Well located in North Everett near Everett Community College, Boeing, and the Naval Station, Northern View is a 1980s-built apartment community boasting 38 large two-bedroom homes. This rare Snohomish County offering presents a new owner a turnkey investment with cash flow as well as potential unit renovation upside. Specifically, the current 5.3% cap rate should stabilize at 5.7% as units trend to market rents. Basic renovations could allow for a cap rate above 6%.
The city of Everett is the most populous city in Snohomish County and offers a more predictable and landlord-friendly business environment than nearby Seattle and King County. Northern View Apartments is well placed near a variety of significant local employers including Everett Community College, Boeing, and the Naval Station. It is also positioned near Waterfront Place, with its assortment of parks, restaurants, and seasonal events. Additionally, Interstate 5 is just 1 mile or 3-minutes away.
Constructed in 1986-1987, the 5 buildings that comprise the Northern View Apartments feature modern systems, updated dual-pane windows, and pitched roofs. Residents enjoy an abundance of parking – 14 covered spaces and 42 off-street, uncovered spaces – as well as a common outdoor space that can be used for picnics and barbecues. The units, all spacious two-bedroom apartments, offer desirable features including full-sized in-unit laundry, dishwashers, breakfast bars, and storage lockers. Select units also boast views of the valley, Mount Baker, and the Cascade Range.
Northern View’s turnkey condition and positive cash flow make it an excellent asset for any multifamily investor. Further, the property’s 38-unit size allows for competent and reasonably priced professional management. Additionally, there is the likely potential for income upside in the form of raising rents and increasing parking charges upon lease renewals and turnovers. With a more robust strategy that includes unit renovations, even higher returns are likely achievable.
Northern View, with its excellent Snohomish County location near employers and amenities, combined with its 38-unit size, turnkey condition, and upside potential, is an exceptional opportunity.
|Property||Northern View Apartments|
|Address||707 & 717 Hawthorne St, Everett, WA 98201|
|Price / Unit||$253,947|
|Price / SF||$302.32|
|Current Cap Rate||5.3%|
|Market Cap Rate||5.7%|
|Lot Size||±1.19 Acres / ±51,836 SF|
Current figures include scheduled rent increases, which will be in effect on 7/1/2023 and 8/1/2023.
The city of Everett offers residents an abundance of entertainment venues and outdoor recreation, as well as a healthy economy and robust job market. Estimated household income in a 5-mile radius of the Northern View Apartments averages $118,907 (2023). Further, Everett boasts a solid civic infrastructure and is actively preparing for growth as a world class city. Downtown Everett’s diverse arts culture, street fairs, events center, restaurants, and nightlife create a strong sense of community for people of every demographic.
Everett has been designated by the Puget Sound Regional Council as one of the 29 regional growth centers that will experience focused urban growth in the decades ahead. Likewise, the city of Everett has also recognized this anticipated growth and has implemented the Everett 2044 Project, a multi-year enterprise to prepare and adopt a comprehensive plan that will accommodate its growing population over the next 20 years. Everett is the county seat of and the most populous city in Snohomish County, with a population of 110,629 as of the 2020 census. It is also the 7th largest city in the state by population. The city has experienced a rapidly appreciating housing market, with median home prices in Everett reaching $667,000 as of February 2023, an 8.1% climb from $617,000 in one year. This property value increase, in turn, is generating strong demand for more affordable rental housing.
Everett also provides more affordable housing options compared to pricier neighborhoods located in the neighboring King County municipalities of Seattle, Bellevue, and other Eastside and north-end cities. Located approximately 25 miles north, residents enjoy more space for lower rents, and owners enjoy less government intervention in their rental housing’s operations.
Everett’s workforce is primarily employed in aerospace, technology, and service industries. Major employers include Boeing, Naval Station Everett, Providence, and Fluke Corporation, as well as city, county, and state governments.
EVERETT COMMUNITY COLLEGE
For the past 75 years, Everett Community College has been helping students succeed. The institution, just 1.2 miles away from Northern View Apartments, offers certificates of completion in 30+ career and technical fields, and associate degrees in seven fields. It also provides adult education, professional training, and English as a second language programs, among others. More than 17,000 students are educated at Everett Community College every year.
Everett is well connected, with Interstate 5 and State Routes 99, 526, and 529 passing through the city. Additionally, US Route 2 begins in Everett. There are a variety of public transportation options for people who live or work in Everett, including the Sounder commuter rail, Greyhound routes, Amtrak service, and local and regional buses offered by Everett Transit, Community Transit, and Sound Transit. Various park and rides conveniently located throughout the city offer riders frequent and reliable service to Seattle, Bellevue, and throughout the region.
EVERETT LINK EXTENSION
Sound Transit’s Link light rail transit system is currently undergoing a massive expansion. Numerous projects in various stages of planning and development are in progress throughout the region, with a network of 116 total miles and 70 stations planned by 2044. The Everett Link Extension, scheduled to open sometime between 2037 and 2041, will add 16 miles and at least 6 stations, and will provide reliable rail service to Lynnwood in 33 minutes and to Downtown Seattle in 60 minutes, regardless of traffic. Eventually, these expansion projects will allow riders to travel all the way from Everett to Tacoma, with additional lines to Kirkland, Issaquah, Ballard, and West Seattle.
Owned by the Port of Everett, Waterfront Place is a 1.5 million SF development on 65 acres of Everett’s waterfront. This destination offers more than 4 miles of waterfront trails, parks, and 75+ special events annually, such as festivals, concerts, car shows, and half marathons.
The Everett Mall, at 673,000 square feet, is an indoor/outdoor shopping destination featuring 50+ retailers, restaurants, and service-providers as well as a 16-screen movie theater.
ANGEL OF THE WINDS ARENA
Angel of the Winds Arena is a 10,000-seat venue which hosts concerts, trade shows, and championship events. Angel of the Winds is the home arena for the Western Hockey League’s Everett Silvertips and has hosted a variety of sporting events including banked track roller derby, curling, basketball, lacrosse, and tennis.
WIGGUMS HOLLOW PARK
Wiggums Hollow Park, just 8 minutes away by foot, is a 10- acre recreational area offering a basketball court, a picnic shelter, a playground, and a skate park. There is also a walking labyrinth, more than a half-mile of walking paths, and plenty of green space.
SENATOR HENRY M. JACKSON PARK
Located just a mile away, Senator Henry M. Jackson Park is a 14.6-acre park that provides visitors with a variety of recreational opportunities. The park features baseball and soccer fields, basketball courts, a playground, and walking paths. There are also community gardens available for reservation.
MILL TOWN TRAIL
Mill Town Trail is an urban 6.8-mile, mostly flat path that offers scenic views of Port Gardner Bay, the Snohomish River, and the Olympic and Cascade mountain ranges. The trail loops around several historical sites including an old mill location.
LEGION MEMORIAL PARK AND GOLF COURSE
Located 1 and a half miles away from Northern View Apartments is Legion Memorial Park. This 4-acre park offers a variety of sports fields and courts including tennis, baseball, and basketball.