Four identical units, all leased, two minutes from the freeway.
514 124th Pl SW, Units 1 to 4 · Everett, WA 98204
Mariner · South Everett
Four units, four identical floor plans, and a rent roll that is already full. This is a 1978 fourplex on a quiet dead end street in Mariner, and every unit is the same 2 bedroom, 1 bath at 892 square feet. That is a generous two bedroom for this pocket of south Everett, which is a large part of why these units stay occupied.
What I like about this one is how little it asks of you on day one. All four leases are 12 month terms with staggered expirations running into 2027, so the income is contracted rather than projected. Tenants carry their own electricity and garbage. There is a coin laundry room that adds about $200 a month on top of rent, eleven parking spaces on a 9,583 square foot lot, and upside you can actually act on rather than hope for.
Highlights
Why you'll love it here
Leased on day one
All four units are on 12 month terms with staggered expirations into 2027. There is no lease up period to underwrite and no vacancy to carry.
Four identical floor plans
Every unit is the same 2 bedroom, 1 bath at 892 square feet, which keeps turnover cheap and makes any upgrade repeatable four times over.
Parking most fourplexes cannot offer
Eleven spaces for four units, four of them covered carports with storage. Tenants stop circling the block and you stop fielding parking calls.
Income that is not rent
The on site coin laundry room brings in roughly $200 a month that has nothing to do with the leases.
Two levers for the next owner
One unit rents $250 a month under the two identical units beside it, and water and sewer are still owner paid while comparable buildings here already bill it back.
Narrow operating costs
Units are separately metered and residents pay their own electricity and garbage direct to the utility, so what you carry stays predictable.
The numbers
What it earns
6.19%
Cap rate
12.82
Gross rent multiplier
$87,000
Gross scheduled income
$69,034
Net operating income
| Unit | Beds | Baths | Sq ft | Monthly rent | Status |
|---|---|---|---|---|---|
| 1 | 2 | 1 | 892 | $1,850 | Leased through May 2027 |
| 2 | 2 | 1 | 892 | $1,850 | Leased through May 2027 |
| 3 | 2 | 1 | 892 | $1,600 | Leased through July 2027 |
| 4 | 2 | 1 | 892 | $1,750 | Leased through May 2027 |
| Total | 8 | 4 | 3,568 | $7,050 | Fully leased |
Stated on the same basis used across comparable fourplex sales in this market: property tax, insurance, water and sewer, and common area electricity. Vacancy, management, maintenance and reserves are not deducted. Rent roll, leases and expense detail available on request.
Gallery
Take the tour
Features
The home
- •Four 2 bedroom, 1 bath units at 892 sq ft each
- •On site coin operated laundry room
- •Four covered carports with storage
- •Seven additional uncovered spaces, eleven total
- •Range, oven and refrigerator in every unit
- •Separately metered electricity
- •Electric baseboard heat
- •Deck and patio
- •Fenced yard area
- •Territorial view
- •Dead end street with curbs and sidewalks
- •Poured concrete foundation
- •Stucco and wood exterior, composition roof
- •Sewer connected
- •Mukilteo School District
- •No HOA
Details
The particulars
- Type
- Multi-family · 4 units · 2 stories
- Unit mix
- Four 2 bd / 1 ba, 892 sq ft each
- Total bedrooms
- 8
- Total bathrooms
- 4
- Building size
- 3,568 sq ft
- Lot size
- 9,583 sq ft (0.22 acres)
- Year built
- 1978
- Parking
- 4 covered carports plus 7 uncovered, 11 total
- Heating
- Electric baseboard
- Cooling
- None
- Sewer
- Connected
- Laundry
- Shared, coin operated
- View
- Territorial
- Annual taxes
- $8,757 (2026)
- HOA
- None
- School district
- Mukilteo
- MLS #
- 2577015
Location
Mariner, south Everett
Mariner is the pocket of south Everett built around 128th Street SW, where small multifamily sits within a couple of minutes of the freeway. That access is the reason these units lease. Interstate 5 and the Mariner Park and Ride are both about two minutes from the door, Paine Field is five, and the Lynnwood employment corridor is eleven.
- •Interstate 5 at 128th St SW, Exit 186 · 0.6 mi, about 2 min
- •Mariner Park and Ride · 0.6 mi, about 2 min
- •Lake Stickney Park · 0.5 mi, about 2 min
- •Swedish Mill Creek clinic · 1.2 mi, about 3 min
- •Silver Lake and Thornton A. Sullivan Park · 2.1 mi, about 6 min
- •Paine Field passenger terminal · 2.5 mi, about 5 min
- •Everett Mall · 2.7 mi, about 7 min
- •WinCo Foods · 2.8 mi, about 7 min
- •Alderwood Mall · 5.5 mi, about 11 min
- •Costco Lynnwood · 6.0 mi, about 12 min
- •Mukilteo ferry terminal · 7.3 mi, about 16 min
Private tour
See it in person
This home is shown by appointment only. Send a note and I'll coordinate a private showing that fits your schedule, and answer anything about the home, the neighborhood, or the numbers.