Turnkey 22-unit investment opportunity in downtown Everett! Built in 1908 and fully renovated in 2024, Heritage Manor blends historic charm with modern updates. Renovations include new TPO roof, updated electrical, water heaters, flooring, and stylish interiors with quartz countertops and stainless steel appliances. All units are 1-bed + den layouts, ideal for flexible living. Amenities include controlled access, on-site laundry, and 21 reserved parking spaces. Strong tenant base near Naval Station Everett, Port of Everett, and the future light rail station. Market cap rate up to 6.46%. With limited inventory and over $500K in capital improvements, this asset offers immediate cash flow and long-term upside.
Property Features
Heating and Cooling
- Heating Features: Baseboard, Radiator
- Heating Fuel: Electric
- Heating: Yes
Interior Features
- Flooring: Vinyl Plank, Wall to Wall Carpet
Exterior and Lot Features
Land Info
- Lot Description: Alley, Corner Lot, Paved, Sidewalk
- Lot Size Acres: 0.32
- Lot Size Square Feet: 13939
Garage and Parking
- Open Parking Spaces: 21
- Open Parking: Yes
- Parking Total: 21
- Uncovered Spaces: 21
Amenities and Community Features
Rental Info
- Gross Scheduled Income: 448709
- Leasable Area: 15081
- Leasable Area Units: Square Feet
Multi-Unit Info
- Number of Units: 2
- Unit-1 Square Feet: 641
- Unit-2 Square Feet: 772
- Unit 1 Total Actual Rent: 1582
- Unit 2 Total Actual Rent: 1567
School Information
- High School District: Everett
Homeowners Association
- Calculated Total Monthly Association Fees: 0
Other Property Info
- Cable TV
- High Speed Internet
- Annual Tax Amount: 33658.02999999
- Source Listing Status: Active
- Country Region: US
- County: Snohomish
- Cap Rate: 5.8
- Directions: I-5 N: Exit 192 Broadway/41st St, merge on Broadway, (L) on Everett Ave, (R) on Colby, property on (R). I-5 S: Exit 174 Everett Ave/US 2 East, keep (R), (R) on Everett, (R) on Colby, building on (R)
- Tax Year: 2025
- Other Expense: 62683
- Source Property Type: Multi Family
- Possible Use: Multi-Family
- Insurance Expense: 19000
- Area: 740 - Everett/Mukilteo
- List Development Name: Everett
- Source Neighborhood: Everett
- Parcel Number: 00517156200100
- Street Suffix Modifier: Avenue
- Subdivision: Everett
- Zoning Description: Multi-Family
- Source System Name: C2C
Commercial Info
- Net Operating Income: 290249
- Operating Expense: 137262.0299999
Utilities
- Power Production Type: Electric
- Sewer: Sewer Connected
- Water Source: Public
Building and Construction
- Building Area Total: 15081
- Building Area Units: Square Feet
- Building Exterior Type: Brick
- Foundation Details: Poured Concrete
- Living Area Units: Square Feet
- Property Age: 117
- Roof: Flat
- Building Total Stories: 3
- Structure Type: Multi Family
- House Style: 10+ Units
- Elevation Units: Feet
