JAMES ROBERT DEAL
REAL ESTATE ATTORNEY
REAL ESTATE MANAGING BROKER
COMMERCIAL MORTGAGE BROKER
KW EVERETT    425-774-6611
James@JamesDeal.com

I am writing about the building at 4017 Colby Avenue in Everett.

The listing number is NWMLS 1410715 for the for sale listing.

The listing number is NWMLS 1434884 for the rental listing.

I represent the seller as attorney and broker.

For photos, floor plan, and reports regarding this property, click on this link and click on this link.

The video on YouTube is very informative. However, this video was made before some of the walls were taken down. What happened is that the roof leaked. The walls in some areas had to be taken down to the studs so that the areas could be dried out. They were dried out, and a new roof was put on.

This building is for sale for $699,000. A lease-option might be considered.

The entire building can be leased for $4,500 per month net, with the landlord paying taxes and the tenant paying for insurance. The landlord would consider a five or 10 year lease.

The reason why the sale price and the lease price are so reasonable is that the building needs $50,000 or more in structural upgrades. For example, the The landlord is willing to pay for structural upgrades, while the tenant will pay for customization of the property to the tenant’s intended use. 

If it is to be a lease, the landlord will pay for structural upgrades, while the tenant pay for decoration and customization for the type of business that the tenant operate. Costs will be negotiated during the feasibility contingency period.

There is a lighted sign in front which extends out over the sidewalk. It has faces on both the north and south sides. The sign can be updated and customized at the buyer or renter’s cost. The electrical guts of the sign may need servicing. The buyer or tenant would take care of that expense.

Loading Bay: The building is on the east side of Colby, facing west. Facing Colby there is roll up garage door and loading bay. It is 11 feet high, 16 feet wide, and 27 feet long. It is around 432 square feet in size. It will hold a really big truck or an RV.

Or the loading bay could be converted into separate retail space, one with street frontage on Colby. If you own or lease, you can keep the sub-lease income. If you rent the loading bay to a sub-tenant, that sub-tenant would need access to the main part of the building to get to the restrooms. So there would need to be a trust relationship between the buyer or renter and any sub-renter.

The Landlord would consent to a tenant completely removing the loading bay, as a part of an overall upgrade.

The rear of the building faces east. There are five parking spaces there. There is a lot of free parking in the neighborhood. There is a vast parking lot on the commercial lot to the north, which is mostly empty because the buildings are mostly empty. These empty spaces could be rented by the buyer or renter.

From the upstairs office on the east end of the building there is a view to the east of a wooded park-like green belt.

The Colby Building is located to the north and east of the intersection of Colby and 41st Street in Everett. It is on the east side of Colby. It is across the street from MacDonalds.

The Colby Building is just to the north of Baskin and Robbins and Seattle Super Supplements, which are both part of a 4.35 acre parcel that is listed for around $11 million.

Sincerely,
James Robert Deal
Real Estate Attorney WSBA # 8103
Real Estate Managing Broker DOL # 27330
Commercial Real Estate Broker NMLS # 64871
425-774-6611
James@JamesDeal.com

 

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