Everett Commercial Property with
For Sale
$1,270,000
Pending
6915 Evergreen Way, Everett, WA 98203
Two-parcel commercial property in high-traffic area with strong growth potential.
Property Size2,923 SF
Lot Size0.24 Acres
Days on Market207
Property Features for 6915 Evergreen Way
General Information
Standard status
Pending
Size
2,923 SF
Lot size
0.24 Acres
Taxes and HOA fees
Annual Taxes
$9,901
Listing Agency:
Lumin Brokers of Washington
(855) 586-4692
Listed By:
Rich Kim · License #50106
(855) 586-4692
Source:
Exprealty
Added: Jan 26
Changed: Aug 20
Last Checked: Aug 21 at 10:58AM
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 Lumin Brokers of Washington
Investment Insights
Based on property information with market context.
Located in the Madison area of Everett, this commercial property includes two parcels, featuring a combined 2,923 square feet. The property consists of 2,139 square feet of retail space in the front and a 784-square-foot vacant office building in the back. Each space has separate access. There are 27 parking spaces available on the property, which is situated on a lot that is shy of half an acre. The property is zoned for flexible use and has strong growth potential. It benefits from high visibility near the intersection of Madison and Evergreen. The current rents are below market value, which presents upside potential for investors or owner-users.
Key Highlights
- High‑traffic location in the Madison area of Everett.
- Combined 2,923 SF of commercial space with separate retail and office buildings.
- Ample parking with 27 total spaces.
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
$48,905
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
3.85%
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%
$978,100
$978.1K
Cap Rate 7%
$698,643
$698.6K
Cap Rate 9%
$543,389
$543.4K
Market Conditions
NOI Build-Up for 2,923 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
$77.2K $26.40/SF
− Vacancy
−$12.0K −$4.09/SF
EGI
$65.2K $22.31/SF
− OpEx
−$16.3K −$5.58/SF
NOI
$48.9K $16.73/SF
Area
Everett, WA
Vacancy
15.50%
Lease Rate
$26.40 /SF/Yr
Expense Ratio
25.00%
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%
$978,100
Cap Rate 7%
$698,643
Cap Rate 9%
$543,389
Alternative Uses
Best Use
Office B
$698.6K
$611.3K – $815.1K
NOI $48,905 @ 7.0% cap · market cap 3.85%
Second Best
Retail
$603.0K
$527.6K – $703.5K
NOI $42,207 @ 7.0% cap · market cap 3.32%
Theoretical Best
Office A
$967.5K
$846.6K – $1.13M
NOI $67,728 @ 7.0% cap · market cap 5.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
681
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 Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Retail space - Two-parcel commercial property in high-traffic area with strong growth potential.
Where is this retail space located?
The property is located at 6915 Evergreen Way Everett, WA.
What is the asking price?
The asking price for this property is $1,270,000.
What are key features of this property?
This property features: High‑traffic location in the Madison area of Everett.; Combined 2,923 SF of commercial space with separate retail and office buildings.; Ample parking with 27 total spaces.
