Everett Multi-Family Property Statistics

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

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!)

Of course, there are always hurdles to overcome in converting a single-family home into a duplex.  Of primary concern is whether the property is suitable for dividing into duplex and what the local zoning and permit processes are.  I never said converting a single-family home into a duplex was easy!  When you start considering converting a single-family home into a duplex be sure that you have a competent real estate agent and remodeling contractor by your side.  This will help you make sure you get into the property for the correct price and have a solid estimate of what it will cost to convert the property.

If you are in the greater Seattle area and would like to sit down and talk with me about duplex properties and real estate investing, please send me an e-mail at Jacquie@JacquieCliff.com or give me a call at 425-773-3149.  If you’re outside the Seattle area and looking for a great real estate agent to help you with purchasing your duplex properties, I can  put you in touch with a hard-working and knowledgeable real estate agent in your area.