6325 Evergreen Way, Everett, WA 98203
- $2,300,000
Listing courtesy of KW Everett.
- List Price
- $2,300,000
- Status
- ACTIVE
- MLS#
- 2475831
- Price Change
- ▼ $100,000 1778132904
- Days on Market
- 166
- Annual Tax Ammount
- 11541
Property Description
PRICE ADJUSTMENT - EVERETT 2044 REDEVELOPMENT | MU-7 (7-STORY) | 6.00% CAP RATE A rare 2-parcel assemblage in Everett's highest-velocity growth corridor — offered at $2,30,000 ($2,090,000 main building + $210,000 development parcel). This combined footprint is a textbook Covered Land Play: bankable cash flow today, transformational upside tomorrow. CASH FLOW + VALUE-ADD: 16 existing units — retail storefronts and apartments — deliver a proven 6.00% in-place cap rate at $2,090,000 against the main parcel. Rents sit materially below market, creating an immediate path to compress that gap and drive NOI higher from day one. Underutilized basement and storage areas represent untapped income with minimal capital outlay. THE ASSEMBLAGE ADVANTAGE: Two parcels deliver the depth and scale single-lot sites simply cannot replicate. The development parcel alone represents significant value at $310,000 for a 3,000 SF lot in this corridor. Unlock maximum Floor Area Ratio, optimized parking configurations, and institutional-grade mid-rise construction potential under Everett's new TOD mandates. This footprint is purpose-built for what's coming. EVERETT 2044 VISION: Zoned MU-7 (Mixed Urban, 7-Story) in Everett's designated high-density growth corridor. Positioned on a high-visibility arterial with 30,000+ VPD, steps from the future Sound Transit Light Rail station. The city's blueprint for density is written — this parcel is inside it.
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Additional Information
- Community
- Evergreen
- Style
- 61 - Comm Bldg Ovr 10K
- Year Built
- 1968
- # of Assigned Spaces
- 14
- Roof
- Built-Up
- Tax Year
- 2025
- Potential Terms
- Cash, Conventional, See Remarks
- Driving Directions
- Evergreen Way to property. GPS works. Parking available at front side on Evergreen.
- Energy Source
- Electric
- Net Operating Income
- $125,232
- Cap Rate
- 5
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