Mixed-Use Opportunity in Growing
For Sale
$1,100,000
Pending
615 Cedar Ave, Marysville, WA 98270
Mixed-use property with multi-family potential in a growing area.
Property Size8,261 SF
Days on Market736
Property Features for 615 Cedar Ave
General Information
Standard status
Pending
Size
8,261 SF
Property subtype
Commercial
Building Details
Year Built
1978
Listing Agency:
KW COMMERCIAL GSWA MCI LLC
Listed By:
MELISSA JOHNSON · License #105175
(425) 765-3568
Source:
Corcoran
Added: Oct 25, 2024
Changed: Oct 26
Last Checked: Oct 28 at 8:38AM
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 KW COMMERCIAL GSWA MCI LLC
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This mixed-use property presents an opportunity in a growing area. Zoned MU (Mixed Use), permitted uses include multi-family housing, shared family/senior housing, daycare, office, and civic purposes. The three-story building previously contained 10 units, and the interior has been taken down to post and beam. A buyer could either tear down the existing structure to construct a new building for an approved/permitted use or update the interior to suit their needs. On-site amenities include a garage, playground, storage shed, picnic area, and garden area. The property is surrounded by multi-family residences, single-family residences, grocery stores, and shopping malls. It is located minutes from the I-5 Freeway and within walking distance of the City of Marysville building. The property size is 8261 square feet.
Key Highlights
- Mixed Use (MU) Zoning allows for diverse development options.
- Customize to your needs: renovate or build new.
- Convenient location near grocery stores, shopping malls, and I‑5.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$93,122
Cap Rate
8.47%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,862,440
$1.9M
Cap Rate 7%
$1,330,314
$1.3M
Cap Rate 9%
$1,034,689
$1.0M
Market Conditions
NOI Build-Up for 8,261 SF
Gross rent
$165.6K $20.04/SF
− Vacancy
−$16.6K −$2.00/SF
EGI
$149.0K $18.04/SF
− OpEx
−$55.9K −$6.76/SF
NOI
$93.1K $11.27/SF
Area
Snohomish County, WA
Vacancy
10.00%
Lease Rate
$20.04 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,862,440
Cap Rate 7%
$1,330,314
Cap Rate 9%
$1,034,689
Alternative Uses
Best Use
Apartment 5plus
$1.77M
$1.54M – $2.06M
NOI $123,562 @ 7.0% cap · market cap 11.23%
Second Best
Mixed Use
$1.33M
$1.16M – $1.55M
NOI $93,122 @ 7.0% cap · market cap 8.47%
Theoretical Best
Office A
$2.30M
$2.02M – $2.69M
NOI $161,270 @ 7.0% cap · market cap 14.66%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,406
Businesses Nearby
Explore this area
Business Placement
Demographics for 98270, WA
51,969
Population
19,840
Households
2.6
Avg Household Size
37
Median Age
23%
College-Educated
93%
High-School Grad
14.3 sq mi
ZIP Area
3,634
Density / Sq Mi
$102,258
Median Household Income
$50,619
Median Earnings
$1,845
Median Rent
$540,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-use property with multi-family potential in a growing area.
Where is this mixed-use property located?
The property is located at 615 Cedar Ave Marysville, WA.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Mixed Use (MU) Zoning allows for diverse development options.; Customize to your needs: renovate or build new.; Convenient location near grocery stores, shopping malls, and I‑5.
