113 Casino Rd Everett, WA 98204
- Commercial real estate
- 0.57 lot acres
Current Use by Public Records
- Commercial real estate
Property Details for 113 Casino Rd
- Year built
- 2001
- Lot size
- 0.57 lot acres
- Property type
- Commercial real estate
Description
This exceptional investment opportunity presents a 13-unit apartment building situated on a 0.57-acre lot in Everett, Washington. The property, known as Cascade View, consists of two buildings totaling 12,200 net rentable square feet, constructed in 2001, and zoned UR4. Currently featuring 13 two-bedroom units, each with an open floor plan, ample storage, and in-unit washer/dryer, the property offers significant value-add potential. In-place rents are below market rate, allowing for substantial rental premium increases—up to $415 per unit—following renovations. The property benefits from its proximity to major employers, including the Boeing Everett Production Facility (less than 3 miles away), Amazon, and Funko distribution centers. Its location is also advantageous due to its half-mile distance from the planned Evergreen Light Rail Station, scheduled to open in 2037, promising further rental growth. The asking price is $3,000,000, translating to approximately $230,769.23 per unit. This presents a compelling opportunity to capitalize on the strong rental demand and positive leasing trends in Everett's thriving multifamily market. The property's professionally managed status ensures smooth operations and efficient management. The high concentration of renter-occupied housing in Everett (48%) further underscores the investment potential of this property. This is a chance to acquire a well-positioned asset poised for significant appreciation in a rapidly developing area.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Everett
- County
- Snohomish
- State
- Washington
- Longitude
- -122.2357071
- Latitude
- 47.9227319
