Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    Property profile & analytics

    2920 Hewitt Ave Everett, WA 98201-3822

    • Retail space
    • 9,840 SF
    • 0.23 lot acres
    OFF-MARKET
    Value Estimations
    $405,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US90-0019457
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Escape Everett / Escape Room Center

    Property Details for 2920 Hewitt Ave

    Year built
    1896
    Construction
    TYPE NOT SPECIFIED
    Lot size
    0.23 lot acres
    Property size
    9,840 SF
    Zone code
    C-1
    Property type
    Retail space
    APN
    593669500100
    APU
    593669500100

    Description

    This exceptional mixed-use property, known as the Gable Building, presents a compelling investment opportunity in the thriving Everett, WA market. Comprising three buildings constructed between 1896 and 1910, this stabilized investment boasts a total of 28,494 square feet, with 26,516 square feet of net rentable space. Currently operating at 90% occupancy, the property generates a strong NOI of $176,111, with a pro-forma NOI projected at $252,840, reflecting a potential for significant growth. The asking price is $3,000,000, representing a current cap rate of 5.87% and a pro-forma cap rate of 8.43%. The property features a mix of retail, office, and multifamily units, offering diverse income streams. Situated on four parcels totaling 0.48 acres, the property includes 21 parking spaces. The convenient location on Hewitt Ave in Everett, WA (zip code 98201), offers excellent visibility from I-5 and proximity to Kaiser Permanente. The property's Class C designation and below-market lease rates present an opportunity for value enhancement through lease adjustments and potential redevelopment. APN numbers are 00593669502902, 00593669500100, 00593669500400, and 00593669500500. This is a rare chance to acquire a well-positioned mixed-use asset with substantial upside potential in a dynamic market.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $405,000

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Everett
    County
    Snohomish
    State
    Washington
    Longitude
    -122.191
    Latitude
    47.9788
    CBSA code
    42660
    CBSA name
    SEATTLE-TACOMA-BELLEVUE, WA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $13,952
    $331,000
    $1,368,000
    $1,699,000
    -
    $331,000
    $1,368,000
    $1,699,000

    Comparable in this City

    • Value Estimation
      $270,000
      0.04 Acres

      Everett, WA 98201

      RETAIL STORES (PERSONAL SERVICES) • 0.04 Acres
      Everett, WA 98201
      View Details
    • Value Estimation
      $260,000
      140 SF

      Everett, WA 98201

      RETAIL STORES (PERSONAL SERVICES) • 140 SF
      Everett, WA 98201
      View Details
    • Value Estimation
      $580,000
      1,200 SF

      3209 Rucker Ave

      RETAIL STORES (PERSONAL SERVICES) • 1,200 SF
      3209 Rucker Ave, Everett, WA 98201-4224
      View Details
    • Value Estimation
      $320,000
      2,736 SF

      2928 Rucker Ave

      RETAIL STORES (PERSONAL SERVICES) • 2,736 SF
      2928 Rucker Ave, Everett, WA 98201-3930
      View Details
    • Value Estimation
      $305,000
      1,200 SF

      2920 Rucker Ave

      RETAIL STORES (PERSONAL SERVICES) • 1,200 SF
      2920 Rucker Ave, Everett, WA 98201-3930
      View Details
    • Value Estimation
      $640,000
      2,900 SF

      3017 Rucker Ave

      RETAIL STORES (PERSONAL SERVICES) • 2,900 SF
      3017 Rucker Ave, Everett, WA 98201
      View Details

    Similar Nearby for Sale

    • $650,000
      1,829 SF

      Everett Retail Space on Broadway

      1,829 SF retail building on Broadway in Everett.
      1716 Broadway, Everett, WA 98201
      View Details
    • $1,100,000
      2,256 SF

      Downtown Everett Commercial Asset

      High-visibility commercial property in Downtown Everett's transforming urban district.
      1418 Hewitt Ave, Everett, WA 98201
      View Details
    • $2,200,000
      11,876 SF

      Mixed-Use Property in Downtown Everett

      Mixed-use property with commercial units and apartments in downtown Everett.
      2512 Colby Ave, Everett, WA 98201
      View Details
    • $5,200,000
      19,768 SF

      Mixed-Use Asset in Downtown Everett

      Fully leased 17-unit mixed-use property with recent capital improvements.
      1313 Hewitt Ave, Everett, WA 98201
      View Details
    • $3,500,000

      Downtown Everett Redevelopment Opportunity

      Prime commercial parcel in Everett's urban core for sale.
      1316 Wall St, Everett, WA 98201
      View Details
    • $2,450,000

      Land Redevelopment Opportunity

      Land available for redevelopment in excellent location.
      1420 Hewitt Ave, Everett, WA 98201
      View Details

    Similar Nearby for Lease

    • $25 SF/Yr
      1,665 SF

      Retail Space on Colby Avenue

      Retail space for lease with built-out rooms and parking.
      2522 Colby Ave, Everett, WA 98201
      View Details
    • $10 SF/Yr
      8,790 SF

      Rucker Avenue Retail/Office Space

      Large space suitable for gym, retail, or office use.
      1411 Wall St, Everett, WA 98201
      View Details
    • $18 SF/Yr
      7,156 SF

      Retail/Warehouse Space Available For Rent

      7156 SF retail/warehouse space with parking and easy access.
      2202 Everett Ave, Everett, WA 98201
      View Details
    • Contact for pricing
      2,105 SF

      High-Visibility Commercial Space on Colby Avenue

      Adaptable 2,105 sq ft space in Everett's Port Gardner district.
      3731 Colby Ave, Everett, WA 98201
      View Details
    • Contact for pricing
      1,066 SF

      Retail Space in Everett, WA

      Retail space available for lease in Everett, Washington.
      3625 Broadway, Everett, WA 98201
      View Details
    • $19,050 /Mo
      15,810 SF

      Mixed-Use Building in Downtown Everett

      Standalone building with warehouse, office, showroom, and basement spaces.
      2812 Rucker Ave, Everett, WA 98201
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    2920 Hewitt Ave
    Everett, WA 98201-3822
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.