Mixed-Use Property in Downtown
For Sale
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2512 Colby Ave, Everett, WA
Mixed-use property with commercial units and apartments in downtown Everett.
Property Size11,876 SF
Lot Size0.24 Acres
Price / SF$185.25
Days on Market290
Property Features for 2512 Colby Ave
General Information
Standard status
Active
Size
11,876 SF
Lot size
0.24 Acres
Property subtype
RETAIL
Listing Agency:
John L. Scott Snohomish
(425) 225-4339
Listed By:
Ashley Scrupps
(425) 225-4339
Source:
Moodyscre
Added: Nov 6, 2025
Changed: Aug 8
Last Checked: Aug 23 at 3:28AM
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
Investment Insights
Based on property information with market context.
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.
Key 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.
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
$175,888
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
7.99%
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%
$3,517,760
$3.5M
Cap Rate 7%
$2,512,686
$2.5M
Cap Rate 9%
$1,954,311
$2.0M
Market Conditions
NOI Build-Up for 11,876 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
$342.0K $28.80/SF
− Vacancy
−$22.2K −$1.87/SF
EGI
$319.8K $26.93/SF
− OpEx
−$143.9K −$12.12/SF
NOI
$175.9K $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 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%
$3,517,760
Cap Rate 7%
$2,512,686
Cap Rate 9%
$1,954,311
Alternative Uses
Best Use
Apartment 5plus
$2.51M
$2.20M – $2.93M
NOI $175,888 @ 7.0% cap · market cap 7.99%
Second Best
Retail
$2.45M
$2.14M – $2.86M
NOI $171,485 @ 7.0% cap · market cap 7.79%
Theoretical Best
Office A
$3.93M
$3.44M – $4.59M
NOI $275,174 @ 7.0% cap · market cap 12.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,403
Businesses Nearby
Explore this area
Business Placement
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
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.
