5 Unit Investment Property – 7% Cap Rate – 2428 East Grand Avenue, Everett, WA 98201 – $825,000
Fantastic opportunity. This is one of Everett’s most beautiful vintage neighborhoods with wide, treed boulevards! Well maintained home was originally constructed in 1905 and has a variety of units with lots of charm that are very easy to rent. The property has 5 units; the original home is a duplex with 3 bedrooms on the main floor & 2 bedrooms above. Total rents are $3470. The middle building has two – 1 bdrm apartments and the total rents for this building are $2065. The Studio apartment over the garage rents for $725, making a total of 5 units with a total of $6260. The garage has been used for owner’s storage but you could make it available to lease and gain an additional $200 per month. The property comprises 4 city lots with mature landscaping. Community laundry provides extra income. The list price of this property is $825,000 and has a generous cap rate of 7%. Well maintained and updated plumbing, electrical, foundation, insulation, and new roofs, providing years of hassle free ownership. Wood or wood look laminate and vinyl floors. Nice gardens with mature shrubs and patio in a secret area that is tucked away in Everett and has it’s “own” freeway access. Owner financing with 30% down at 6% interest is a possibility. Check it out today!