Renovated Apartment Building with In-Unit
For Sale
$4,850,000
7234 47TH, Marysville, WA 98270
Renovated multifamily property with in-unit washers and dryers in every unit and ample on-site parking.
Property Size16,240 SF
Price / SF$298.65
Days on Market129
Property Features for 7234 47TH
General Information
Standard status
Active
Size
16,240 SF
Property subtype
Multi-family
Additional Details
Cap Rate
6.91%
Highway Access
Yes
Amenities
renovated apartment homes
in-unit washers and dryers
fresh exterior paint
updated signage
ample on-site parking
Building Details
Year Built
1967
Listing Agency:
Paragon Real Estate Advisors
Listed By:
Tanner Fogle
(360) 568-3105
Source:
Century21northhomes
Added: Jun 17
Changed: Oct 21
Last Checked: Oct 20 at 10:52PM
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 Paragon Real Estate Advisors
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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.
The Cove Apartments is a multifamily property featuring renovated apartment homes and in-unit washers and dryers in every unit. The property has also received fresh exterior paint and updated signage, with ample on-site parking for residents.
The building is located near major roadways, including Interstate 5, State Route 529, and State Route 9, providing convenient access to employment centers throughout Snohomish County and the greater Seattle area.
The asset is currently producing in-place cash flow and is described as having undergone significant interior and exterior upgrades aimed at supporting ongoing tenant demand.
The building is located near major roadways, including Interstate 5, State Route 529, and State Route 9, providing convenient access to employment centers throughout Snohomish County and the greater Seattle area.
The asset is currently producing in-place cash flow and is described as having undergone significant interior and exterior upgrades aimed at supporting ongoing tenant demand.
Key Highlights
- Renovated multifamily property (Year built 1967) with in‑unit washers and dryers in every unit
- 6.91% in‑place cap rate currently operating
- Recent capital improvements include renovated apartment homes and fresh exterior paint
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$242,906
Cap Rate
5.01%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,858,120
$4.9M
Cap Rate 7%
$3,470,086
$3.5M
Cap Rate 9%
$2,698,956
$2.7M
Market Conditions
NOI Build-Up for 16,240 SF
Gross rent
$477.5K $29.40/SF
− Vacancy
−$35.8K −$2.21/SF
EGI
$441.6K $27.20/SF
− OpEx
−$198.7K −$12.24/SF
NOI
$242.9K $14.96/SF
Area
Snohomish County, WA
Vacancy
7.50%
Lease Rate
$29.40 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,858,120
Cap Rate 7%
$3,470,086
Cap Rate 9%
$2,698,956
Alternative Uses
Best Use
Apartment 5plus
$3.47M
$3.04M – $4.05M
NOI $242,906 @ 7.0% cap · market cap 5.01%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.53M
$3.96M – $5.28M
NOI $317,034 @ 7.0% cap · market cap 6.54%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,363
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
Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - Renovated multifamily property with in-unit washers and dryers in every unit and ample on-site parking.
Where is this apartment building located?
The property is located at 7234 47TH Marysville, WA.
What is the asking price?
The asking price for this property is $4,850,000.
What are key features of this property?
This property features: Renovated multifamily property (Year built 1967) with in‑unit washers and dryers in every unit; 6.91% in‑place cap rate currently operating; Recent capital improvements include renovated apartment homes and fresh exterior paint
