Everett Multifamily Investment
2424 Rucker Ave, Everett, WA 98201
Value-add multifamily property with renovation upside in desirable Everett location.
Type:Multifamily
Property size:
11,856 SFPrice / SF:
$206/SF- Added:
- Jan 27, 2026
- Days on Market:
- 115
- Last Refresh:
- Apr 5 at 11:58 pm
Property Features for 2424 Rucker Ave
General Information
- Standard status
- Active
- Size
- 11,856 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1969
Listing agent Levi Sterley License #WA #141098 (425) 238-8490
Listing office CAPSTONE COMMERCIAL REAL ESTATE ADVISORS (425) 238-8490
Listing date Jan 27, 2026
Source Sperrycga
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
HighLights
- Significant rental income upside potential through strategic renovations and modernization, estimated at $344/month per unit.
- Prime location on Rucker Ave in a desirable, historic area of Snohomish County, offering views of the Puget Sound and proximity to downtown Everett.
- Strong local economy driven by major employers like Boeing and Providence Regional Medical Center, ensuring a stable tenant base.
- Existing rent discrepancies present an immediate opportunity to increase revenue by aligning rents with market rates.
- Spacious one and two‑bedroom units with desirable features like balconies, oversized windows, and secured parking.
- Potential for excellent bonus depreciation benefits due to a high percentage of the assessed value being attributed to improvements.
Overview
The Bayside Apartments, a 10-unit multifamily building, presents an investment opportunity in Snohomish County. Located on Rucker Ave, the property overlooks the East Waterway and is near Everett High School, Port Gardner Bay, and downtown Everett. Residents have access to dining, entertainment, outdoor recreation, and transportation. The property features spacious one and two-bedroom units, with one-bedroom units averaging 631 square feet and two-bedroom units averaging 909 square feet. Select units offer views of the water and Puget Sound. The building includes a secured parking garage with remote access, a shared laundry facility, and storage lockers. One unit has a washer and dryer. Select units have balconies, LVP flooring, hard surface countertops, and updated hardware. The property also features a manicured common area courtyard and front yard, ample off-street parking, and security cameras. There are four rear surface parking spaces. The location on Rucker Ave is desirable, and the oversized windows provide natural light. The property offers a stable occupancy and consistent income stream. Renovation upside is estimated at approximately $344 per unit per month, with potential to add laundry to units to increase monthly rent. Approximately 81.5% of the assessed value is improvements, suggesting bonus depreciation benefits. TopGolf has solidified plans for a new Everett Mall location, which is 13 minutes (5.9 mi) South of Bayside.
Financial Insights
Value Estimation Calculated for Apartment 5plus
Conservative
$1.95M
NOI $175,592 @ 9.00% cap · cautious / downside scenario
Moderate
$2.51M
NOI $175,592 @ 7.00% cap · market / base-case scenario
Aggressive
$3.51M
NOI $175,592 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
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.
Calculated for Apartment 5plus
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $341.5k | $28.80 |
| − Vacancy | −$22.2k | −$1.87 |
| EGI | $319.3k | $26.93 |
| − OpEx | −$143.7k | −$12.12 |
| NOI | $175.6k | $14.81 |
11,856 SF · lease $28.80/SF/yr · vacancy 6.50% · expense 45.00%
Alternative Use Scenarios
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 local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
Location Insight
- Map
- Local Demand
- City
- Everett
- County
- Snohomish
- State
- Washington
- Longitude
- -122.212
- Latitude
- 47.9851
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - Value-add multifamily property with renovation upside in desirable Everett 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: Significant rental income upside potential through strategic renovations and modernization, estimated at $344/month per unit.; Prime location on Rucker Ave in a desirable, historic area of Snohomish County, offering views of the Puget Sound and proximity to downtown Everett.; Strong local economy driven by major employers like Boeing and Providence Regional Medical Center, ensuring a stable tenant base.
