Updated Duplex with Extra
For Sale
Contact for pricing
6015 Dexter Avenue, Everett, WA 98203
A fully occupied Everett duplex with remodeled units and major 2022–2025 exterior and plumbing upgrades.
Property Size2,812 SF
Price / SF$326.99
Days on Market72
Property Features for 6015 Dexter Avenue
General Information
Standard status
Active
Size
2,812 SF
Class
B
Property subtype
Multifamily
Occupancy
100%
Net Operating Income
$49,118
Additional Details
Business Included
Yes
Multifamily Units
2
Building Details
Year Built
1990
Year Renovated
2025
Buildings
1
Units
2
Tenancy
Multi
Listing Agency:
HomeSmart Real Estate Associates
(206) 523-7653
Listed By:
Jason Stricevich · License #119920
Source:
Crexi
Added: Jun 12
Changed: Aug 8
Last Checked: Aug 21 at 8:24AM
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 HomeSmart Real Estate Associates
Investment Insights
Based on property information with market context.
This updated Everett duplex is fully occupied and has benefited from substantial improvements. Major upgrades include a new roof, gutters, and exterior paint completed in 2022, along with a full PEX re-pipe in 2024. The driveway was widened to provide extra parking. Unit A features 3 bedrooms and 2 bathrooms and includes a 2-car garage; it was remodeled in 2022 with new appliances, flooring, cabinets, and updated surfaces. Unit B offers 3 bedrooms and 1 bathroom and was remodeled in 2025 with similar finishes.
Located at 6015 Dexter Avenue, the property sits close to everyday needs and community amenities, including Madison Elementary (about three blocks away). It is also approximately one mile to shopping and groceries, and about two miles to Forest Park.
For buyers seeking a turn-key, owner-occupied or investor-friendly duplex setup, the combination of fully remodeled interiors and recent building systems work supports straightforward day-to-day ownership. With stable tenants and a strong rental history referenced in the offering, the property presents as an income-producing multifamily asset designed to require less immediate maintenance.
Located at 6015 Dexter Avenue, the property sits close to everyday needs and community amenities, including Madison Elementary (about three blocks away). It is also approximately one mile to shopping and groceries, and about two miles to Forest Park.
For buyers seeking a turn-key, owner-occupied or investor-friendly duplex setup, the combination of fully remodeled interiors and recent building systems work supports straightforward day-to-day ownership. With stable tenants and a strong rental history referenced in the offering, the property presents as an income-producing multifamily asset designed to require less immediate maintenance.
Key Highlights
- Fully occupied Everett duplex built in 1990, with strong rental history and stable tenants
- Major exterior upgrades: new roof, gutters, and exterior paint completed in 2022
- Full PEX re‑pipe completed in 2024
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
$46,543
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
5.06%
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%
$930,860
$930.9K
Cap Rate 7%
$664,900
$664.9K
Cap Rate 9%
$517,144
$517.1K
Market Conditions
NOI Build-Up for 2,812 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
$70.9K $25.20/SF
− Vacancy
−$4.4K −$1.55/SF
EGI
$66.5K $23.65/SF
− OpEx
−$19.9K −$7.09/SF
NOI
$46.5K $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%
$930,860
Cap Rate 7%
$664,900
Cap Rate 9%
$517,144
Alternative Uses
Best Use
Multifamily LT 5
$664.9K
$581.8K – $775.7K
NOI $46,543 @ 7.0% cap · market cap 5.06%
Second Best
Apartment 5plus
$595.0K
$520.6K – $694.1K
NOI $41,647 @ 7.0% cap · market cap 4.53%
Theoretical Best
Office A
$930.8K
$814.5K – $1.09M
NOI $65,156 @ 7.0% cap · market cap 7.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
728
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?
Duplex - A fully occupied Everett duplex with remodeled units and major 2022–2025 exterior and plumbing upgrades.
Where is this duplex located?
The property is located at 6015 Dexter Avenue Everett, WA.
What is the asking price?
The asking price for this property is $919,500.
What are key features of this property?
This property features: Fully occupied Everett duplex built in 1990, with strong rental history and stable tenants; Major exterior upgrades: new roof, gutters, and exterior paint completed in 2022; Full PEX re‑pipe completed in 2024
