Property Details

For sale a compelling Owner-User or Value-Add investment opportunity in Everett, Washington. The Property is currently occupied by two major tenants, each with lease provisions allowing termination on 180 days’ notice, providing a future owner with exceptional flexibility to maintain existing income, reposition the asset, or ultimately occupy the building as an owner-user. Offered at $165/SF, the Property presents a compelling entry point relative to replacement cost and comparable Everett assets. The offering reflects a 5.55% going-in cap rate, increasing to a 6.30% true in-place cap rate beginning January 1, 2027. Additionally, current rents of approximately $9.72/SF remain well below estimated market rents of approximately $12–$14/SF, providing embedded rent growth and supporting long-term NOI expansion. The Property is zoned Mixed Urban (MU), one of Everett’s most flexible and desirable zoning designations. MU zoning allows for a broad range of uses, including commercial, office, residential, and mixed-use development, enhancing intrinsic value and positioning the asset to evolve alongside Everett’s continued urban growth. Strategically located along Everett’s primary north–south corridor with immediate access to Interstate 5, the Property benefits from strong visibility, excellent regional connectivity, and commuter accessibility. The surrounding trade area is supported by affluent demographics, with a population exceeding 132,000 residents within a five-mile radius and average household incomes in excess of $102,000, providing a strong economic foundation that supports tenant demand and long-term income durability. The Property also benefits from its location in Washington State, which offers no personal income tax, enhancing after-tax returns for both investors and owner-users.