Majestic View 2517 Howard St 22 Unit Apartment Building $4,200,000 ($190,909/Unit) 5.50% Cap Rate Everett, WA 98203

2517 Howard Avenue in Everett, WA, offered by Compass Commercial | Keller
Williams Commercial, is a well-positioned 22-unit multifamily property built in 1968.
The asset features 21,470 net rentable square feet on a 27,878-square-foot lot and is
priced at $4,200,000, equating to $190,909 per unit and $195.62 per square foot. The
property is currently operating at a 5.50% cap rate, with a stabilized market cap rate
projected at 6.25% and a gross rent multiplier (GRM) of 10.99. Current operations
generate $382,188 in scheduled income and $230,940 in net operating income, while
pro forma projections show annual scheduled income of $483,071 and a renovated
yield on cost of 7.63%. Additional revenue from garages, storage, onsite laundry, and
parking enhances operational stability, while recent capital improvements—most
notably an eight-year-old roof—help reduce near-term expenses. With a unit mix
primarily consisting of two-bedroom layouts averaging 980 square feet, the property
appeals to a broad tenant base and supports competitive market rents, making it
an attractive value-add opportunity with strong long-term growth potential.