Turnkey Multifamily Income
For Sale
$569,999
2515 Oakes Ave, Everett, WA 98201
Income-producing multifamily building offers independently keyed kitchens, updated units, and coin-op laundry.
Property Size1,768 SF
Price / SF$322.40
Days on Market262
Property Features for 2515 Oakes Ave
General Information
Standard status
Active
Size
1,768 SF
Property subtype
Multi-Family
Net Operating Income
$53,414
Additional Details
Cap Rate
9.37%
Highway Access
Yes
Multifamily Units
5
Amenities
coin-op laundry
Laminate,Carpet
Yes
No
3
Electric,Natural Gas
Public
4356
0.1
Wood
1768
Building Details
Building Size
1,768 SF
Year Built
1904
Stories
3
Listing Agency:
CB Cascade RE - Wenatchee
(541) 730-4830
Listed By:
Amber Kurtz
(541) 971-1864
Source:
Premierepropertygroup
Added: Feb 3
Changed: Oct 21
Last Checked: Oct 20 at 5:12PM
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 CB Cascade RE - Wenatchee
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Investment Insights
Based on property information with market context.
This turnkey multifamily property is configured and currently operated as a 5-plex. The upper level has been divided into three studio units that share a bathroom, and all units include individual kitchens. Several updates have been made to the building and units, including a fully remodeled interior in Unit 1 and carpet replacement in Unit 5 within the last two years. The property also includes a new coin-op laundry setup and a new water heater.
An in-city location provides easy access to Everett Community College, hospitals, shops, cafes, and freeways. Units feature long-term tenancy, with the current rent position described as below market.
Unit 1 and Unit 4 are noted as available for potential owner occupancy or upgrades, and Unit 1 is identified as the only unit available for showing.
An in-city location provides easy access to Everett Community College, hospitals, shops, cafes, and freeways. Units feature long-term tenancy, with the current rent position described as below market.
Unit 1 and Unit 4 are noted as available for potential owner occupancy or upgrades, and Unit 1 is identified as the only unit available for showing.
Key Highlights
- Approved triplex used as a 5‑plex with the upper level split into 3 studio units that share a bathroom
- Gross rents currently $5,210/mo ($65,680/yr) with approx. 9.37% cap rate
- All units have individual kitchens; independently keyed for tenant privacy
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$26,185
Cap Rate
4.59%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$523,700
$523.7K
Cap Rate 7%
$374,071
$374.1K
Cap Rate 9%
$290,944
$290.9K
Market Conditions
NOI Build-Up for 1,768 SF
Gross rent
$50.9K $28.80/SF
− Vacancy
−$3.3K −$1.87/SF
EGI
$47.6K $26.93/SF
− OpEx
−$21.4K −$12.12/SF
NOI
$26.2K $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%
$523,700
Cap Rate 7%
$374,071
Cap Rate 9%
$290,944
Alternative Uses
Best Use
Apartment 5plus
$374.1K
$327.3K – $436.4K
NOI $26,185 @ 7.0% cap · market cap 4.59%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$585.2K
$512.1K – $682.8K
NOI $40,966 @ 7.0% cap · market cap 7.19%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Lease Details
5
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,761
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
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - Income-producing multifamily building offers independently keyed kitchens, updated units, and coin-op laundry.
Where is this apartment building located?
The property is located at 2515 Oakes Ave Everett, WA.
What is the asking price?
The asking price for this property is $569,999.
What are key features of this property?
This property features: Approved triplex used as a 5‑plex with the upper level split into 3 studio units that share a bathroom; Gross rents currently $5,210/mo ($65,680/yr) with approx. 9.37% cap rate; All units have individual kitchens; independently keyed for tenant privacy
