109 Casino RdEverett, WA 98208

Property Details for 109 Casino Rd

Year built

1979

Property size (Sq ft)

9,702 SF

Property type

Residential income properties

Property subtype

Multifamily properties

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.

Location Insight

City

Everett

County

Snohomish

State

Washington

Latitude

47.9219

Longitude

-122.236

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