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New Construction Everett 4-Plex

4123 Hoyt Ave, Everett, WA 98203

4 Large 2 Bedroom 1 Bathroom Units

836 SF Avg. with W/D and 2 Balconies Per Unit

4123 Hoyt Ave, Everett WA 98203

New Construction 4-Plex | Well Located in Everett’s Core

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INVESTMENT SUMMARY (MUST EDIT)

The Seagull Apartments sit proudly overlooking Lake Washington and Downtown Kirkland’s Marina Park. The property features 21 view units of which 15 have been renovated. The seller will finish the exterior of the building’s siding in the materials (wood/hardy) which currently wrap around the 3 bedroom 2 bathroom penthouse and stairwell. The units rent at an average of $2.30/SF while the market indicates that they could be $3.32/SF (rent comps below - CoStar/Enodo). A new owner also has the ability to increase cash-flows though various operational adjustments (paid parking, pet fees, utility bb, ect).

 

DETAILS

 

4

Units

836

Avg SF/Unit

3,344

Rentable SF

 

6,534

Lot SF

B2

Zoning

2019

Year Built

Click to Download Report

 

MARKET RENTS

( Units built after 1990 - Costar.com )

 

$1,778

Avg. 2 Bed Rent

( Q2 2019 )

$1,450

Avg. 1 Bed Rent

( Q2 2019 )

$2,014

Avg. 3 Bed Rent

( Q2 2019 )

 

PEAK RENTAL SEASON $1,778 AVG RENT

OFF PEAK SEASON $1,571 AVG RENT


EVERETT MARKET DATA

 

SUMMARY OF EVERETT MULTI-FAMILY (COSTAR.COM)

Everett has emerged as one of the most active peripheral submarkets in the metro this cycle. Elevated demand during the recovery led to tightening vacancies, and developers responded with new construction representing over 6% of inventory from 2014 to 2015. Vacancies jumped because of this new construction, but have since recovered thanks to limited deliveries recently. With a sizable pipeline in the near term, supply pressures exist, and vacancy volatility could return.

Rent growth has been strong this cycle and annual gains are well above the historical average. Sales activity has been strong as well, with notable price appreciation and cap rate compression. Sales volume in 2019 has been high thanks to institutional deals, but it will take a busy rest of the year to match record levels achieved earlier in the cycle.

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UNITS BUILT AFTER 1990 ( PEAK SEASON - SUMMER, PRIOR TO SCHOOL BEGINNING )

UNITS BUILT AFTER 1990 ( PEAK SEASON - SUMMER, PRIOR TO SCHOOL BEGINNING )