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2531 Wetmore Ave, Everett, WA 98201
Office Units
Property Size3,000 SF
Price / SF$275
Days on Market173
Property Features for 2531 Wetmore Ave
General Information
Standard status
Active
Size
3,000 SF
Property subtype
Office
Zoning
Zone B-3
Building Details
Year Built
1959
Listing Agency:
Northland Real Estate
(425) 422-4699
Listed By:
Kyle Stevens · License #WA
Source:
Crexi
Added: Feb 25
Changed: Aug 8
Last Checked: Aug 16 at 11:47PM
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 Northland Real Estate
Investment Insights
Based on property information with market context.
Key Highlights
- High‑visibility corner lot in revitalized downtown Everett corridor.
- Flexible B‑3 zoning allows for commercial or residential conversion.
- Renovated 3000 sq. ft. space with updated electrical, heat pump, windows, doors, fixtures, and flooring (2018).
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
$50,193
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
6.08%
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%
$1,003,860
$1.0M
Cap Rate 7%
$717,043
$717.0K
Cap Rate 9%
$557,700
$557.7K
Market Conditions
NOI Build-Up for 3,000 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
$79.2K $26.40/SF
− Vacancy
−$12.3K −$4.09/SF
EGI
$66.9K $22.31/SF
− OpEx
−$16.7K −$5.58/SF
NOI
$50.2K $16.73/SF
Area
Everett, WA
Vacancy
15.50%
Lease Rate
$26.40 /SF/Yr
Expense Ratio
25.00%
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%
$1,003,860
Cap Rate 7%
$717,043
Cap Rate 9%
$557,700
Alternative Uses
Best Use
Office B
$717.0K
$627.4K – $836.6K
NOI $50,193 @ 7.0% cap · market cap 6.08%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$993.0K
$868.9K – $1.16M
NOI $69,512 @ 7.0% cap · market cap 8.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,979
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 Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
Where is this office units located?
The property is located at 2531 Wetmore Ave Everett, WA.
What is the asking price?
The asking price for this property is $825,000.
What are key features of this property?
This property features: High‑visibility corner lot in revitalized downtown Everett corridor.; Flexible B‑3 zoning allows for commercial or residential conversion.; Renovated 3000 sq. ft. space with updated electrical, heat pump, windows, doors, fixtures, and flooring (2018).
