Immediate upside from in‑place high‑low rent discrepancy of $175 per unit.; 7/10 units are already lightly renovated.
