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Multifamily

The Marnice Apartments

1031 75th St SE, Everett, WA 98203

Listing Price: $12,250,000

Cap Rate
6.06%
Number of Units
58
Occupancy
95.0%
Price/Unit
$211,207
Price/Gross SF
$274.85
Gross SF
44,570

Investment Overview

Value-add investment opportunity in Seattle MSA.

Investment Highlights

  • Value-add opportunity: ability to renovate units and raise rents by approximately $200 to market level
  • Attractive mix of one- and two-bedroom homes averaging ±768 square feet
  • Additional upside: ability to implement other income revenue streams such as utility bill-backs and pet charges
  • Within 10 minutes of Boeing's main production facility, Everett at Paine Field; home to 30,000+ jobs
  • Recent updates to building including fresh exterior paint and new double pane vinyl windows
  • Easy access to I-5 and major employers in Everett, Seattle, and Bellevue all within 30 minutes
  • Long-term ownership: first time on the market in 15+ years
  • Potential portfolio sale with the Rainier Townhomes (24 units) in Everett, WA

Exclusively Listed By

Financing By

Multifamily

The Marnice Apartments

Listing Price: $12,250,000

Cap Rate
6.06%
Number of Units
58
Occupancy
95.0%
Price/Unit
$211,207
Price/Gross SF
$274.85
Gross SF
44,570

Investment Highlights

  • Value-add opportunity: ability to renovate units and raise rents by approximately $200 to market level
  • Attractive mix of one- and two-bedroom homes averaging ±768 square feet
  • Additional upside: ability to implement other income revenue streams such as utility bill-backs and pet charges
  • Within 10 minutes of Boeing's main production facility, Everett at Paine Field; home to 30,000+ jobs
  • Recent updates to building including fresh exterior paint and new double pane vinyl windows
  • Easy access to I-5 and major employers in Everett, Seattle, and Bellevue all within 30 minutes
  • Long-term ownership: first time on the market in 15+ years
  • Potential portfolio sale with the Rainier Townhomes (24 units) in Everett, WA

Investment Overview

Value-add investment opportunity in Seattle MSA.

Exclusively Listed By

Financing By

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