2112 Madison StEverett, WA 98203

Property Details for 2112 Madison St

Year built

1995

Construction

WOOD

Lot size

0.21 AC

Property size (Sq ft)

5,644 SF

Zone code

B-1

Property type

Office properties

Property subtype

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.

• CAP approach

  CAP return

  Valuation

  6%

  $1,522,383

  6.5%

  $1,405,277

  7%

  $1,304,900

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,715,625

  Geo Method

  $1,086,922

• Alternative Use

  Use

  Valuation

  Residential

  $1,742,543

  Hospitality

  $1,596,160

  Educational

  $1,327,987

  Medical

  $1,373,658

  Retail

  $2,065,757

Location Insight

City

Everett

County

Snohomish

State

Washington

Latitude

47.936

Longitude

-122.204

CBSA code

42660

CBSA name

SEATTLE-TACOMA-BELLEVUE, WA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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