2112 Madison St Everett, WA 98203-5376

Property Details for 2112 Madison St

Year built

1995

Construction

WOOD

Lot size

0.21 lot acres

Property size

5,644 SF

Zone code

B-1

Property type

Office buildings

APN

545001800600

APU

545001800600

Description

This exceptional mixed-use property, located at 2112 Madison St in Everett, WA, presents a compelling investment opportunity. The 5,644 square foot building, constructed in 1995, boasts a desirable B1 zoning classification and sits on a 0.21-acre lot (APN: 00545001800600). Currently operating at 90% occupancy with 12 tenants, the property includes three residential units (two 2-bed/2-bath units of 1000 sq ft each, and one 1-bed/1-bath unit of 812 sq ft) and approximately 3000 sq ft of commercial space divided into six leased offices. The building features two gas furnaces and two A/C units. The current Net Operating Income (NOI) is $60,165, yielding a 4.30% cap rate. However, a pro-forma analysis projects a significantly higher NOI of $108,565 and a 7.75% cap rate, suggesting substantial value-add potential. The asking price is $1,400,000, representing a price per unit of $350,000. The property benefits from excellent signage and visibility, a large rear parking lot, and a prime location near downtown Everett, major transportation arteries (including easy I-5 access), public transit, shopping, and entertainment. The building is well-maintained and offers low maintenance costs. The property is free and clear. This stabilized investment offers significant upside potential through potential consolidation of the commercial space.

Location Insight

City

Everett

County

Snohomish

State

Washington

Longitude

-122.204

Latitude

47.936

CBSA code

42660

CBSA name

SEATTLE-TACOMA-BELLEVUE, WA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments