Updated Four-Unit Apartment
For Sale
$1,200,000
3217 Norton, Everett, WA 98201
Residential income property with renovated interiors, shared laundry, tenant storage, and alley access.
Property Size3,632 SF
Price / SF$330.40
Days on Market27
Property Features for 3217 Norton
General Information
Standard status
Active
Size
3,632 SF
Total Parking Spaces
4
Property subtype
Multi-family
Units
Unit Mix
3 x 2BR/1BA, 1 x 3BR/1BA
Multifamily Units
4
Additional Details
Public Transit
Yes
Amenities
shared laundry room
Building Details
Year Built
1963
Buildings
1
Listing Agency:
Columbia Partners Real Estate
(206) 829-8130
Listed By:
Jessica L Brown
(425) 205-2135
Source:
Skylineproperties
Added: Jul 29
Changed: Aug 24
Last Checked: Aug 23 at 5:57AM
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 Columbia Partners Real Estate
Investment Insights
Based on property information with market context.
This four-unit apartment property at 3217 Norton Ave includes three two-bedroom, one-bath residences and one three-bedroom, one-bath residence. Interior work has included refreshed paint, renovated kitchens and bathrooms, and luxury vinyl plank flooring in several units. A shared laundry room provides tenant storage, while the property also includes a four-car carport and alley access.
A new sewer line was installed in October 2025 between the building and the city connection, and the exterior has been freshly painted. The property is within walking distance of downtown Everett and near Providence Everett Pacific Campus, Naval Station Everett, the Everett waterfront, shopping, dining, and transit.
A new sewer line was installed in October 2025 between the building and the city connection, and the exterior has been freshly painted. The property is within walking distance of downtown Everett and near Providence Everett Pacific Campus, Naval Station Everett, the Everett waterfront, shopping, dining, and transit.
Key Highlights
- Three 2‑bedroom/1‑bath units and one 3‑bedroom/1‑bath unit
- New sewer line installed in October 2025 from beneath the building to the city connection
- Renovated kitchens and bathrooms in several units
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
$60,115
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
5.01%
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%
$1,202,300
$1.2M
Cap Rate 7%
$858,786
$858.8K
Cap Rate 9%
$667,944
$667.9K
Market Conditions
NOI Build-Up for 3,632 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
$91.5K $25.20/SF
− Vacancy
−$5.6K −$1.55/SF
EGI
$85.9K $23.65/SF
− OpEx
−$25.8K −$7.09/SF
NOI
$60.1K $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%
$1,202,300
Cap Rate 7%
$858,786
Cap Rate 9%
$667,944
Alternative Uses
Best Use
Multifamily LT 5
$858.8K
$751.4K – $1.00M
NOI $60,115 @ 7.0% cap · market cap 5.01%
Second Best
Apartment 5plus
$768.4K
$672.4K – $896.5K
NOI $53,791 @ 7.0% cap · market cap 4.48%
Theoretical Best
Office A
$1.20M
$1.05M – $1.40M
NOI $84,155 @ 7.0% cap · market cap 7.01%
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 - Residential income property with renovated interiors, shared laundry, tenant storage, and alley access.
Where is this quadplex located?
The property is located at 3217 Norton Everett, WA.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Three 2‑bedroom/1‑bath units and one 3‑bedroom/1‑bath unit; New sewer line installed in October 2025 from beneath the building to the city connection; Renovated kitchens and bathrooms in several units
