exclusively offered by berkadia seattle

22-Unit Historic Turnkey Asset in Downtown Everett

2501 Colby Ave
Everett, WA 98201

Highlights

$4.715M

List Price

22

Total Units

1908

Built

15,081

NRSF

2024

Renovated

investment highlights

Fully occupied with zero delinquency, Heritage Manor offers a rare investment opportunity in Everett’s thinly traded market, due to limited inventory.

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 renovations, including; a new TPO roof, new water tanks, electrical upgrades to light fixtures, outlets, heaters & 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, onsite 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 Seattle MSA, as well as 67% of workers are in white-collar positions.

value-add opportunity near light rail

Unit Mix

Unit Type
Count 
Avg
Unit SF
Total SF
Current Rent
Market
Rent
Reno
Rent
1 Bed / 1 Bath
Small
1
484
484
$1,400
$1,450
$1,550
1 Bed / 1 Bath
Renovated Medium
13
641
8,337
$1,511
$1,625
$1,625
2 Bed / 2 Bath
Renovated Large
7
772
5,402
$1,625
$1,675
$1,675
1 Bed / 1 Bath
Large
1
858
858
$1,550
$1,600
$1,700
Total/Average
22
686
15,081
$1,544
$1,632
$1,641

Property Overview

Heritage Manor

  • ADDRESS2501 Colby Ave
  • CITY, STATE ZIPEverett, WA 98201
  • PRICE$4,715,000
  • YEAR BUILT1908
  • YEAR RENOVATED2024
  • UNITS22
  • T-12 CAP RATE6.00%
  • 2026 Budget Cap6.27%
  • MARKET CAP RATE6.54%
  • PARCEL00517156200100
    00517156200400
  • LOT SIZE0.32 Acres | 13,939 SF
  • ZONINGMU (Mixed Urban)
  • COUNTYSnohomish

location

contact us to learn more

PRIMARY CONTACT
Chad Blenz

Senior Director
206.491.2008
[email protected]

INVESTMENT SALES
Mitchell Belcher

Managing Director
425.891.9594
[email protected]

Steven Chattin

Managing Director
425.269.3826
[email protected]

Jay Timpani

Managing Director
206.999.3206
[email protected]

Brandon Lawler

Senior Director
206.484.8114
[email protected]

mortgage banking
Robert Doxsee

Managing Director
425.777.0235
[email protected]

Michael Manolides

Senior Director
253.670.2143
[email protected]

Connor Lemley

Associate Director
206.455.1592
[email protected]

offices in bellevue & seattle

bellevue

411 108th Avenue NE
Suite 1080
Bellevue, WA 98004
206.521.7220

seattle

601 Union Street
Suite 3720
Seattle, WA 98101
206.521.7220

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