North Everett Investment
3323 Oakes Ave Everett, WA 98201
3323 Oakes Ave, Everett, WA, 98201
$2,200,000
For Sale
$2,200,000
Investment property in North Everett with cash flow potential.
Property Size9,200 SF
Price / SF$239.13
Days on Market344
Property Features for 3323 Oakes Ave
General Information
- Standard status
- Active
- Size
- 9,200 SF
- Property subtype
- Commercial
Building Details
- Year Built
- 1980
Listing Agency
KIDDER MATHEWS
(206) 296-9610
Listed by
DAN SWANSON · License #13533
Source
Corcoran
Added: Aug 8, 2025 Checked: Jul 17 at 2:43 am
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 KIDDER MATHEWS
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.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $265.0k | $28.80 |
| − Vacancy | −$17.2k | −$1.87 |
| EGI | $247.7k | $26.93 |
| − OpEx | −$111.5k | −$12.12 |
| NOI | $136.3k | $14.81 |
9,200 SF · lease $28.80/SF/yr · vacancy 6.50% · expense 45.00%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
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FAQs
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.
