Property Details
6325 Evergreen Way
Everett, WA 98203
$2,300,000
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Property Overview
PRICE ADJUSTMENT -EVERETT 2044 REDEVELOPMENT | MU-7 (7-STORY) | 6.00% CAP RATE A rare 2-parcel assemblage in Everett's highest-velocity growth corridor — offered at $2,300,000 ($2,090,000 main building + $210,000 development parcel). This combined footprint is a textbook Covered Land Play: bankable cash flow today, transformational upside tomorrow. CASH FLOW + VALUE-ADD: 16 existing units — retail storefronts and apartments — deliver a proven 6.00% in-place cap rate at $2,090,000 against the main parcel. Rents sit materially below market, creating an immediate path to compress that gap and drive NOI higher from day one. Underutilized basement and storage areas represent untapped income with minimal capital outlay. THE ASSEMBLAGE ADVANTAGE: Two parcels deliver the depth and scale single-lot sites simply cannot replicate. The development parcel alone represents significant value at $310,000 for a 3,000 SF lot in this corridor. Unlock maximum Floor Area Ratio, optimized parking configurations, and institutional-grade mid-rise construction potential under Everett's new TOD mandates. This footprint is purpose-built for what's coming. EVERETT 2044 VISION: Zoned MU-7 (Mixed Urban, 7-Story) in Everett's designated high-density growth corridor. Positioned on a high-visibility arterial with 30,000+ VPD, steps from the future Sound Transit Light Rail station. The city's blueprint for density is written — this parcel is inside it.
Property Details
Property Information
Property Type
Residential Income
Subtype
Multi Family
Status
Active
County
Snohomish
Neighborhood
Evergreen
Listed
Feb 10, 2026
Original Price
$2,400,000
Structure Type
Multi Family
Parcel Number
00392900401200
Tax & HOA
Annual Property Tax
$11,541 (2025)
Est. Monthly Tax
$962/mo
Financial Summary
Cap Rate
5.00%
Net Operating Income
$125,232
Gross Scheduled Income
$128,232
Gross Rent Multiplier
18.00
Total Expenses
$11,541
Vacancy Rate
10.0%
Building & Use
Building Sq Ft
11,895
Leasable Area
11,761 sqft
Total Units
6
Zoning
Commercial
Possible Use
Commercial
Lot Size
11,761 sqft
Year Built
1968
Exterior & Lot
Lot Size
0.27 sqft
Year Built
1968
Garage
6 spaces
Exterior Materials
Cement
Sewer
Sewer Connected
Water Source
Public
Lot Features
Paved, Sidewalk
Exterior Features
Cement/Concrete
Community & Access
Directions
Evergreen Way to property. GPS works. Parking available at front side on Evergreen.
Location
City
Everett
County
Snohomish
Coordinates
47.93981, -122.21753
Additional Information
Tax Year
2025
Annual Taxes
$11,541
Possession
Array
Based on information submitted to the MLS GRID as of June 1, 2026 11:08 AM. All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
IDX information is provided exclusively for consumers’ personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Copyright 2026 NWMLS. All rights reserved.
IDX information is provided exclusively for consumers’ personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Copyright 2026 NWMLS. All rights reserved.
