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 Market727
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: Oct 19 at 7:08AM
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 COMPASS WASHINGTON, LLC
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
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 / Yr
$36,474
Cap Rate
5.22%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in West region
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.
