About this property

Opportunity to acquire a professionally managed, turnkey, two-building, five-unit multifamily investment on a single tax parcel in the Riverside neighborhood of North Everett. The offering consists of a two-story triplex fronting Baker Avenue and a duplex accessed via Fulton Avenue. Both buildings are well maintained and feature upgraded double pane vinyl windows, new roofs as well as lots of plumbing upgrades. 3 of the 5 units are renovated with new kitchens, bathrooms, flooring and paint. Tenants are professionally screened and have an exceptional history of on-time payments with virtually zero delinquency. Current cap rate of 6.18% with pro forma upside to 6.88% or beyond as below-market units are brought to current rents — providing a turnkey property with some value add potential. Strong Everett rental fundamentals backed by Boeing, Naval Station Everett, Amazon, and a robust health care economy. Gross rental income of $91,884 annually with pro forma income of $100,200 or more depending on what extent of upgrades are performed on the two unrenovated units.