Overview

Investment Highlights

SNOHOMISH COUNTY / NORTH EVERETT LOCATION near Everett Community College, Boeing, and Naval Station Everett, as well as Waterfront Place’s restaurants, parks, and special events
TURNKEY investment opportunity sized for competent professional management with unit renovation upside
1986-87 CONSTRUCTION with modern building systems, pitched roofs, and updated dual-pane windows
38 SPACIOUS two-bedroom apartments featuring full-sized in-unit laundry, dishwashers, breakfast bars, and storage lockers

I-5 ACCESS is 1 mile or a 3-minute drive from Northern View
COMMON OUTDOOR PATIO for picnics and barbecues
SELECT UNITS feature territorial views of the valley, the Cascade mountains, and Mount Baker
14 CARPORTS and an additional 42 off-street parking spaces
EVERETT is the most populous city in Snohomish County, with a population of 110,629 (2020), and is considered a relatively predictable municipality with more landlord-friendly policies outside Seattle and King County

$9,650,000

Offering Price

Property Description

Well located in North Everett near Everett Community College, Boeing, and the Naval Station, Northern View is a 1980s-built apartment community boasting 38 large two-bedroom homes. This rare Snohomish County offering presents a new owner a turnkey investment with cash flow as well as potential unit renovation upside. Specifically, the current 5.3% cap rate should stabilize at 5.7% as units trend to market rents. Basic renovations could allow for a cap rate above 6%.

The city of Everett is the most populous city in Snohomish County and offers a more predictable and landlord-friendly business environment than nearby Seattle and King County. Northern View Apartments is well placed near a variety of significant local employers including Everett Community College, Boeing, and the Naval Station. It is also positioned near Waterfront Place, with its assortment of parks, restaurants, and seasonal events. Additionally, Interstate 5 is just 1 mile or 3-minutes away.

Constructed in 1986-1987, the 5 buildings that comprise the Northern View Apartments feature modern systems, updated dual-pane windows, and pitched roofs. Residents enjoy an abundance of parking – 14 covered spaces and 42 off-street, uncovered spaces – as well as a common outdoor space that can be used for picnics and barbecues. The units, all spacious two-bedroom apartments, offer desirable features including full-sized in-unit laundry, dishwashers, breakfast bars, and storage lockers. Select units also boast views of the valley, Mount Baker, and the Cascade Range.

Northern View’s turnkey condition and positive cash flow make it an excellent asset for any multifamily investor. Further, the property’s 38-unit size allows for competent and reasonably priced professional management. Additionally, there is the likely potential for income upside in the form of raising rents and increasing parking charges upon lease renewals and turnovers. With a more robust strategy that includes unit renovations, even higher returns are likely achievable.

Northern View, with its excellent Snohomish County location near employers and amenities, combined with its 38-unit size, turnkey condition, and upside potential, is an exceptional opportunity.

Property Details

Property	Northern View Apartments
Address	707 & 717 Hawthorne St, Everett, WA 98201
Offering Price	$9,650,000
Price / Unit	$253,947
Price / SF	$302.32
Current Cap Rate	5.3%
Market Cap Rate	5.7%
Current GRM	11.6
Market GRM	11.0
Units	38
Year Built	1986-87
NRSF	±31,920
Lot Size	±1.19 Acres / ±51,836 SF
Zoning	UR3

Current figures include scheduled rent increases, which will be in effect on 7/1/2023 and 8/1/2023.

Floor Plans

Buildings A B & C - 707 HAWTHORNE ST

Buildings D & E - 717 HAWTHORNE ST

Location

THE CITY OF EVERETT

The city of Everett offers residents an abundance of entertainment venues and outdoor recreation, as well as a healthy economy and robust job market. Estimated household income in a 5-mile radius of the Northern View Apartments averages $118,907 (2023). Further, Everett boasts a solid civic infrastructure and is actively preparing for growth as a world class city. Downtown Everett’s diverse arts culture, street fairs, events center, restaurants, and nightlife create a strong sense of community for people of every demographic.

Everett has been designated by the Puget Sound Regional Council as one of the 29 regional growth centers that will experience focused urban growth in the decades ahead. Likewise, the city of Everett has also recognized this anticipated growth and has implemented the Everett 2044 Project, a multi-year enterprise to prepare and adopt a comprehensive plan that will accommodate its growing population over the next 20 years. Everett is the county seat of and the most populous city in Snohomish County, with a population of 110,629 as of the 2020 census. It is also the 7th largest city in the state by population. The city has experienced a rapidly appreciating housing market, with median home prices in Everett reaching $667,000 as of February 2023, an 8.1% climb from $617,000 in one year. This property value increase, in turn, is generating strong demand for more affordable rental housing.

Everett also provides more affordable housing options compared to pricier neighborhoods located in the neighboring King County municipalities of Seattle, Bellevue, and other Eastside and north-end cities. Located approximately 25 miles north, residents enjoy more space for lower rents, and owners enjoy less government intervention in their rental housing’s operations.

EMPLOYMENT

Everett’s workforce is primarily employed in aerospace, technology, and service industries. Major employers include Boeing, Naval Station Everett, Providence, and Fluke Corporation, as well as city, county, and state governments.

Boeing’s Everett production facility has the largest manufacturing building in the world as measured by volume. The main assembly building totals over 472 million cubic feet and stretches across more than 98 acres. The facility produces the company’s widebody 747, 767, 777, and 787 jets. Everett is also the development base of the 777X. The facility employs roughly 30,000 people and is large enough to have its own fire department, security team, day care, and fitness center.

