Investment Overview

Originally constructed in 1920, Madrona on Rucker is a twenty-nine-unit apartment community centrally located in the Bayside neighborhood of Everett. Blocks away is the Waterfront Place redevelopment project. This 65-acre mixed use development is anticipated to support 2,075 family-wage jobs as well as massive demand drivers for Madrona on Rucker’s tenant base through 67,000 SF of retail and restaurant space and 447,000 SF of office space. Beautiful units coupled with proximity to major employers and recreation opportunities make Madrona on Rucker an ideal place to call home. Madrona on Rucker consists of 14 spacious studios averaging ±450 SF and 15 large one-bedrooms averaging ±675 SF. All units have been extensively renovated in the last two years consisting of LVP flooring throughout, new carpet in the bedrooms, stainless steel appliances, white shaker cabinets, and quartz countertops. This offering presents an excellent opportunity to purchase a multifamily building with strong appeal, while being able to take advantage of remaining rental upside. At a purchase price of $6,000,000, Madrona on Rucker offers outstanding price per pound metrics at under $207,000 per unit. An incoming investor can acquire a stable investment in one of Washington’s fastest-growing submarkets.