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Hart Center 1313 Hewitt Ave 18,626 SF 100% Leased Retail Building Everett, WA 98201 $6,254,955 CAD ($335.82 CAD/SF) 7.22% Cap Rate
Investment Highlights
- 100% Occupied Mixed-Use Investment
- Near-Term Residential Upside
- Renovated Residential Units and Historical Charm
- High Yield Investment with Annual Rent Increases
- High Traffic Signalized Hard-Corner Location
- Well Maintained and Professionally Managed
Executive Summary
The Brown Group and Morse Multifamily Group of Marcus & Millichap have been selected to exclusively market for sale Hart Center, a 100% occupied, mixed-use property in Downtown Everett, Washington. The property is ~18,453 SF and is comprised of eight ground-floor retail suites and nine apartment units, offering a diversified income stream. Priced at a 7.26% cap rate on current income, the retail leases feature 3% annual rent increases and current market rents support approximately 7% upside on residential renewals and turnover — providing an investor with a high yielding asset and clear near-term NOI growth. Eight of nine residential units have been renovated and are complemented by the building's historic exposed brick. The property is professionally managed with no deferred maintenance, and the management company is eager to continue. Zoned Mixed-Use City Center with development potential up to 25 stories, the property offers exceptional long-term redevelopment optionality. Situated on the signalized hard corner of Rucker Avenue and Hewitt Avenue with 53,000+ VPD in the heart of Downtown Everett's commercial district, the property benefits from excellent visibility and easy access. Within three miles, the population is nearly 53,000, has grown approximately 4% over the past five years, and is projected to grow another 4%, with average household incomes exceeding $114,000. Washington's lack of state income tax further enhances after-tax returns.
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Building Size
18,626 SF
Building Class
C
Year Built
1913
Price
$6,254,955 CAD
Price Per SF
$335.82 CAD
Cap Rate
7.22%
NOI
$451,491 CAD
Percent Leased
100%
Tenancy
Multiple
Building Height
2 Stories
Building FAR
1.30
Lot Size
0.33 AC
Zoning
C-1 - Zone is Mixed Urban (MU), zoning maps indicate building heights of 12 up to 25 floors are available (buyer to verify).
Very walkable
80/100
Moderately drivable
70/100
Some public transit
40/100
Fairly bikeable
40/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 004391-670-014-00 | Improvements Assessment | $3,330,130 CAD |
| Land Assessment | $1,103,810 CAD | Total Assessment | $4,433,940 CAD |
Property Taxes
Parcel Number
004391-670-014-00
Land Assessment
$1,103,810 CAD
Improvements Assessment
$3,330,130 CAD
Total Assessment
$4,433,940 CAD
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Hart Center | 1313 Hewitt Ave
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