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Kate's Greek & American + Office + 2 Apts 2510-2512 Colby Ave 7,376 SF 71% Leased Retail Building Everett, WA 98201 $2,200,000 ($298.26/SF) 3.70% Cap Rate
Executive Summary
Prime mixed-use MU7-zoned property (development opportunity!) in vibrant downtown Everett. Street level features two 2,126 SF commercial units: Kate’s Greek & American (business included in sale) and a long-term dental office tenant. Upstairs, two spacious 1,562 SF apartments (2 bed/1 bath & 2 bed/2 bath) offer private rooftop decks with Possession Sound views and elevator access. The 3,200 SF basement includes 6 covered parking stalls (4 used by apartment tenants), storage, and coin-op laundry for apts. Outside, 22 parking spaces- most with leases, plus street parking. Ask your agent for the full brochure with all details, current and projected financials. Don't miss this opportunity to be part of bustling, downtown Everett! Prime investment opportunity!
Financial Summary (Pro Forma - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$104,720
|
$14.20
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$104,720
|
$14.20
|
| Taxes |
$8,979
|
$1.22
|
| Operating Expenses |
$14,433
|
$1.96
|
| Total Expenses |
$23,412
|
$3.17
|
| Net Operating Income |
$81,308
|
$11.02
|
Financial Summary (Pro Forma - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $104,720 |
| Annual Per SF | $14.20 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $104,720 |
| Annual Per SF | $14.20 |
| Taxes | |
|---|---|
| Annual | $8,979 |
| Annual Per SF | $1.22 |
| Operating Expenses | |
|---|---|
| Annual | $14,433 |
| Annual Per SF | $1.96 |
| Total Expenses | |
|---|---|
| Annual | $23,412 |
| Annual Per SF | $3.17 |
| Net Operating Income | |
|---|---|
| Annual | $81,308 |
| Annual Per SF | $11.02 |
Property Facts
Sale Type
Investment or Owner User
Property Type
Retail
Property Subtype
Building Size
7,376 SF
Building Class
C
Year Built
1963
Price
$2,200,000
Price Per SF
$298.26
Cap Rate
3.70%
NOI
$81,307
Percent Leased
71%
Tenancy
Multiple
Building Height
2 Stories
Slab To Slab
10’
Building FAR
0.68
Lot Size
0.25 AC
Zoning
MU7 - MU7 - Mixed-Use
Parking
22 Spaces (2.98 Spaces per 1,000 SF Leased)
Frontage
60’ on Colby
Amenities
- 24 Hour Access
- Restaurant
- Signage
- Roof Terrace
- Storage Space
- Air Conditioning
- Balcony
- Smoke Detector
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease End
- Kates Greek & American Deli
- Retailer
- -
- -
- -
- Sparkle 32
- Professional, Scientific, and Technical Services
- 2,126 SF
- -
- -
| Tenant | Industry | SF Occupied | Rent/SF | Lease End | ||
| Kates Greek & American Deli | Retailer | - | - | - | ||
| Sparkle 32 | Professional, Scientific, and Technical Services | 2,126 SF | - | - |
Walk Score®
Walker's Paradise (95)
Bike Score®
Very Bikeable (79)
Nearby Major Retailers
Property Taxes
| Parcel Numbers | Total Assessment | $1,254,300 | |
| Land Assessment | $615,500 | Annual Taxes | $8,979 ($1.22/SF) |
| Improvements Assessment | $638,800 | Tax Year | 2025 |
Property Taxes
Parcel Numbers
Land Assessment
$615,500
Improvements Assessment
$638,800
Total Assessment
$1,254,300
Annual Taxes
$8,979 ($1.22/SF)
Tax Year
2025
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Kate's Greek & American + Office + 2 Apts | 2510-2512 Colby Ave
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