3830 Colby AveEverett, WA 98201

Property Details for 3830 Colby Ave

Year built

1978

Construction

WOOD

Lot size

0.17 AC

Property size (Sq ft)

1,869 SF

Zone code

FR

Property type

Medical offices

Property subtype

Medical centers

APN

411300301700

APU

411300301700

Description

This exceptional investment opportunity presents a 0.31-acre commercial property located at 3830 Colby Avenue in Everett, Washington, currently priced at $2,890,000. The property encompasses four lots and two tax parcels, offering significant development potential. Approved plans are in place for a seven-story mixed-use building comprising 54 residential units and two commercial office spaces. This project is shovel-ready, meaning it's prepared for immediate construction, pending permit payment. The building design incorporates a thoughtfully planned three-entrance garage for optimal space utilization, accessible from Colby Avenue, 39th Street, and an alleyway. The property's urban location offers convenient access to public transportation, with a bus stop directly in front. It's also within close proximity to downtown Everett, Interstate 5, various shops, and restaurants. The existing structure is currently used as a medical building (dentistry), presenting a potential business opportunity. This could involve leasing the existing practice, collaborating with the current tenant, or establishing a separate off-site agreement. Detailed plans and specifications are available upon request. The building boasts beautiful views, making it an attractive proposition for both residents and businesses. This is a rare chance to acquire a prime development site in a thriving urban area.

• CAP approach

  CAP return

  Valuation

  6%

  $505,756

  6.5%

  $466,852

  7%

  $433,505

• Comparable approach

  Method

  Valuation

  Relative Method

  $501,198

  Geo Method

  $359,932

• Alternative Use

  Use

  Valuation

  Residential Income

  $578,896

  Hospitality / Lodging

  $530,266

  Institutional / Educational

  $441,175

  Healthcare / Senior Housing

  $456,348

  Retail / Commercial

  $686,272

Location Insight

City

Everett

County

Snohomish

State

Washington

Latitude

47.9662

Longitude

-122.209

CBSA code

42660

CBSA name

SEATTLE-TACOMA-BELLEVUE, WA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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