6325 xx Evergreen Way · Everett, WA 98203

$210,000

None bd · 8.0 ba · 11,895 sqft · MultiFamily public records · 14 Days on market

Built 1968 0.28 ac lot $18/sqft · 89% below area

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Why this score? — see what drove the B grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +5.9/10.0
• Livability +3.7/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Rare opportunity to own shovel-ready vacant commercial land in one of Everett's most strategically positioned corridors. Zoned E-1/MUO (Evergreen Way Mixed-Use Overlay), this 12,197 SF fully fenced parcel sits just one block off Evergreen Way — Everett's primary commercial spine — with all utilities already in the street, 7 paved parking spaces, and direct access from Rainier Drive. Everett's newly adopted 2044 Comprehensive Plan specifically identifies Evergreen Way as a priority growth corridor, directing new commercial, mixed-use, and residential investment along this arterial. The E-1/MUO overlay encourages transit-oriented development tied to Community Transit's Swift BRT s

Key facts

• Zoned e-1 muo
• Fully fenced parcel
• 0.28 acre lot

Tags

• ZONED E-1 MUO
• FULLY FENCED PARCEL
• 7 PAVED PARKING SPACES
• TRANSIT ORIENTED DEVELOPMENT
• PLANNED BUILD ENVELOPE

What this means for you Summary

Snapshot

• This is a ?-bed/8.0-bath multifamily listed at $210k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $210k).
• Cap rate 13.6% vs local median 2.5% in Everett — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 73/100 on livability (#199 in WA) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A, health & safety A; Watch: schools C-, crime D+, amenities F.
• Everett School District (urban): math 60% / reading 72% proficiency, ranked #26 of 291 in WA (top 9%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents flat; 158 active listings in the ZIP; solid renter incomes; 3,982 units permitted in Snohomish County in 2024 (1,492 in 5+ unit buildings).
• This rent runs 39% of the median local income ($107k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Snohomish County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 0.8% rent growth), your $59k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 3y ago; this cycle's ask has dropped $2.19M (91%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $210,000

Questions for the listing agent

1. Built in 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
4. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
5. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
6. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.64% ✓
• Cap rate: 13.56%
• Cash-on-cash: 25.94%
• DSCR: 2.15
• GRM: 5.1

CMA / ARV

• ARV (median comp): $1,862,984
• List price: $210,000
• Delta: 23.46%
• Verdict: OVERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.76% rent growth · sell at horizon

5-year hold

• IRR: 17.1%
• Equity multiple: 1.67×
• Total profit: $39,381
• Equity at exit: $31,312

10-year hold

• IRR: 23.9%
• Equity multiple: 2.85×
• Total profit: $108,942
• Equity at exit: $18,157

Cash invested: $58,800 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 28 Tenant-Leaning
• State Washington: 28 Tenant-Leaning · D+8
• County: — inherits STATE
• City: — inherits STATE

Just-cause statewide (2021); Seattle layers rent control restrictions + relocation assistance; very tenant-friendly.

Methodology + full state rankings →

ZIP-level market 98203

• Rents YoY: 0.8%
• Active inventory: 158
• Price-to-rent: 10.2×

Monthly cashflow live

• Estimated rent: $3,446 medium
• Mortgage (P&I): −$1,101
• Tax est. 1.5%: −$262 /mo · $3,150/yr
• Insurance: −$88
• HOA: −$0
• Vacancy / Maint / Mgmt: −$724
• Net cashflow: $1,271

Break-even live

Break-even rent $1,837

Max offer price $210,000

Occupancy floor 58%

Sensitivity live

Price	-10% $1,416	-5% $1,344	+0% $1,271	+5% $1,199	+10% $1,126
Rent	-10% $999	-5% $1,135	+0% $1,271	+5% $1,407	+10% $1,543
Rate	-1.0pp $1,377	-0.5pp $1,324	base $1,271	+0.5pp $1,217	+1.0pp $1,161

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$3,446
Total (2 units)			$3,446

