Fourplex with Covered Garage
For Sale
Contact for pricing
3406 OAKES AVE, Everett, WA 98201
Purpose-built fourplex with four 2-bedroom units and under-building covered garage parking.
Property Size3,744 SF
Price / SF$240.38
Days on Market49
Property Features for 3406 OAKES AVE
General Information
Standard status
Active
Size
3,744 SF
Class
B
Total Parking Spaces
4
Property subtype
Multifamily
Zoning
R3
Occupancy
100%
Investment Type
Value Add
Net Operating Income
$46,095
Building Details
Year Built
1985
Year Renovated
2007
Buildings
1
Stories
2
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 24 at 3:03PM
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.
3406 Oakes Ave is a purpose-built fourplex in Everett offering four spacious 2-bedroom units. Each unit includes functional features such as dishwashers and in-unit washer/dryer hookups. Interiors are dated but serviceable, supporting continued operation while updates can be made gradually over time.
A standout amenity is the under-building garage parking, with four covered spaces and an automatic garage door, along with additional alley and street parking. The property is positioned near Downtown Everett, Everett Station, Providence Regional Medical Center, and offers convenient access to I-5.
From a practical standpoint, this is a manageable four-unit multifamily asset with normal wear-and-tear, covered parking for residents, and a notable exterior deck system that is at the end of its useful life and should be repaired or replaced.
A standout amenity is the under-building garage parking, with four covered spaces and an automatic garage door, along with additional alley and street parking. The property is positioned near Downtown Everett, Everett Station, Providence Regional Medical Center, and offers convenient access to I-5.
From a practical standpoint, this is a manageable four-unit multifamily asset with normal wear-and-tear, covered parking for residents, and a notable exterior deck system that is at the end of its useful life and should be repaired or replaced.
Key Highlights
- Purpose‑built 4‑plex built in 1985 with four 2‑bedroom units
- Each unit is approximately 950 SF with functional layouts and dishwasher plus in‑unit washer/dryer hookups
- Under‑building garage parking with 4 covered spaces and an automatic garage door
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
$61,969
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
6.89%
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%
$1,239,380
$1.2M
Cap Rate 7%
$885,271
$885.3K
Cap Rate 9%
$688,544
$688.5K
Market Conditions
NOI Build-Up for 3,744 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
$94.3K $25.20/SF
− Vacancy
−$5.8K −$1.55/SF
EGI
$88.5K $23.65/SF
− OpEx
−$26.6K −$7.09/SF
NOI
$62.0K $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%
$1,239,380
Cap Rate 7%
$885,271
Cap Rate 9%
$688,544
Alternative Uses
Best Use
Multifamily LT 5
$885.3K
$774.6K – $1.03M
NOI $61,969 @ 7.0% cap · market cap 6.89%
Second Best
Apartment 5plus
$792.1K
$693.1K – $924.2K
NOI $55,450 @ 7.0% cap · market cap 6.16%
Theoretical Best
Office A
$1.24M
$1.08M – $1.45M
NOI $86,751 @ 7.0% cap · market cap 9.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
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
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 - Purpose-built fourplex with four 2-bedroom units and under-building covered garage parking.
Where is this quadplex located?
The property is located at 3406 OAKES AVE Everett, WA.
What is the asking price?
The asking price for this property is $900,000.
What are key features of this property?
This property features: Purpose‑built 4‑plex built in 1985 with four 2‑bedroom units; Each unit is approximately 950 SF with functional layouts and dishwasher plus in‑unit washer/dryer hookups; Under‑building garage parking with 4 covered spaces and an automatic garage door
