Luna Apartments
47 unit shovel ready multifamily development opportunity
Downtown Everett, WA
Price: $3,200,000
Overview
The offering provides a buyer the opportunity to acquire a level 0.36 acre urban infill development site with MU4 zoning, a 12 year MFTE structure, completed plan sets, and substantial predevelopment work already completed. Building and public works permits are approved pending final covenant processing.
The project has been advanced through the most time intensive portions of design and City review, including architectural, civil, structural, landscape, engineering, and permit coordination. Rather than starting with raw land or an early stage entitlement process, a buyer can step into a project that is positioned for near term execution.
The planned unit mix includes 47 apartments designed for downtown Everett renter demand, with efficient micro, studio, one bedroom, one bedroom plus den, and two bedroom units. The development is positioned to serve workforce housing demand in a downtown location with access to employment, transit, services, I-5, Highway 2, the Port of Everett, Paine Field, Everett Station, Providence Regional Medical Center, and other North Puget Sound employment drivers.
Located at 3012 and 3016 Everett Ave in downtown Everett, WA
Zoning
The purpose of the mixed-use (4 floors) zone is to provide for low-scale residential and commercial development in buildings up to four floors.
Sale Notes
Building Permit B2101-035 and Public Works Permit PW2101-030 are approved pending final covenant processing. The City has confirmed 2015 Energy Code eligibility. The project is also structured around a 12 year MFTE exemption, buyer to verify final requirements.
Buyer to verify all permit status, covenant requirements, MFTE requirements, Opportunity Zone status, development feasibility, utility availability, construction costs, rents, operating assumptions, financing terms, and all other due diligence items
Schedule a Tour
Interested in learning more or walking the site?
Schedule a Tour today to see the potential of Luna Apartments in person.
Contact Rob Serviss at (425) 971-4060 or Schedule a tour below.