109 Casino Rd Everett, WA 98208
- Commercial real estate
- 9,702 SF
Current Use by Public Records
- Commercial real estate
Property Details for 109 Casino Rd
- Year built
- 1979
- Property size
- 9,702 SF
- Property type
- Commercial real estate
Description
This exceptional investment opportunity presents a 12-unit apartment building in Everett, WA, offering a compelling return. The property comprises three, two-story buildings totaling 9,702 square feet on a 21,780 square foot lot. Built in 1977 and 1979, the complex features twelve spacious 808 sq ft, two-bedroom, one-bathroom units, each with sub-metered water. All three buildings boast new roofs and a common laundry area for added tenant convenience. Currently operating at 100% occupancy, the property generates a strong NOI of $151,477, representing a 6.31% cap rate. Pro-forma projections indicate a potential NOI of $184,222 and a 7.68% cap rate. The asking price is $2,400,000, or $200,000 per unit. This stabilized, Class B multifamily investment is situated at 109 Casino Rd, Everett, WA 98208, in Snohomish County, and is offered free and clear. The property's strong performance, combined with its prime location in a growing area, makes it an attractive investment prospect. The Everett area benefits from a diverse economy, including aerospace, manufacturing, and technology sectors, contributing to job stability and growth potential. This, coupled with the property's excellent condition and high occupancy rate, positions this investment for continued success and appreciation.
Value Estimation
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- Everett
- County
- Snohomish
- State
- Washington
- Longitude
- -122.23574904941
- Latitude
- 47.921859303277
