Triplex With Rear Development
New
For Sale
$1,135,000
5615 Beverly Lane, Everett, WA 98203
The updated, fully occupied property includes site work and planning materials for a proposed second triplex.
Property Size2,040 SF
Price / SF$556.37
Days on Market4
Property Features for 5615 Beverly Lane
General Information
Standard status
Active
Size
2,040 SF
Total Parking Spaces
8
Property subtype
Residential Income
Occupancy
100%
Site & Location
Neighborhood
View Ridge-Madison
Additional Details
Land Use
residential
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$4,881
Amenities
Brick
Wood
Building Details
Building Size
2,040 SF
Year Built
1958
Stories
2
Units
3
Tenancy
Multi
Listing Agency:
Frost Home Team
Listed By:
Stephanie Frost
(206) 391-5298
Source:
Frosthometeam
Added: Oct 22
Changed: Oct 23
Last Checked: Oct 23 at 1:51PM
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 Frost Home Team
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Investment Insights
Based on property information with market context.
This 2,040-square-foot triplex, built in 1958, is fully occupied. Recent work includes roof replacement, new gutters, exterior painting, and an asphalt driveway. The site also features mature landscaping and off-street parking.
Plans outline a possible second triplex at the rear, with three two-story, townhome-style DADUs of approximately 850 square feet each and attached garages. Architectural plans are about 90% complete; structural engineering and the property survey are complete. Any development proposal remains subject to buyer verification.
Plans outline a possible second triplex at the rear, with three two-story, townhome-style DADUs of approximately 850 square feet each and attached garages. Architectural plans are about 90% complete; structural engineering and the property survey are complete. Any development proposal remains subject to buyer verification.
Key Highlights
- Fully occupied triplex with 2,040 square feet
- Built in 1958; recent work includes a new roof, gutters, exterior paint, and asphalt driveway
- Proposed rear development includes 3 two‑story DADUs at approximately 850 SF each, with attached garages
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$33,765
Cap Rate
2.97%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$675,300
$675.3K
Cap Rate 7%
$482,357
$482.4K
Cap Rate 9%
$375,167
$375.2K
Market Conditions
NOI Build-Up for 2,040 SF
Gross rent
$51.4K $25.20/SF
− Vacancy
−$3.2K −$1.55/SF
EGI
$48.2K $23.65/SF
− OpEx
−$14.5K −$7.09/SF
NOI
$33.8K $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 Rate 5%
$675,300
Cap Rate 7%
$482,357
Cap Rate 9%
$375,167
Alternative Uses
Best Use
Multifamily LT 5
$482.4K
$422.1K – $562.8K
NOI $33,765 @ 7.0% cap · market cap 2.97%
Second Best
Apartment 5plus
$431.6K
$377.7K – $503.6K
NOI $30,213 @ 7.0% cap · market cap 2.66%
Theoretical Best
Office A
$675.3K
$590.9K – $787.8K
NOI $47,268 @ 7.0% cap · market cap 4.16%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
233
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Triplex - The updated, fully occupied property includes site work and planning materials for a proposed second triplex.
Where is this triplex located?
The property is located at 5615 Beverly Lane Everett, WA.
What is the asking price?
The asking price for this property is $1,135,000.
What are key features of this property?
This property features: Fully occupied triplex with 2,040 square feet; Built in 1958; recent work includes a new roof, gutters, exterior paint, and asphalt driveway; Proposed rear development includes 3 two‑story DADUs at approximately 850 SF each, with attached garages
