Everett Multifamily Property For
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8830 3rd Ave SE, Everett, WA 98208
14-unit multifamily property built in 2000 in Everett, Washington.
Property Size14,070 SF
Price / SF$230.26
Days on Market176
Property Features for 8830 3rd Ave SE
General Information
Standard status
Active
Size
14,070 SF
Total Parking Spaces
21
Property subtype
Multifamily
Zoning
R3
Occupancy
95%
Investment Type
Stabilized
Net Operating Income
$195,359
Building Details
Year Built
2000
Buildings
1
Stories
3
Units
14
Listing Agency:
Sperry Commercial
Listed By:
Ted Wood · License #WA 131981
Source:
Crexi
Added: Feb 27
Changed: Aug 8
Last Checked: Aug 21 at 6:19PM
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 Sperry Commercial
Investment Insights
Based on property information with market context.
This multifamily property, constructed in 2000, features 14 large units, each with 2 bedrooms and 2 bathrooms. The property is located in Everett, Washington and has a total size of 14,070 square feet.
Key Highlights
- 14 Large 2BR 2BA Units
- Prime Everett Location
- Built in 2000
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
$208,382
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
6.43%
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%
$4,167,640
$4.2M
Cap Rate 7%
$2,976,886
$3.0M
Cap Rate 9%
$2,315,356
$2.3M
Market Conditions
NOI Build-Up for 14,070 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
$405.2K $28.80/SF
− Vacancy
−$26.3K −$1.87/SF
EGI
$378.9K $26.93/SF
− OpEx
−$170.5K −$12.12/SF
NOI
$208.4K $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%
$4,167,640
Cap Rate 7%
$2,976,886
Cap Rate 9%
$2,315,356
Alternative Uses
Best Use
Apartment 5plus
$2.98M
$2.60M – $3.47M
NOI $208,382 @ 7.0% cap · market cap 6.43%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.66M
$4.08M – $5.43M
NOI $326,010 @ 7.0% cap · market cap 10.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
854
Businesses Nearby
Explore this area
Business Placement
Demographics for 98208, WA
60,019
Population
22,534
Households
2.7
Avg Household Size
37
Median Age
34%
College-Educated
91%
High-School Grad
15.2 sq mi
ZIP Area
3,949
Density / Sq Mi
$102,546
Median Household Income
$53,626
Median Earnings
$1,859
Median Rent
$641,300
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 - 14-unit multifamily property built in 2000 in Everett, Washington.
Where is this apartment building located?
The property is located at 8830 3rd Ave SE Everett, WA.
What is the asking price?
The asking price for this property is $3,239,780.
What are key features of this property?
This property features: 14 Large 2BR 2BA Units; Prime Everett Location; Built in 2000
