3432 Lombard Ave
Everett, WA 98201
Lombard Ave Fourplex · Multifamily Property For Sale · 4 Units

Originally constructed in 1901, the property has benefited from significant capital improvements under current ownership, including a new roof, electrical panels, and PEX plumbing, all completed in 2019. The property offers a diverse unit mix consisting of two 600 SF studios, a 900 SF one-bedroom/ one-bathroom unit, and a spacious 1,200 SF two-bedroom/one-bathroom unit. Each residence has been thoughtfully renovated between 2018 and 2021, featuring updated kitchens, flooring, bathrooms, and lighting, with every unit also equipped with a dishwasher. Residents have access to a shared coin-operated laundry room and additional basement storage. The property retains its historic character with high ceilings, original trim, and tall windows that provide each unit with a distinctive sense of charm and great natural light. The offering presents a largely turnkey investment with multiple avenues for additional income growth. Ownership currently covers utilities across just three meters, providing a new owner with a clear opportunity to implement a utility bill-back program. In addition, two of the four units are currently leased below market, creating further potential to increase revenue over time. Located in Port Gardner, residents benefit from a highly walkable neighborhood and convenient access to Everett’s key employment and transportation hubs. Everett Station and Sounder commuter rail service are just a seven-minute walk from the property, while major regional employers including Boeing Everett and Naval Station Everett are located nearby. The combination of updated units, historic character, strong accessibility, and identifiable rental upside makes the Lombard Ave Fourplex an attractive opportunity for investors seeking a well-positioned, income-producing asset in Everett.