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Heritage Manor 2501 Colby Ave 22 Unit Apartment Building $4,715,000 ($214,318/Unit) 5.80% Cap Rate Everett, WA 98201
Investment Highlights
- Rare investment opportunity in Everett's thinly traded market with zero delinquency
- Over $500K invested in renovations, including: new TPO roof, new water tanks, electrical upgrades, as well as partial plumbing upgrades
- Located near Naval Station Everett, providing steady rental demand
- Preserved historic charm with modern updates including SS appliances, quartz countertops, and new flooring
- Amenities include community laundry, onsite storage, controlled building access, and 21 reserved parking spaces in addition to ample street parking
Executive Summary
Introducing HERITAGE MANOR - a rare investment opportunity in downtown Everett, WA. This historic 22-unit turnkey asset, located at 2501 Colby Ave, Everett, WA 98201, combines timeless charm with modern conveniences. With a renovation in 2024, the property boasts fully updated units featuring stainless steel appliances, quartz countertops, and new flooring. Offering a mix of one-bedroom units with a den, Heritage Manor provides versatility and comfort. Recent upgrades totaling over $500,000 include a new TPO roof, water tanks, and electrical enhancements, ensuring peace of mind for savvy investors. Situated near future light rail expansion and Naval Station Everett, the property benefits from a strong rental demand, making it an ideal addition to any investment portfolio. Don't miss this opportunity to own a piece of Everett's history while enjoying a steady income stream in a thriving market.
- Due to limited inventory, Heritage Manor offers a rare investment opportunity in Everett's thinly traded market.
- Heritage Manor has preserved its historic charm as a 1908 build, while residents enjoy fully renovated units with stainless steel appliances, quartz countertops, and new flooring throughout 20 of the 22 units.
- The current ownership has invested over $500,000 in total CapEx since acquisition to reposition the asset, including: a new TPO roof, new water tanks, electrical upgrades to light fixtures, outlets, heaters, and fans, as well as partial plumbing updates.
- Heritage Manor consists entirely of one-bedroom units with a den, offering a potential second primary bedroom or living space, across varying square footage.
- Building amenities include community laundry, on-site storage, controlled building access, and 21 reserved tenant surface parking spots in addition to ample street parking.
- Located near Naval Station Everett, Heritage Manor benefits from steady rental demand from military personnel in addition to the 40,000 jobs supported by the Port of Everett.
- Heritage Manor benefits from strong renter demographics, with 47% of housing units renter-occupied, compared to 38% in the Seattle MSA, as well as 67% of workers are in white-collar positions.
- Due to limited inventory, Heritage Manor offers a rare investment opportunity in Everett's thinly traded market.
- Heritage Manor has preserved its historic charm as a 1908 build, while residents enjoy fully renovated units with stainless steel appliances, quartz countertops, and new flooring throughout 20 of the 22 units.
- The current ownership has invested over $500,000 in total CapEx since acquisition to reposition the asset, including: a new TPO roof, new water tanks, electrical upgrades to light fixtures, outlets, heaters, and fans, as well as partial plumbing updates.
- Heritage Manor consists entirely of one-bedroom units with a den, offering a potential second primary bedroom or living space, across varying square footage.
- Building amenities include community laundry, on-site storage, controlled building access, and 21 reserved tenant surface parking spots in addition to ample street parking.
- Located near Naval Station Everett, Heritage Manor benefits from steady rental demand from military personnel in addition to the 40,000 jobs supported by the Port of Everett.
- Heritage Manor benefits from strong renter demographics, with 47% of housing units renter-occupied, compared to 38% in the Seattle MSA, as well as 67% of workers are in white-collar positions.
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Property Facts
| Price | $4,715,000 | Building Class | C |
| Price Per Unit | $214,318 | Lot Size | 0.32 AC |
| Sale Type | Investment | Building Size | 15,081 SF |
| Cap Rate | 5.80% | Average Occupancy | 95% |
| No. Units | 22 | No. Stories | 4 |
| Property Type | Multifamily | Year Built/Renovated | 1908/2024 |
| Property Subtype | Apartment | Parking Ratio | 1.46/1,000 SF |
| Apartment Style | Mid-Rise | ||
| Zoning | MU - Mixed Urban | ||
| Price | $4,715,000 |
| Price Per Unit | $214,318 |
| Sale Type | Investment |
| Cap Rate | 5.80% |
| No. Units | 22 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.32 AC |
| Building Size | 15,081 SF |
| Average Occupancy | 95% |
| No. Stories | 4 |
| Year Built/Renovated | 1908/2024 |
| Parking Ratio | 1.46/1,000 SF |
| Zoning | MU - Mixed Urban |
Amenities
Unit Amenities
- Air Conditioning
- Cable Ready
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
Site Amenities
- Laundry Facilities
- Security System
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 22 | - | 600 - 750 |
1 1
Moderately walkable
70/100
Moderately drivable
70/100
Some public transit
40/100
Fairly bikeable
40/100
Property Taxes
| Parcel Numbers | Improvements Assessment | $3,102,100 | |
| Land Assessment | $769,900 | Total Assessment | $3,872,000 |
Property Taxes
Parcel Numbers
Land Assessment
$769,900
Improvements Assessment
$3,102,100
Total Assessment
$3,872,000
Contacts
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Chad Blenz -
Mitchell Belcher -
Steven Chattin -
Jay Timpani -
Brandon Lawler -
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Heritage Manor | 2501 Colby Ave
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