Everett Turn-Key Investment
For Sale
$699,000
3113 Oakes Ave, Everett, WA 98201
Remodeled 1901 property near courthouse with redevelopment potential.
Property Size2,180 SF
Price / SF$320.64
Days on Market682
Property Features for 3113 Oakes Ave
General Information
Standard status
Active
Size
2,180 SF
Building Details
Year Built
1901
Listing Agency:
COMPASS WASHINGTON, LLC
Listed By:
CAITLIN SULLIVAN
Source:
Corcoran
Added: Oct 23, 2024
Changed: Mar 16
Last Checked: Jul 23 at 7:09AM
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 COMPASS WASHINGTON, LLC
Investment Insights
Based on property information with market context.
This property, originally built in 1901, has been remodeled and presents a turn-key investment opportunity or a prime redevelopment prospect in Everett. The current configuration allows for use as five separate offices, plus a reception area, with kitchens and bathrooms on each floor. Alternatively, it is set up as a multi-family duplex property, featuring a 2-bed, 1-bath main floor unit and a 3-bed, 1-bath upper unit. The property includes 480 square feet of storage space below. Located near the Snohomish County Courthouse, the property benefits from a high-demand location and includes six off-street parking spaces and a view deck off the main floor. The property has flexible Mixed Urban Zoning through the City of Everett, allowing up to 25 floors in building height for future redevelopment. The total property size is 2180 square feet.
Key Highlights
- Prime redevelopment opportunity with flexible Mixed Urban Zoning allowing up to 25 floors.
- Turn‑key investment property with recent studs‑out remodel.
- High demand location near the Snohomish County Courthouse.
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
$36,474
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
5.22%
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%
$729,480
$729.5K
Cap Rate 7%
$521,057
$521.1K
Cap Rate 9%
$405,267
$405.3K
Market Conditions
NOI Build-Up for 2,180 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
$57.6K $26.40/SF
− Vacancy
−$8.9K −$4.09/SF
EGI
$48.6K $22.31/SF
− OpEx
−$12.2K −$5.58/SF
NOI
$36.5K $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%
$729,480
Cap Rate 7%
$521,057
Cap Rate 9%
$405,267
Alternative Uses
Best Use
Office B
$521.1K
$455.9K – $607.9K
NOI $36,474 @ 7.0% cap · market cap 5.22%
Second Best
Multifamily LT 5
$515.5K
$451.0K – $601.4K
NOI $36,083 @ 7.0% cap · market cap 5.16%
Theoretical Best
Office A
$721.6K
$631.4K – $841.9K
NOI $50,512 @ 7.0% cap · market cap 7.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,378
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
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Frequently Asked Questions
What type of property is this?
Office units - Remodeled 1901 property near courthouse with redevelopment potential.
Where is this office units located?
The property is located at 3113 Oakes Ave Everett, WA.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: Prime redevelopment opportunity with flexible Mixed Urban Zoning allowing up to 25 floors.; Turn‑key investment property with recent studs‑out remodel.; High demand location near the Snohomish County Courthouse.
