2232 Hoyt Avenue, Everett, WA 98201

Property Description

Opportunity to acquire a well-maintained, professionally managed, five-unit multifamily investment in the desirable Bayside neighborhood of North Everett — just blocks from the Everett Waterfront, and walking distance to Grand Ave Park and Downtown. The building sits on a corner lot, includes a stand-alone two-car garage and boasts amazing views from the top 2 floors. Tenants are professionally screened and have an exceptional history of on-time payments with virtually zero delinquency. The current ownership group has invested nearly $250,000 in capital improvements in the building including all-new double-pane windows, new roof, full exterior paint, extensive PEX plumbing upgrades and complete remodels of Units 1, 2, 3, and 4. The result is a largely turnkey asset in a high-demand rental corridor supported by Boeing, Naval Station Everett, Amazon, and a growing healthcare economy. Current cap rate of 6.26% with pro forma upside to 6.83% as the one remaining unrenovated unit is brought to market. Gross rental income of $96,360 annually with pro forma income of $103,260 or more. Great opportunity to capitalize on one of the highest demand housing markets in Everett.

Listing Status:

Active

Data Last Updated:

July 5, 2026 at 6:22PM

Listing Office:

Opal Blue Real Estate, LLC : 425-510-6162

Listing Agent:

Grant Fosheim : 425-510-6162

MLS ID:

2547568

Interior

• Flooring: Vinyl Plank
• A/C: None
• Heating: Forced Air
• Fireplace: Fireplaces: 0

Exterior

• General: Wood
• Parking: Parking spaces: 4

Construction

• Roofing: CompositionFlat
• General: 55 - 5-9 UnitsBlock

Location

• HOA Amenities: 0.0
• Originating MLS: nwmls
• School District: Everett
• County: Snohomish

Lot

• Zoning: 00439148101702
• View: BayCityIslandsJettyMountainsOceanSeaTerritorialView

Utilities

• Water: Public
• Sewer: Sewer Connected

Financial

• Source: nwmls