Turnkey Multifamily Income
2515 Oakes Ave Everett, WA 98201
For Sale
$569,999
Income-producing multifamily building offers independently keyed kitchens, updated units, and coin-op laundry.
Property Size1,768 SF
Price / SF$322.40
Days on Market170
Property Features for 2515 Oakes Ave
General Information
- Standard status
- Active
- Size
- 1,768 SF
- Property subtype
- Multi-Family
Building Details
- Year Built
- 1904
Listing Agency:
BCR LLC
(541) 971-1864
Listed By:
Amber Kurtz
(541) 971-1864
Source:
Premierepropertygroup
Added: Feb 3
Changed: Jul 23
Last Checked: Jul 23 at 4:23AM
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 BCR LLC
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 For Apartment 5plus
Simulate Cap Rate and NOI
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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $50.9k | $28.80 |
| − Vacancy | −$3.3k | −$1.87 |
| EGI | $47.6k | $26.93 |
| − OpEx | −$21.4k | −$12.12 |
| NOI | $26.2k | $14.81 |
1,768 SF · lease $28.80/SF/yr · vacancy 6.50% · expense 45.00%
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 local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Apartment buildings
FAQs
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
