Mixed-Use Redevelopment
For Sale
$2,300,000
6325 Evergreen Way, Everett, WA 98203
Redevelopment assemblage with existing retail storefronts and apartments, zoned MU-7 for potential mid-rise mixed-use development.
Property Size11,895 SF
Price / SF$193.36
Days on Market95
Property Features for 6325 Evergreen Way
General Information
Standard status
Active
Size
11,895 SF
Property subtype
Multi-Family
Zoning
MU-7
Additional Details
Cap Rate
6%
Traffic Count
30,000 vehicles/day
Multifamily Units
16
Building Details
Year Built
1968
Stories
7
Tenancy
Multi
Listing Agency:
KW Everett
Listed By:
Aaron Byrne
Source:
Lifestylehomeswithmel
Added: Jun 5
Changed: Sep 4
Last Checked: Sep 7 at 12:58PM
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 Everett
Investment Insights
Based on property information with market context.
The offering is a two-parcel assemblage presented for Everett redevelopment, combining a main building with an additional development parcel. The asset includes 16 existing units along with retail storefronts and apartments. The property’s description also notes underutilized basement and storage areas intended to support additional income with limited capital outlay.
The combined parcel is zoned MU-7 (Mixed Urban, 7-Story), located in Everett’s high-density growth corridor on a high-visibility arterial with 30,000+ VPD. The remarks state the site is steps from a future Sound Transit Light Rail station, aligning it with the city’s stated blueprint for higher-density development.
For buyers, this configuration supports both current income through the existing residential and retail units and redevelopment planning under the MU-7 framework described in the materials. The assemblage structure, as presented, provides depth beyond a single-lot site and is positioned to accommodate a higher-density, mid-rise mixed-use concept consistent with the stated zoning and corridor planning. This is a specialized fit for investors and developers focused on assembling and repositioning multifamily and retail income assets within an identified TOD-oriented growth area.
The combined parcel is zoned MU-7 (Mixed Urban, 7-Story), located in Everett’s high-density growth corridor on a high-visibility arterial with 30,000+ VPD. The remarks state the site is steps from a future Sound Transit Light Rail station, aligning it with the city’s stated blueprint for higher-density development.
For buyers, this configuration supports both current income through the existing residential and retail units and redevelopment planning under the MU-7 framework described in the materials. The assemblage structure, as presented, provides depth beyond a single-lot site and is positioned to accommodate a higher-density, mid-rise mixed-use concept consistent with the stated zoning and corridor planning. This is a specialized fit for investors and developers focused on assembling and repositioning multifamily and retail income assets within an identified TOD-oriented growth area.
Key Highlights
- Two‑parcel assemblage in Everett with 16 existing units including retail storefronts and apartments
- In‑place 6.00% cap rate reported on the main parcel at $2,090,000
- Main building year built: 1968
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
$176,170
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
7.66%
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%
$3,523,400
$3.5M
Cap Rate 7%
$2,516,714
$2.5M
Cap Rate 9%
$1,957,444
$2.0M
Market Conditions
NOI Build-Up for 11,895 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
$342.6K $28.80/SF
− Vacancy
−$22.3K −$1.87/SF
EGI
$320.3K $26.93/SF
− OpEx
−$144.1K −$12.12/SF
NOI
$176.2K $14.81/SF
Area
Everett, WA
Vacancy
6.50%
Lease Rate
$28.80 /SF/Yr
Expense Ratio
45.00%
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%
$3,523,400
Cap Rate 7%
$2,516,714
Cap Rate 9%
$1,957,444
Alternative Uses
Best Use
Apartment 5plus
$2.52M
$2.20M – $2.94M
NOI $176,170 @ 7.0% cap · market cap 7.66%
Second Best
Retail
$2.45M
$2.15M – $2.86M
NOI $171,759 @ 7.0% cap · market cap 7.47%
Theoretical Best
Office A
$3.94M
$3.45M – $4.59M
NOI $275,614 @ 7.0% cap · market cap 11.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
16
Residential units
30,000 VPD
Traffic count
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
701
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?
Apartment building - Redevelopment assemblage with existing retail storefronts and apartments, zoned MU-7 for potential mid-rise mixed-use development.
Where is this apartment building located?
The property is located at 6325 Evergreen Way Everett, WA.
What is the asking price?
The asking price for this property is $2,300,000.
What are key features of this property?
This property features: Two‑parcel assemblage in Everett with 16 existing units including retail storefronts and apartments; In‑place 6.00% cap rate reported on the main parcel at $2,090,000; Main building year built: 1968
