Upgraded Triplex With Detached
For Sale
$649,950
5305 S 3rd Ave, Everett, WA 98203
Three upgraded units are configured for full occupancy or an owner-occupant arrangement with rental units.
Property Size1,888 SF
Price / SF$344.25
Days on Market64
Property Features for 5305 S 3rd Ave
General Information
Standard status
Active
Size
1,888 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Additional Details
Multifamily Units
3
Building Details
Year Built
1925
Listing Agency:
New Horizon Realty LLC
(360) 691-9297
Listed By:
Monte A. Bates
Source:
Viewhomesinpugetsound
Added: Jun 26
Changed: Aug 28
Last Checked: Aug 28 at 12:18PM
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 New Horizon Realty LLC
Investment Insights
Based on property information with market context.
This triplex contains three upgraded residential units within an 1,888-square-foot property built in 1925. The units are prepared for move-in, allowing the property to be operated with all residences rented or with an owner living in one unit while leasing the remaining two.
A detached two-car garage adds separate accessory space to the property. The building is situated in Everett’s Lowell neighborhood at 5305 S 3rd Ave, in a private setting within the area.
A detached two-car garage adds separate accessory space to the property. The building is situated in Everett’s Lowell neighborhood at 5305 S 3rd Ave, in a private setting within the area.
Key Highlights
- Three‑unit residential property with 1,888 square feet
- Units are upgraded and ready for move‑in
- Detached two‑car garage
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
$31,249
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
4.81%
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%
$624,980
$625.0K
Cap Rate 7%
$446,414
$446.4K
Cap Rate 9%
$347,211
$347.2K
Market Conditions
NOI Build-Up for 1,888 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
$47.6K $25.20/SF
− Vacancy
−$2.9K −$1.55/SF
EGI
$44.6K $23.65/SF
− OpEx
−$13.4K −$7.09/SF
NOI
$31.2K $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%
$624,980
Cap Rate 7%
$446,414
Cap Rate 9%
$347,211
Alternative Uses
Best Use
Multifamily LT 5
$446.4K
$390.6K – $520.8K
NOI $31,249 @ 7.0% cap · market cap 4.81%
Second Best
Apartment 5plus
$399.5K
$349.5K – $466.0K
NOI $27,962 @ 7.0% cap · market cap 4.30%
Theoretical Best
Office A
$624.9K
$546.8K – $729.1K
NOI $43,746 @ 7.0% cap · market cap 6.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
137
Businesses Nearby
Explore this area
Business Placement
Demographics for 98203, WA
37,491
Population
14,848
Households
2.5
Avg Household Size
39
Median Age
34%
College-Educated
91%
High-School Grad
11.8 sq mi
ZIP Area
3,177
Density / Sq Mi
$101,505
Median Household Income
$55,176
Median Earnings
$1,761
Median Rent
$575,300
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?
Triplex - Three upgraded units are configured for full occupancy or an owner-occupant arrangement with rental units.
Where is this triplex located?
The property is located at 5305 S 3rd Ave Everett, WA.
What is the asking price?
The asking price for this property is $649,950.
What are key features of this property?
This property features: Three‑unit residential property with 1,888 square feet; Units are upgraded and ready for move‑in; Detached two‑car garage
