Four-Unit
For Sale
$1,115,000
514 124TH Unit 1-4, Everett, WA 98204
Fully occupied residential property with on-site coin laundry and separate electric meters for each unit.
Property Size3,568 SF
Lot Size0.22 Acres
Price / SF$312.50
Days on Market43
Property Features for 514 124TH Unit 1-4
General Information
Standard status
Active
Size
3,568 SF
Total Parking Spaces
11
Lot size
0.22 Acres
Property subtype
Multi-family
Occupancy
100%
Site & Location
Highway Access
Yes
Road Access
Yes
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Amenities
coin laundry
deck
patio
partially fenced
mountain view
Building Details
Year Built
1978
Buildings
1
Stories
2
Construction
wood frame
Listing Agency:
Real Broker LLC
Listed By:
Mina Mina Farag
(425) 742-1515
Source:
Century21northhomes
Added: Aug 24
Changed: Oct 4
Last Checked: Oct 4 at 9:54AM
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 Real Broker LLC
Investment Insights
Based on property information with market context.
Built in 1978, this two-story quadplex contains four matching apartments, each with two bedrooms, one bathroom, and 892 square feet. The wood-frame building sits on a poured-concrete foundation and slab and totals 3,568 square feet. Baseboard and wall heating serve the units. Leases run for 12 months, with expiration dates staggered into 2027.
The 9,583-square-foot parcel includes 11 parking spaces, four beneath carports that also offer storage. Additional features include coin-operated laundry, a deck, a patio, partial fencing, and a mountain view. Residents pay their own electricity and garbage costs; water and sewer are owner-paid.
The property is on a dead-end street, minutes from Interstate 5, Mariner Park and Ride, and the Boeing Everett campus at Paine Field.
The 9,583-square-foot parcel includes 11 parking spaces, four beneath carports that also offer storage. Additional features include coin-operated laundry, a deck, a patio, partial fencing, and a mountain view. Residents pay their own electricity and garbage costs; water and sewer are owner-paid.
The property is on a dead-end street, minutes from Interstate 5, Mariner Park and Ride, and the Boeing Everett campus at Paine Field.
Key Highlights
- Four apartments, each with 2 bedrooms, 1 bathroom, and 892 square feet
- 3,568‑square‑foot building constructed in 1978
- 11 parking spaces, including four covered carports with storage
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
$59,056
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
5.30%
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%
$1,181,120
$1.2M
Cap Rate 7%
$843,657
$843.7K
Cap Rate 9%
$656,178
$656.2K
Market Conditions
NOI Build-Up for 3,568 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
$89.9K $25.20/SF
− Vacancy
−$5.5K −$1.55/SF
EGI
$84.4K $23.65/SF
− OpEx
−$25.3K −$7.09/SF
NOI
$59.1K $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%
$1,181,120
Cap Rate 7%
$843,657
Cap Rate 9%
$656,178
Alternative Uses
Best Use
Multifamily LT 5
$843.7K
$738.2K – $984.3K
NOI $59,056 @ 7.0% cap · market cap 5.30%
Second Best
Apartment 5plus
$754.9K
$660.6K – $880.7K
NOI $52,844 @ 7.0% cap · market cap 4.74%
Theoretical Best
Office A
$1.18M
$1.03M – $1.38M
NOI $82,673 @ 7.0% cap · market cap 7.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
100%
Occupancy
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
346
Businesses Nearby
Explore this area
Business Placement
Demographics for 98204, WA
44,810
Population
18,914
Households
2.4
Avg Household Size
34
Median Age
22%
College-Educated
87%
High-School Grad
7.2 sq mi
ZIP Area
6,224
Density / Sq Mi
$66,592
Median Household Income
$44,349
Median Earnings
$1,732
Median Rent
$386,300
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 - Fully occupied residential property with on-site coin laundry and separate electric meters for each unit.
Where is this quadplex located?
The property is located at 514 124TH Unit 1-4 Everett, WA.
What is the asking price?
The asking price for this property is $1,115,000.
What are key features of this property?
This property features: Four apartments, each with 2 bedrooms, 1 bathroom, and 892 square feet; 3,568‑square‑foot building constructed in 1978; 11 parking spaces, including four covered carports with storage
