2503 Madison St, Everett, WA 98203

$715,000
3,696
SqFt

Listing courtesy of RE/MAX Northwest Realtors. Selling Office: Keller Williams Rlty Bellevue.

Sold Price
$715,000
List Price
$650,000
Status
SOLD
MLS#
1693865
Closing Date
Jan 07, 2021
Days on Market
1
Style
54 - 4-Plex
Building Condition
['Good']
Finished SqFt
3,696
Lot Size (sq ft)
10,019

Property Description

Fantastic four-plex opportunity in excellent, easy to rent area! The property needs roof, paint, and some TLC inside. Looks like about $50,000 of work would turn this into an $800,000 building. Rents are proforma. 2 units just became vacant and the seller would like the new owner to be able to see units and select tenants so isn’t re-renting them. Zoning allows for 3 more units to be built on the property. Units are 2 bedrooms, 1.5 baths with in-unit laundry. Great location with easy access to park-in-ride, schools, shopping, I-5, and Boeing. Pre-inspection available on request.

Additional Information

List Date
2020-11-30 00:00:00
Community
Pinehurst
Property Type
MULT
Units
4
Stories
2
Potential Terms
Cash Out, Conventional, FHA, VA
Year Built
1977
Total Parking
4
Uncovered Parking
4
View
Territorial
Exterior
Wood
Roof
Composition
Site Features
Cable TV, Deck
Lot Details
Paved Street
School District
Everett
Elementary School
Lowell Elem
Middle School
Evergreen Mid
High School
Cascade High
Total Monthly Income
$5,000
Gross Scheduled Income
$60,000
Gross Adjusted Income
$60,000
Annual Taxes
$7,933
Tax Year
2020
Insurance Expense
$619
W/S/G Expenses
$4,127
Total Expenses
$12,680
Net Operating Income
$47,320
Gross Rent Multiplier
11
Cap Rate
7

Room Dimensions

Unit 1 Beds
2
Unit 1 Baths
1.50
Unit 1 Size
924
Unit 1 Rent
$1,250
Unit 2 Beds
2
Unit 2 Baths
1.50
Unit 2 Size
924
Unit 2 Rent
$1,250
Unit 3 Beds
2
Unit 3 Baths
1.50
Unit 3 Size
924
Unit 3 Rent
$1,250
Unit 4 Beds
2
Unit 4 Baths
1.50
Unit 4 Size
924
Unit 4 Rent
$1,250
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