Property Details
7234 47th Avenue NE
Marysville, WA 98270
$4,850,000
Active
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Property Overview
The Cove Apartments offers investors a compelling combination of strong in-place cash flow, recent capital improvements, and long-term upside in the growing Marysville market. The property has benefited from significant interior and exterior upgrades, including renovated apartment homes, in-unit washers and dryers in every unit, fresh exterior paint, updated signage, and ample on-site parking, creating a low-maintenance investment that continues to attract tenant demand. Currently operating at a strong 6.91% in-place cap rate, The Cove delivers exceptional day-one returns while offering future rental growth potential. Its functional unit mix, proven operational performance, and recent improvements provide stability and long-term value appreciation. Conveniently located near Interstate 5, State Route 529, and State Route 9, residents enjoy easy access to major employment centers throughout Snohomish County and the greater Seattle area. Supported by strong population growth, expanding infrastructure, limited multifamily supply, and sustained economic investment across the North Puget Sound region, The Cove Apartments represents an outstanding opportunity to acquire a well-positioned, income-producing asset with both immediate cash flow and long-term investment potential.
Property Details
Property Information
Property Type
Residential Income
Subtype
Multi Family
Status
Active
County
Snohomish
Neighborhood
North Marysville
Listed
Jul 16, 2026
Structure Type
Multi Family
Parcel Number
30052800104200
Tax & HOA
Annual Property Tax
$24,269 (2026)
Est. Monthly Tax
$2,022/mo
Financial Summary
Cap Rate
6.90%
Net Operating Income
$332,777
Gross Scheduled Income
$483,801
Gross Rent Multiplier
10.02
Total Expenses
$126,834
Vacancy Rate
5.0%
Building & Use
Building Sq Ft
16,240
Leasable Area
16,240 sqft
Total Units
20
Zoning
Multi-Family
Possible Use
Multi-Family
Lot Size
41,382 sqft
Year Built
1967
Exterior & Lot
Lot Size
0.95 sqft
Year Built
1967
Exterior Materials
Wood
Sewer
Available
Water Source
Public
Exterior Features
Wood Products
Community & Access
Directions
Take I-5 N. Take exit 199. Turn right onto WA 528. Turn left onto 47th Ave NE. Turn left, destination will be on the right.
Location
City
Marysville
County
Snohomish
Coordinates
48.06212, -122.16846
Additional Information
Tax Year
2026
Annual Taxes
$24,269
Possession
Array
Based on information submitted to the MLS GRID as of July 29, 2026 2:21 PM. 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.