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $52,500
• Closing costs: $6,300
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-18
   days on market $210,000 Active 14 DOM
2. 2026-06-17
   days on market $210,000 Active 13 DOM
3. 2026-06-16
   days on market $210,000 Active 12 DOM
4. 2026-06-15
   days on market $210,000 Active 11 DOM
5. 2026-06-13
   days on market $210,000 Active 9 DOM
6. 2026-06-13
   days on market $210,000 Active 8 DOM
7. 2026-06-09
   days on market $210,000 Active 5 DOM
8. 2026-06-08
   days on market $210,000 Active 4 DOM
9. 2026-06-07
   remarks 687-char remark
10. 2026-06-07
    pricedays on marketlisting id $210,000 Active 3 DOM
11. 2026-06-04
    days on market $2,300,000 Active 112 DOM
12. 2026-06-03
    days on market $2,300,000 Active 111 DOM
13. 2026-06-02
    days on market $2,300,000 Active 110 DOM
14. 2026-06-01
    days on market $2,300,000 Active 109 DOM
15. 2026-05-31
    days on market $2,300,000 Active 108 DOM
16. 2026-05-07
    price $2,300,000
17. 2026-02-10
    listed $2,400,000 Active
18. 2024-01-23
    historical $1,100
19. 2023-12-18
    listed $1,100
20. 1977-12-01
    soldstatus $285,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 75% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥84°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 10 unhealthy d/yr today · 10 by 30 yrs out

Taxation est. · year 1

• Rental income: $41,352
• − Mortgage interest: −$11,763
• − Property taxes: −$3,150
• − Insurance: −$1,050
• − Repairs & maintenance: −$3,308
• − Management: −$3,308
• − Depreciation: −$6,109
• Taxable income: $12,663
• Est. tax owed @ 24.0%: −$3,039
• After-tax cash flow: $12,214/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Everett School District
• NCES district ID: 5302670
• Math proficiency: 60% ▲ 1.00%
• Reading proficiency: 72% ▲ 1.00%
• Median HH income: $66,815
• Composite: 59.0/100
• National rank: #1964
• State rank: #26 of 291 in WA

Livability — Everett

• Score: 73/100
• State rank: #199
• US rank: #5489

Category grades

Amenities F Commute A+ Cost of living F Crime D+ Employment A- Housing A Health & safety A User ratings D+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Everett, WA
• County: Snohomish County · 786,756 people
• City population: 173,457
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 35,517
• Household income: $107,376
• Rent vs Own: 32.3% rent · 67.7% own
• Severe rent burden: 725.0

Population outlook (Snohomish County) Hauer SSP2

• Today (2025): 899,800 people
• By 2030: 960,975 · +6.8%
• By 2040: 1,074,447 · +19.4%
• By 2050: 1,171,954 · +30.2%
• By 2075: 1,384,849 · +53.9%
• By 2100: 1,497,296 · +66.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.63)
• Race & ethnicity: White 57% Hispanic / Latino 16% Two or more races 12% Asian 11% Black 8%
• Hispanic origin (detail): Mexican 11% Puerto Rican 1%
• Common ancestry: Portuguese 4% Italian 3% Slovak 2%
• Foreign-born: 21% · Canada, Vietnam, China
• Languages at home: 70% English-only · Spanish 12% Vietnamese 3% Russian/Polish/Slavic 3%

Political lean MEDSL · Snohomish

• 2024 margin: D (+19.0) · D 57.8% · R 38.9% · Other 3.3%
• 2008→2024 swing: +0.1pp no change · 2008: 18.9pp · 2024: 19.0pp
• All cycles: 2024: D+19.0 2020: D+20.6 2016: D+16.6 2012: D+16.2 2008: D+18.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -744.68%
• Current HPI: 325.3157
• Rent YoY: ▲ 0.76%
• Metro: Seattle-Tacoma-Bellevue, WA
• State GDP YoY: ▲ 4.65%
• F500 in state: 22

Industry mix (Fortune 500 HQ in WA)

Industry	F500 HQs	Revenue
▸Retail	2	$269B
▸Technology / Retail	1	$638B
▸Technology	1	$245B
▸Telecommunications	1	$38B
▸Food / Beverage	1	$36B
▸Automotive / Trucks	1	$34B

Price history

+707.0% since first listed

5 events — show timeline

• 2026-05-07 Price Changed $2,300,000 NWMLS as Distributed by MLS Grid
• 2026-02-10 Listed $2,400,000 NWMLS as Distributed by MLS Grid
• 2024-01-23 Rental Removed $1,100 APPFOLIO
• 2023-12-18 Listed for Rent $1,100 APPFOLIO
• 1977-12-01 Sold (Public Records) $285,000 Public Records

Property tax history

-1.6%/yr

Latest (2026): $11,469 · -0.6% YoY. Source: county tax records.