3406 OAKES AVE, EVERETT, WA 98201

3406 Oakes Ave is a purpose-built fourplex in Everett offering a clean, straightforward multifamily investment with meaningful operational upside. The property consists of four spacious 2-bedroom units, each approximately 950 square feet, with functional layouts, dishwashers, and in-unit washer/dryer hookups. The interiors are dated but serviceable, giving a new owner flexibility to continue operating the building as-is while improving rents and finishes over time.

A standout feature for this asset is the under-building garage parking, including four covered spaces with an automatic garage door, plus additional alley and street parking. This is a meaningful tenant amenity in Everett and helps differentiate the property from older small multifamily inventory in the area.

The current value-add story is primarily operational rather than heavy construction. Rents are significantly below market, and the owner is currently covering utilities, creating a clear path to improve NOI through rent normalization, utility reimbursement or tenant-paid utilities where permitted, and standard turnover improvements. Interior updates such as flooring, paint, trim, fixtures, and appliance upgrades can be completed gradually as units turn, rather than requiring a full building repositioning on day one.

The main capital improvement item is the exterior deck system, which is at the end of its useful life and should be repaired or replaced. Beyond that, the property is best understood as a dated but functional fourplex with normal wear-and-tear items, strong unit layouts, covered parking, and substantial income upside.

Located near Downtown Everett, Everett Station, Providence Regional Medical Center, I-5 access, and major local employment centers, 3406 Oakes Ave offers investors a rare combination of larger 2-bedroom units, garage parking, operational upside, and a manageable four-unit scale in one of Snohomish County’s core rental markets.