Duplex and Multi-Family Property Update for Everett & Lynnwood
February 21st, 2009 Jacquie Cliff - Real Estate Broker Posted in Everett, Lynnwood, Statistics | No Comments »
Winter is quickly fading and I expect we will see more properties coming onto the market as the grass starts to green up. Here is a quick update on the state of the duplex and multi-family market in Everett and Lynnwood using the MLS information.
Everett Multi-Family Property Statistics
| Lowest | Highest | Average | Average Sold Price | |
| Duplex Properties | $186,000 | $565,000 | $336,550 | $299,000 |
| 3-5 unit Properties | $174,900 | $999,990 | $492,915 | $268,950 |
| 6+ Unit Multi Family | $525,000 | $1,599,000 | $852,100 | None in Last 90 Days |
The sold figures for 3-5 unit multi-family properties in Everett were skewed slightly by the fact that there have only been 2 sold in the past 90 days, one of which was a tri-plex that closed at $199,900. I suspect that it needed some work. Listings that say ‘Needs TLC’ and ‘Buyer to waive form 17′ are usually in pretty rough shape or there are serious worries.
Lynnwood Multi-Family Property Statistics
| Lowest | Highest | Average | Average Sold Price | |
| Duplex Properties | $274,950 | $597,500 | $398,412 | $370,000 |
| 3-5 unit Properties | $409,000 | $899,950 | $589,725 | $485,000 |
| 6+ Unit Multi Family | None | None | None | None in Last 90 Days |
Prices in Lynnwood for duplex and multi-family properties is higher as you can see, with the age and condition of several of the Everett properties pulling the prices down. One other thing to note is that there are 42 active duplex properties in Everett, and only 8 currently on the market in Lynnwood.
What I am seeing is that for investors with backing, there are some good deals to be made. The one duplex sale that did happen in the last 90 days was only on the market 19 days and dropped from an initial price of $425,000 to a final selling price of $370,000. At that price it most likely won’t break even if it is financed, unless of course there was a sizeable down payment.
If you are shopping in this area for a duplex or small multi-family property, my suggestion is to have your financing ready, and make some offers! The market isn’t moving very fast, which means sellers need to compete if they want to sell.
When you are ready to get out there and start making some offers, give me a call at 425-773-3149 or send me an email at Jacquie@JacquieCliff.com and I will try not to have too good of a time beating up the sellers (proverbially) for you. Of course if you are looking in areas other than Lynnwood and Everett for multi-family investments, I can take care of you there as well. If you need and example, just check out my road trip to Aberdeen to look at a bunch of multi-family properties (which had positive cash flow!)
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