Mixed-Use Building with Retail
For Sale
Contact for pricing
107 1st Street, La Conner, WA 98257
Two ground-floor retail spaces accompany an upstairs two-bedroom, two-bath apartment.
Property Size7,055 SF
Price / SF$233.88
Days on Market133
Property Features for 107 1st Street
General Information
Standard status
Active
Size
7,055 SF
Class
C
Property subtype
Mixed Use, Retail
Zoning
C
Net Operating Income
$91,756
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Additional Details
Corner Location
Yes
Building Details
Year Built
1979
Year Renovated
2021
Buildings
2
Stories
2
Units
3
Listing Agency:
Anacortes-Windermere Real Estate
(360) 293-8008
Listed By:
Nate Scott
Source:
Crexi
Added: Apr 20
Changed: Aug 29
Last Checked: Aug 29 at 1:19PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Anacortes-Windermere Real Estate
Investment Insights
Based on property information with market context.
This 7,055-square-foot mixed-use building in La Conner includes two retail spaces at street level and a two-bedroom, two-bath apartment above. The apartment is ready for occupancy, while one retail space is leased long term to Erth. Constructed in 1979, the property carries C zoning.
Located at 107 1st Street in La Conner, the building combines commercial and residential components within a single property. The configuration supports active retail use below with an upper-level apartment component.
Located at 107 1st Street in La Conner, the building combines commercial and residential components within a single property. The configuration supports active retail use below with an upper-level apartment component.
Key Highlights
- 7,055‑square‑foot mixed‑use building
- Two ground‑floor retail spaces
- Two‑bedroom, two‑bath apartment upstairs
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$66,074
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.00%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,321,480
$1.3M
Cap Rate 7%
$943,914
$943.9K
Cap Rate 9%
$734,156
$734.2K
Market Conditions
NOI Build-Up for 7,055 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$114.3K $16.20/SF
− Vacancy
−$8.6K −$1.22/SF
EGI
$105.7K $14.99/SF
− OpEx
−$39.6K −$5.62/SF
NOI
$66.1K $9.37/SF
Area
Skagit County, WA
Vacancy
7.50%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,321,480
Cap Rate 7%
$943,914
Cap Rate 9%
$734,156
Alternative Uses
Best Use
Mixed Use
$943.9K
$825.9K – $1.10M
NOI $66,074 @ 7.0% cap · market cap 4.00%
Second Best
Retail
$851.0K
$744.6K – $992.9K
NOI $59,571 @ 7.0% cap · market cap 3.61%
Theoretical Best
Office A
$2.87M
$2.51M – $3.35M
NOI $200,853 @ 7.0% cap · market cap 12.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
451
Businesses Nearby
1k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Napa Auto Parts
Shops & Services
1,288 visits/mo
0.3 miles
Demographics for 98257, WA
4,467
Population
2,385
Households
1.9
Avg Household Size
57
Median Age
42%
College-Educated
95%
High-School Grad
18.5 sq mi
ZIP Area
241
Density / Sq Mi
$90,983
Median Household Income
$40,933
Median Earnings
$1,317
Median Rent
$481,300
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two ground-floor retail spaces accompany an upstairs two-bedroom, two-bath apartment.
Where is this mixed-use property located?
The property is located at 107 1st Street La Conner, WA.
What is the asking price?
The asking price for this property is $1,650,000.
What are key features of this property?
This property features: 7,055‑square‑foot mixed‑use building; Two ground‑floor retail spaces; Two‑bedroom, two‑bath apartment upstairs
