6325 Evergreen Way, Everett, WA 98203 (MLS # 2475831)

Listing provided courtesy of Northwest MLS; KW Everett

PRICE	$2,300,000
SIZE	n/a
LOT SIZE	11,762 sqft

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PRICE ADJUSTMENT - EVERETT 2044 REDEVELOPMENT | MU-7 (7-STORY) | 6.00% CAP RATE A rare 2-parcel assemblage in Everett's highest-velocity growth corridor "” offered at $2,30,000 ($2,090,000 main building + $210,000 development parcel). This combined footprint is a textbook Covered Land Play: bankable cash flow today, transformational upside tomorrow. CASH FLOW + VALUE-ADD: 16 existing units "” retail storefronts and apartments "” deliver a proven 6.00% in-place cap rate at $2,090,000 against the main parcel. Rents sit materially below market, creating an immediate path to compress that gap and drive NOI higher from day one. Underutilized basement and storage areas represent untapped income with minimal capital outlay. THE ASSEMBLAGE ADVANTAGE: Two parcels deliver the depth and scale single-lot sites simply cannot replicate. The development parcel alone represents significant value at $310,000 for a 3,000 SF lot in this corridor. Unlock maximum Floor Area Ratio, optimized parking configurations, and institutional-grade mid-rise construction potential under Everett's new TOD mandates. This footprint is purpose-built for what's coming. EVERETT 2044 VISION: Zoned MU-7 (Mixed Urban, 7-Story) in Everett's designated high-density growth corridor. Positioned on a high-visibility arterial with 30,000+ VPD, steps from the future Sound Transit Light Rail station. The city's blueprint for density is written "” this parcel is inside it.

LAST UPDATED	5/6/2026	TRACT	Evergreen
YEAR BUILT	1968	COMMUNITY	Evergreen
COUNTY	Snohomish	STATUS	Active
PROPERTY TYPE(S)	Commercial

PRICE HISTORY
Prior to May 6, '26	$2,400,000
May 6, '26 - Today	$2,300,000

ADDITIONAL DETAILS
AREA	740 - Everett/Mukilteo
HEAT	Electric, None
LOT	0.27 acre(s)
LOT DESCRIPTION	Level
MLS STATUS	Active
STYLE	61 - Comm Bldg Ovr 10K
SUBDIVISION	Evergreen
TAXES	11541
UTILITIES	Sewer Connected
WATER	Public
ZONING	Commercial

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Properties with the Logo icon are courtesy of Northwest MLS.

Listings courtesy of Northwest MLS as distributed by MLS GRID. Based on information submitted to the MLS GRID as of 5/31/26 1:01 AM PDT. All data is obtained from various sources and may not have been verified by broker or MLS GRID. IDX information is provided exclusively for consumers’ personal noncommercial use, that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.

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