1313 Hewitt Ave
Everett, WA 98201
Hart Center · Retail Property For Sale

The Brown Group and Morse Multifamily Group of Marcus & Millichap have been selected to exclusively market for sale Hart Center, a 100% occupied, mixed-use property in Downtown Everett, Washington. The property is ~18,453 SF and is comprised of eight ground-floor retail suites and nine apartment units, offering a diversified income stream. Priced at a 7.26% cap rate on current income, the retail leases feature 3% annual rent increases and current market rents support approximately 7% upside on residential renewals and turnover — providing an investor with a high yielding asset and clear near-term NOI growth. Eight of nine residential units have been renovated and are complemented by the building's historic exposed brick. The property is professionally managed with no deferred maintenance, and the management company is eager to continue. Zoned Mixed-Use City Center with development potential up to 25 stories, the property offers exceptional long-term redevelopment optionality. Situated on the signalized hard corner of Rucker Avenue and Hewitt Avenue with 53,000+ VPD in the heart of Downtown Everett's commercial district, the property benefits from excellent visibility and easy access. Within three miles, the population is nearly 53,000, has grown approximately 4% over the past five years, and is projected to grow another 4%, with average household incomes exceeding $114,000. Washington's lack of state income tax further enhances after-tax returns.