Located on the waterfront, Naval Station Everett is a US Navy Strategic Homeport. There are seven ships homeported at Naval Station Everett – five guided missile destroyers, a Coast Guard Keeper-class cutter, and a Marine Protector-class patrol boat – and approximately 6,000 sailors and civilians who are assigned to commands at Naval Station Everett.

Located just a 5-minute drive away, Providence Regional Medical Center is a Level II trauma center and is the flagship hospital for the Northwestern United States’ largest faith-based healthcare system. The campus has 448 beds.

Just north of Everett in Marysville, Washington is the 5.1 million SF Cascade Industrial Center where Tesla has reportedly inked a lease for a 245,619-SF building. Construction on the industrial park is not yet complete, but construction on Tesla’s building has been finished. The structure offers 3,600 feet of storefront, more than 300 parking and trailer stalls, and interior improvements have already begun. It is not known when Tesla will begin their occupancy. It is reported that Tesla will use the facility as a parts and assembly plant.

EDUCATION

EVERETT COMMUNITY COLLEGE
For the past 75 years, Everett Community College has been helping students succeed. The institution, just 1.2 miles away from Northern View Apartments, offers certificates of completion in 30+ career and technical fields, and associate degrees in seven fields. It also provides adult education, professional training, and English as a second language programs, among others. More than 17,000 students are educated at Everett Community College every year.

PUBLIC TRANSPORTATION

Everett is well connected, with Interstate 5 and State Routes 99, 526, and 529 passing through the city. Additionally, US Route 2 begins in Everett. There are a variety of public transportation options for people who live or work in Everett, including the Sounder commuter rail, Greyhound routes, Amtrak service, and local and regional buses offered by Everett Transit, Community Transit, and Sound Transit. Various park and rides conveniently located throughout the city offer riders frequent and reliable service to Seattle, Bellevue, and throughout the region.

EVERETT LINK EXTENSION
Sound Transit’s Link light rail transit system is currently undergoing a massive expansion. Numerous projects in various stages of planning and development are in progress throughout the region, with a network of 116 total miles and 70 stations planned by 2044. The Everett Link Extension, scheduled to open sometime between 2037 and 2041, will add 16 miles and at least 6 stations, and will provide reliable rail service to Lynnwood in 33 minutes and to Downtown Seattle in 60 minutes, regardless of traffic. Eventually, these expansion projects will allow riders to travel all the way from Everett to Tacoma, with additional lines to Kirkland, Issaquah, Ballard, and West Seattle.

SHOPPING, ENTERTAINMENT, AND RECREATION

WATERFRONT PLACE
Owned by the Port of Everett, Waterfront Place is a 1.5 million SF development on 65 acres of Everett’s waterfront. This destination offers more than 4 miles of waterfront trails, parks, and 75+ special events annually, such as festivals, concerts, car shows, and half marathons.

Additionally, Jetty Island, accessible by passenger ferry seasonally or by personal watercraft year-round, is the longest sandy beach in the Puget Sound and is an excellent place for kiteboarding, birdwatching, and picnicking. Waterfront Place is also home to the largest public marina on the West Coast as well as several restaurants ranging from a walk-up window to sit-down establishments serving dinner and drinks. This development is still in process, and upon completion, it is anticipated that Waterfront Place will provide 2,076 family-wage jobs and will generate an annual $8.6 million in state and local sales taxes.

EVERETT MALL
The Everett Mall, at 673,000 square feet, is an indoor/outdoor shopping destination featuring 50+ retailers, restaurants, and service-providers as well as a 16-screen movie theater.

Major tenants include Old Navy, ULTA Beauty, Party City, and Burlington Coat Factory. Everett Village, an expansion project completed in 2006, features Best Buy and PetSmart, among others.

ANGEL OF THE WINDS ARENA
Angel of the Winds Arena is a 10,000-seat venue which hosts concerts, trade shows, and championship events. Angel of the Winds is the home arena for the Western Hockey League’s Everett Silvertips and has hosted a variety of sporting events including banked track roller derby, curling, basketball, lacrosse, and tennis.

WIGGUMS HOLLOW PARK
Wiggums Hollow Park, just 8 minutes away by foot, is a 10- acre recreational area offering a basketball court, a picnic shelter, a playground, and a skate park. There is also a walking labyrinth, more than a half-mile of walking paths, and plenty of green space.

SENATOR HENRY M. JACKSON PARK
Located just a mile away, Senator Henry M. Jackson Park is a 14.6-acre park that provides visitors with a variety of recreational opportunities. The park features baseball and soccer fields, basketball courts, a playground, and walking paths. There are also community gardens available for reservation.

MILL TOWN TRAIL
Mill Town Trail is an urban 6.8-mile, mostly flat path that offers scenic views of Port Gardner Bay, the Snohomish River, and the Olympic and Cascade mountain ranges. The trail loops around several historical sites including an old mill location.

LEGION MEMORIAL PARK AND GOLF COURSE
Located 1 and a half miles away from Northern View Apartments is Legion Memorial Park. This 4-acre park offers a variety of sports fields and courts including tennis, baseball, and basketball.

On the western side of the park is the 2.4- acre Evergreen Arboretum and Gardens, where visitors can stroll through a dahlia garden, a Japanese Maple grove, and a conifer garden, among others.

Adjacent to the park is Legion Memorial Golf Course, a course featuring a forest setting with spectacular views of the Puget Sound, the Snohomish River, the Olympic and Cascade Mountains, and Mount Baker. The course offers five sets of tees ranging from 4,439 to 6,603 yards.

Turnkey investment opportunity consisting of 38 spacious two-bedroom apartments, featuring full-sized in-unit laundry, dishwashers, breakfast bars, and storage lockers.