Grand Ave Fourplex with
For Sale
Contact for pricing
3210 Grand Ave, Everett, WA 98201
1915-built fourplex updated with electrical and plumbing, offering two 2-bed and two 1-bed units plus partially finished basement laundry.
Property Size3,316 SF
Price / SF$248.79
Days on Market49
Property Features for 3210 Grand Ave
General Information
Standard status
Active
Size
3,316 SF
Property subtype
Multifamily
Zoning
Multi-Family
Occupancy
95%
Investment Type
Value Add
Net Operating Income
$39,725
Additional Details
Multifamily Units
4
Building Details
Year Built
1915
Year Renovated
1980
Buildings
1
Units
4
Tenancy
Multi
Listing Agency:
Crain Real Estate
(425) 482-6100
Listed By:
Corey Crain · License #WA 26492
Source:
Crexi
Added: Jul 9
Changed: Aug 24
Last Checked: Aug 25 at 12:58PM
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 Crain Real Estate
Investment Insights
Based on property information with market context.
This well-positioned Grand Ave fourplex was originally built in 1915 with an effective year built of 1980. The property includes two 2-bedroom units and two 1-bedroom units. Unit sizes are approximately 1,000 SF, 860 SF, 800 SF, and 650 SF. Upper units are described as having city, mountain, and territorial views.
Updates include upgraded electrical and copper plumbing. A large, partially finished basement adds functional common-area income opportunities, with coin-op laundry and individual storage lockers for each unit, plus a separate toilet/bathroom area. The basement also features an oversized fenced storage area with potential for additional monthly income.
Additional exterior and system updates include a roof replacement in 2019. The result is a clean, practical Everett residential income property with multiple income sources and room to further optimize basement and storage revenue potential.
Updates include upgraded electrical and copper plumbing. A large, partially finished basement adds functional common-area income opportunities, with coin-op laundry and individual storage lockers for each unit, plus a separate toilet/bathroom area. The basement also features an oversized fenced storage area with potential for additional monthly income.
Additional exterior and system updates include a roof replacement in 2019. The result is a clean, practical Everett residential income property with multiple income sources and room to further optimize basement and storage revenue potential.
Key Highlights
- 1915‑built Everett fourplex with effective year built of 1980 and updated electrical and plumbing
- Unit mix includes two 2‑bedroom units and two 1‑bedroom units (approx. 1,000 SF, 860 SF, 800 SF, and 650 SF)
- Partially finished basement offers coin‑op laundry income plus individual storage lockers for each unit
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
$54,885
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
6.65%
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%
$1,097,700
$1.1M
Cap Rate 7%
$784,071
$784.1K
Cap Rate 9%
$609,833
$609.8K
Market Conditions
NOI Build-Up for 3,316 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
$83.6K $25.20/SF
− Vacancy
−$5.2K −$1.55/SF
EGI
$78.4K $23.65/SF
− OpEx
−$23.5K −$7.09/SF
NOI
$54.9K $16.55/SF
Area
Everett, WA
Vacancy
6.17%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
30.00%
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%
$1,097,700
Cap Rate 7%
$784,071
Cap Rate 9%
$609,833
Alternative Uses
Best Use
Multifamily LT 5
$784.1K
$686.1K – $914.8K
NOI $54,885 @ 7.0% cap · market cap 6.65%
Second Best
Apartment 5plus
$701.6K
$613.9K – $818.5K
NOI $49,111 @ 7.0% cap · market cap 5.95%
Theoretical Best
Office A
$1.10M
$960.4K – $1.28M
NOI $76,834 @ 7.0% cap · market cap 9.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
3,271
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?
Quadplex - 1915-built fourplex updated with electrical and plumbing, offering two 2-bed and two 1-bed units plus partially finished basement laundry.
Where is this quadplex located?
The property is located at 3210 Grand 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: 1915‑built Everett fourplex with effective year built of 1980 and updated electrical and plumbing; Unit mix includes two 2‑bedroom units and two 1‑bedroom units (approx. 1,000 SF, 860 SF, 800 SF, and 650 SF); Partially finished basement offers coin‑op laundry income plus individual storage lockers for each unit
