Heritage Manor
22-Unit Turnkey Asset in Downtown Everett
Marketing description
Introducing HERITAGE MANOR - a rare investment opportunity in downtown Everett, WA. This historic 22-unit turnkey asset, located at 2501 Colby Ave, Everett, WA 98201, combines timeless charm with modern conveniences. With a renovation in 2024, the property boasts fully updated units featuring stainless steel appliances, quartz countertops, and new flooring. Offering a mix of one-bedroom units with a den, Heritage Manor provides versatility and comfort. Recent upgrades totaling over $500,000 include a new TPO roof, water tanks, and electrical enhancements, ensuring peace of mind for savvy investors. Situated near future light rail expansion and Naval Station Everett, the property benefits from a strong rental demand, making it an ideal addition to any investment portfolio. Don't miss this opportunity to own a piece of Everett's history while enjoying a steady income stream in a thriving market.
Investment highlights
Due to limited inventory, Heritage Manor offers a rare investment opportunity in Everett’s thinly traded market.
Heritage Manor has preserved its historic charm as a 1908 build, while residents enjoy fully renovated units with stainless steel appliances, quartz countertops, and new flooring throughout 20 of the 22 units.
The current ownership has invested over $500,000 in total Capex since acquisition to reposition the asset, including: a new TPO roof, new water tanks, electrical upgrades to light fixtures, outlets, heaters, and fans, as well as partial plumbing updates.
Heritage Manor consists entirely of one-bedroom units with a den, offering a potential second primary bedroom or living space, across varying square footage.
Building amenities include community laundry, on-site storage, controlled building access, and 21 reserved tenant surface parking spots in addition to ample street parking.
Located near Naval Station Everett, Heritage Manor benefits from steady rental demand from military personnel in addition to the 40,000 jobs supported by the Port of Everett.
Heritage Manor benefits from strong renter demographics, with 47% of housing units renter-occupied, compared to 38% in the Seattle MSA, as well as 67% of works are in white-collar positions.
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