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 Market216
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:
John L. Scott, Inc
(541) 730-4830
Listed By:
Amber Kurtz
(541) 971-1864
Source:
Premierepropertygroup
Added: Feb 3
Changed: Sep 7
Last Checked: Sep 7 at 5:08AM
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, Inc
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 = 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
$26,185
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
4.59%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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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
