2920 Hewitt AveEverett, WA 98201

Property Details for 2920 Hewitt Ave

Year built

1896

Construction

TYPE NOT SPECIFIED

Lot size

0.23 AC

Property size (Sq ft)

9,840 SF

Zone code

C-1

Property type

Retail space

APN

593669500100

APU

593669500100

Description

This exceptional mixed-use property, known as the Gable Building, presents a compelling investment opportunity in the thriving Everett, WA market. Comprising three buildings constructed between 1896 and 1910, this stabilized investment boasts a total of 28,494 square feet, with 26,516 square feet of net rentable space. Currently operating at 90% occupancy, the property generates a strong NOI of $176,111, with a pro-forma NOI projected at $252,840, reflecting a potential for significant growth. The asking price is $3,000,000, representing a current cap rate of 5.87% and a pro-forma cap rate of 8.43%. The property features a mix of retail, office, and multifamily units, offering diverse income streams. Situated on four parcels totaling 0.48 acres, the property includes 21 parking spaces. The convenient location on Hewitt Ave in Everett, WA (zip code 98201), offers excellent visibility from I-5 and proximity to Kaiser Permanente. The property's Class C designation and below-market lease rates present an opportunity for value enhancement through lease adjustments and potential redevelopment. APN numbers are 00593669502902, 00593669500100, 00593669500400, and 00593669500500. This is a rare chance to acquire a well-positioned mixed-use asset with substantial upside potential in a dynamic market.

• CAP approach

  CAP return

  Valuation

  6%

  $3,901,660

  6.5%

  $3,601,532

  7%

  $3,344,280

• Comparable approach

  Method

  Valuation

  Relative Method

  $7,537,564

  Geo Method

  $4,775,368

• Alternative Use

  Use

  Valuation

  Residential

  $3,038,027

  Hospitality

  $2,782,816

  Educational

  $2,315,271

  Medical

  $2,394,896

  Retail

  $3,601,532

Location Insight

City

Everett

County

Snohomish

State

Washington

Latitude

47.9788

Longitude

-122.191

CBSA code

42660

CBSA name

SEATTLE-TACOMA-BELLEVUE, WA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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