North Everett Investment
For Sale
$2,200,000
Pending
3323 Oakes Ave, Everett, WA 98201
Investment property in North Everett with cash flow potential.
Property Size9,200 SF
Days on Market435
Property Features for 3323 Oakes Ave
General Information
Standard status
Pending
Size
9,200 SF
Property subtype
Commercial
Building Details
Year Built
1980
Listing Agency:
VIRGIL ADAMS REAL ESTATE, INC.
Listed By:
DAN SWANSON · License #13533
(206) 296-9610
Source:
Corcoran
Added: Aug 8, 2025
Changed: Oct 13
Last Checked: Oct 14 at 11:24PM
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 VIRGIL ADAMS REAL ESTATE, INC.
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Investment Insights
Based on property information with market context.
Royal Oakes is an apartment building in North Everett, near the Everett Waterfront, Everett Station, Everett Community College, Boeing, and the Naval Station. Constructed in 1980, this Snohomish County apartment building presents an investment opportunity with immediate cash flow and potential upside through rent increases and unit renovations. The property features a unit mix of six 2-bedroom/1-bath apartments, two 2-bedroom/2-bath units, and four 1-bedroom/1-bath units. Recent upgrades include two roofs.
Key Highlights
- Strategically located near Everett Waterfront, Everett Station, Everett Community College, Boeing, and Naval Station.
- Offers immediate cash flow with potential for increased rent in 2026.
- Potential to increase cap rate above 8% with basic renovations.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$136,256
Cap Rate
6.19%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,725,120
$2.7M
Cap Rate 7%
$1,946,514
$1.9M
Cap Rate 9%
$1,513,956
$1.5M
Market Conditions
NOI Build-Up for 9,200 SF
Gross rent
$265.0K $28.80/SF
− Vacancy
−$17.2K −$1.87/SF
EGI
$247.7K $26.93/SF
− OpEx
−$111.5K −$12.12/SF
NOI
$136.3K $14.81/SF
Area
Everett, WA
Vacancy
6.50%
Lease Rate
$28.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,725,120
Cap Rate 7%
$1,946,514
Cap Rate 9%
$1,513,956
Alternative Uses
Best Use
Apartment 5plus
$1.95M
$1.70M – $2.27M
NOI $136,256 @ 7.0% cap · market cap 6.19%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.05M
$2.66M – $3.55M
NOI $213,169 @ 7.0% cap · market cap 9.69%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
3,522
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
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - Investment property in North Everett with cash flow potential.
Where is this apartment building located?
The property is located at 3323 Oakes Ave Everett, WA.
What is the asking price?
The asking price for this property is $2,200,000.
What are key features of this property?
This property features: Strategically located near Everett Waterfront, Everett Station, Everett Community College, Boeing, and Naval Station.; Offers immediate cash flow with potential for increased rent in 2026.; Potential to increase cap rate above 8% with basic renovations.
