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Mixed-Use Property in Downtown Everett

2512 Colby Ave, Everett, WA

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For Sale

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Mixed-use property with commercial units and apartments in downtown Everett.

Type:RETAIL

Property size:

11,876 SF

Lot size:

0.24 Acres

Price / SF:

$185/SF

HighLights

Prime mixed‑use MU7‑zoned property in downtown Everett offering significant development potential.
Two street‑level commercial units, including an established restaurant business (Kate’s Greek & American) included in the sale, and a long‑term dental office tenant.
Enjoy Possession Sound views from the two spacious apartments with long‑term tenants and private rooftop decks.
3,200 SF basement with 6 covered parking stalls, storage, and coin‑op laundry.
22 parking spaces with leases for added income, plus ample street parking.
Elevator access to apartments from street level and basement, plus shared bike storage.

We can help!

Listing Contact

Ashley Scrupps

For Sale

Contact for pricing

Mixed-use property with commercial units and apartments in downtown Everett.

Type:RETAIL

Property size:

11,876 SF

Lot size:

0.24 Acres

Price / SF:

$185/SF

Added:: Nov 6, 2025
Days on Market:: 221
Last Refresh:: May 20 at 9:25 pm

Property Features for 2512 Colby Ave

General Information

Standard status: Active
Size: 11,876 SF
Lot size: 0.24 Acres
Property subtype: RETAIL

We can help!

Listing Contact

Ashley Scrupps

Listing agent Ashley Scrupps

Listing office John L. Scott Snohomish

Listing date Nov 6, 2025

Source Moodyscre

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 John L. Scott Snohomish

HighLights

Prime mixed‑use MU7‑zoned property in downtown Everett offering significant development potential.
Two street‑level commercial units, including an established restaurant business (Kate’s Greek & American) included in the sale, and a long‑term dental office tenant.
Enjoy Possession Sound views from the two spacious apartments with long‑term tenants and private rooftop decks.
3,200 SF basement with 6 covered parking stalls, storage, and coin‑op laundry.
22 parking spaces with leases for added income, plus ample street parking.
Elevator access to apartments from street level and basement, plus shared bike storage.

Overview

This mixed-use property is located in downtown Everett and is zoned MU7. The street level features two commercial units, one occupied by Kate’s Greek & American (sale of the business included) and the other by a long-term dental office tenant. Upstairs, there are two apartments, each 1,562 square feet, with long-term tenants. One apartment has two bedrooms and one bathroom, while the other has two bedrooms and two bathrooms. The apartments include private rooftop decks with Possession Sound views and a shared space for bike storage. An elevator provides access to the apartments from the street level and basement. The 3,200 square foot basement includes six covered parking stalls (four used by apartment tenants), storage, and coin-operated laundry for the apartments. There are 22 parking spaces outside, most with leases for added income, plus street parking.

Local Financial Insights For Apartment 5plus

Simulate Cap Rate and NOI

NOI Build-Up

Component	$	$/SF
Gross rent	$342.0k	$28.80
− Vacancy	−$22.2k	−$1.87
EGI	$319.8k	$26.93
− OpEx	−$143.9k	−$12.12
NOI	$175.9k	$14.81

11,876 SF · lease $28.80/SF/yr · vacancy 6.50% · expense 45.00%

Alternative Uses

Best Use

Apartment 5plus

$2.51M

$2.20M – $2.93M (±1% cap)

NOI $175,888 @ 7.0% cap · market cap 7.99%

Second Best

Retail

$2.45M

$2.14M – $2.86M (±1% cap)

NOI $171,485 @ 7.0% cap · market cap 7.79%

Theoretical Best

Office A

$3.93M

$3.44M – $4.59M (±1% cap)

NOI $275,174 @ 7.0% cap · market cap 12.51%

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

Property Profile Location Intelligence

Current Use by Public Records

Kate's Greek & American ... Restaurant

Suggested Use

Location Insight

Map
Local Demand

City: Everett
County: Snohomish
State: Washington
Longitude: -122.209
Latitude: 47.9844

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What type of property is this?

Mixed-use property - Mixed-use property with commercial units and apartments in downtown Everett.

Where is this mixed-use property located?

The property is located at 2512 Colby Ave Everett, WA.

What is the asking price?

The asking price for this property is $2,200,000.

What are key features of this property?

This property features: Prime mixed‑use MU7‑zoned property in downtown Everett offering significant development potential.; Two street‑level commercial units, including an established restaurant business (Kate’s Greek & American) included in the sale, and a long‑term dental office tenant.; Enjoy Possession Sound views from the two spacious apartments with long‑term tenants and private rooftop decks.

2512 Colby Ave, Everett, WA

Mixed-use property with commercial units and apartments in downtown Everett.

Property Features for 2512 Colby Ave

General Information

We can help!

HighLights

Overview

Local Financial Insights For Apartment 5plus

Simulate Cap Rate and NOI

Alternative Uses

Current Use by Public Records

Suggested Use

Location Insight

Nearby Similar for Sale

Retail Opportunity on High-Visibility Corner

Everett Retail/Medical Building on Broadway

Restaurant Building on Broadway Avenue

Everett Commercial Property with Upside

Everett NAPA Auto Parts Property

Everett Industrial Facility with Yard

Everett NAPA Auto Parts Investment

Everett Industrial Investment Opportunity

Everett Retail Space on Broadway

Medical Office Space Available

Heated Hangar with Bi-Fold Door

Everett Office Building For Sale

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