1313 Hewitt Ave - Apartments FOR SALE


Everett, WA 98201- Bayside
$4,500,000 USD
206-550-9500
1313 Hewitt Ave, Everett, WA for Sale
$4,500,000 USD
Apartments - FOR SALE
1/12
null | 7.22% Cap Rate

1313 Hewitt Ave
Everett, WA 98201
Bayside


HIGHLIGHTS

  • 100% Occupied Mixed-Use Investment
  • High Yield Investment with Annual Rent Increases
  • Near-Term Residential Upside
  • High Traffic Signalized Hard-Corner Location
  • Renovated Residential Units and Historical Charm
  • Well Maintained and Professionally Managed

OVERVIEW

The Brown Group and Morse Multifamily Group of Marcus & Millichap have been selected to exclusively market for sale Hart Center, a 100% occupied, mixed-use property in Downtown Everett, Washington. The property is ~18,453 SF and is comprised of eight ground-floor retail suites and nine apartment units, offering a diversified income stream. Priced at a 7.26% cap rate on current income, the retail leases feature 3% annual rent increases and current market rents support approximately 7% upside on residential renewals and turnover, providing an investor with a high yielding asset and clear near-term NOI growth. Eight of nine residential units have been renovated and are complemented by the building's historic exposed brick. The property is professionally managed with no deferred maintenance, and the management company is eager to continue. Zoned Mixed-Use City Center with development potential up to 25 stories, the property offers exceptional long-term redevelopment optionality. Situated on the signalized hard corner of Rucker Avenue and Hewitt Avenue with 53,000+ VPD in the heart of Downtown Everett's commercial district, the property benefits from excellent visibility and easy access. Within three miles, the population is nearly 53,000, has grown approximately 4% over the past five years, and is projected to grow another 4%, with average household incomes exceeding $114,000. Washington's lack of state income tax further enhances after-tax returns.

FOR SALE DETAILS

PRICE

$4,500,000 USD

PRICE/SF

$242 USD /SF

# OF UNITS

9

PRICE/UNIT

$500,000

CAP RATE

7.22%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Hart Center

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

ADD'L SUBTYPES

Storefront, Loft/Creative Space, Office/Residential

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1913

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.33 AC

LAND SF

14,375 SF

ZONING

C-1

APN/PARCEL ID

004391-670-014-00

ASK ABOUT THIS PROPERTY

Luke PallisMarcus & MillichapMore Info
206-550-9500

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Luke PallisMarcus & MillichapMore Info
206-550-9500

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.