SOLD // 1225 West Casino Road, Everett, WA 98204

PARK PLACE TOWNHOMES

SOLD

Built in 1978, Park Place Townhomes is a seven-building and twenty-eight-unit townhome community centrally located in the Westmont neighborhood of Everett. Minutes away from the Boeing Everett Factory and Paine Field to the east, and Sound Transit’s planned SR526/Evergreen Extension to the west, Park Place Townhomes is perfectly situated to benefit from both economic and lifestyle drivers that will continue to improve over the long term. From a tenant’s perspective, spacious units combined with private patios and large common areas make Park Place Townhomes the perfect place to call home.

Park Place Townhomes consists of ten two-bedroom, one-bathroom units averaging ±950 square feet, fourteen two-bedroom, one-and-a-half-bathroom units averaging ±1,018 square feet, and four three-bedroom, one-and-a-half-bathroom units averaging ±1,250 square feet. Each unit features a private backyard patio, washer/dryer package, and spacious living room separate from the large kitchen. Our proposed renovation package would include LVP flooring throughout the lower level, new countertops, updated cabinets, lighting packages, bathroom refreshes, and new appliances.

Property Overview

 

ADDRESS

1225 W. Casino Rd,

Everett, WA 98204

 

RESIDENTIAL NRSF

± 28,750

NEIGHBORHOOD

Everett

 

ZONING

UR4

YEAR BUILT

1978

 

PARKING

64 Surface Spaces

UNITS

28 Units

 

SITE AREA

70,132 SF (1.61 ACRES)

Executive Highlights

  • Value Add Opportunity

    Ability to capture significant rental upside through interior renovations

  • Spacious Townhome Units

    All two- and three-bedroom townhome-style units with in-unit laundry

  • Attractive In-Place and Pro-Forma Cap Rate

    In-place 5.76% Cap and pro-forma 7.25% Cap on-cost

  • Excellent Proximity to Major Employers

    - 5 minutes to Boeing Everett Factory

    - 14 minutes to Downtown Everett

    - 15 minutes to Waterfront Place Development

  • Year of Construction: 1978

    Interior renovations without major system upgrades needed

  • Rental Upside

    Comparable rents allow for 24% increase above in-place rents

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