3202 MCDOUGALL AVE Everett WA 98201-4434

Marcus & Millichap’s Brown Retail Group has been selected to exclusively market for sale a compelling Owner-User or Value-Add investment opportunity in Everett, Washington.​ The Property is currently occupied by two major tenants, each with lease provisions allowing termination on 180 days’ notice, providing a future owner with exceptional flexibility to maintain existing income, reposition the asset, or ultimately occupy the building as an owner-user.​ Offered at $165/SF, the Property presents a compelling entry point relative to replacement cost and comparable Everett assets.​ The offering reflects a 5.55% going-in cap rate, increasing to a 6.30% true in-place cap rate beginning January 1, 2027.​ Additionally, current rents of approximately $9.72/SF remain well below estimated market rents of approximately $12–$14/SF, providing embedded rent growth and supporting long-term NOI expansion.​ The Property is zoned Mixed Urban (MU), one of Everett’s most flexible and desirable zoning designations.​ MU zoning allows for a broad range of uses, including commercial, office, residential, and mixed-use development, enhancing intrinsic value and positioning the asset to evolve alongside Everett’s continued urban growth.​ Strategically located along Everett’s primary north–south corridor with immediate access to Interstate 5, the Property benefits from strong visibility, excellent regional connectivity, and commuter accessibility.​ The surrounding trade area is supported by affluent demographics, with a population exceeding 132,000 residents within a five-mile radius and average household incomes in excess of $102,000, providing a strong economic foundation that supports tenant demand and long-term income durability.​ The Property also benefits from its location in Washington State, which offers no personal income tax, enhancing after-tax returns for both investors and owner-users.​

Owner-User or Value-Add Opportunity

Highly Flexible Mixed Urban (MU) Zoning

Attractive Basis with Immediate Cash Flow and Near-Term Upside

Exceptionally Located with Immediate I-5 Access

Strong, Affluent Demographics

Washington State – No Personal Income Tax

The Vara Group is pleased to present the sale offering for the MJM Building, a fully leased multi-tenant industrial property located in the heart of Everett, WA. The asset is anchored by JMC Cabinets and WW Wells Millwork. The anchor tenants comprise 89.6% of the square footage and have each occupied their spaces for 30+ years. Additionally, each of the tenants has agreed to an accelerated rental increase structure that will see their rents increase 37% over the next 4 years.

The property spans 8 suites across 43,334 SF, and is 100% occupied by 5 tenants and provides immediate and predictable in-place cash flow. The building’s divisible layout accommodates a variety of industrial users, while below-market rents and staggered lease expirations across the smaller suites provide a significant value-add opportunity.

FULLY LEASED

EXCEPTIONAL HISTORICAL OCCUPANCY

SIGNIFICANT RENTAL INCREASES

TREMENDOUS RENTAL UPSIDE

STRATEGICALLY LOCATED

ATTRACTIVE MARKET FUNDAMENTALS