Office Building with Covered
New
For Sale
$620,000
3325 Wetmore Ave, Everett, WA 98201
UR7 zoning allows office, commercial, and multifamily residential uses, with development entitlements up to seven stories.
Property Size1,900 SF
Lot Size0.14 Acres
Price / SF$326.32
Days on Market6
Property Features for 3325 Wetmore Ave
General Information
Standard status
Active
Size
1,900 SF
Total Parking Spaces
3
Lot size
0.14 Acres
Zoning
UR7
Building Details
Buildings
1
Building Size
1,900 SF
Tenancy
Single
Owner Occupied
Yes
Listing Agency:
eXp Realty
(888) 317-5197
Listed By:
Aaron Yoon
(425) 635-8288
Source:
Exprealty
Added: Sep 21
Changed: Sep 26
Last Checked: Sep 26 at 2:17PM
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 eXp Realty
Investment Insights
Based on property information with market context.
This approximately 1,900-square-foot office building is currently occupied by the owner and used as a law office. The property has three covered parking spaces, and possession is available at closing. Its 6,098-square-foot lot is zoned UR7, which allows office, commercial, and multifamily residential uses, with entitlements up to seven stories.
In downtown Everett, the property is within walking distance of Broadway and Hewitt Avenue. The existing office use can continue, or the site can be considered for another use permitted under its zoning.
In downtown Everett, the property is within walking distance of Broadway and Hewitt Avenue. The existing office use can continue, or the site can be considered for another use permitted under its zoning.
Key Highlights
- Approximately 1,900 square feet of office space
- 6,098‑square‑foot lot with UR7 zoning
- Entitlements allow development up to 7 stories
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
$31,789
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
5.13%
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%
$635,780
$635.8K
Cap Rate 7%
$454,129
$454.1K
Cap Rate 9%
$353,211
$353.2K
Market Conditions
NOI Build-Up for 1,900 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
$50.2K $26.40/SF
− Vacancy
−$7.8K −$4.09/SF
EGI
$42.4K $22.31/SF
− OpEx
−$10.6K −$5.58/SF
NOI
$31.8K $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 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%
$635,780
Cap Rate 7%
$454,129
Cap Rate 9%
$353,211
Alternative Uses
Best Use
Office B
$454.1K
$397.4K – $529.8K
NOI $31,789 @ 7.0% cap · market cap 5.13%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$628.9K
$550.3K – $733.7K
NOI $44,024 @ 7.0% cap · market cap 7.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
3,754
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in West region
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Frequently Asked Questions
What type of property is this?
Office building - UR7 zoning allows office, commercial, and multifamily residential uses, with development entitlements up to seven stories.
Where is this office building located?
The property is located at 3325 Wetmore Ave Everett, WA.
What is the asking price?
The asking price for this property is $620,000.
What are key features of this property?
This property features: Approximately 1,900 square feet of office space; 6,098‑square‑foot lot with UR7 zoning; Entitlements allow development up to 7 stories
