Single-Tenant Office
For Sale
Contact for pricing
Pending
1117 East Division Street, Mount Vernon, WA 98274
PO-zoned professional office asset near Skagit Valley Hospital and the area’s medical community.
Property Size2,688 SF
Lot Size0.15 Acres
Days on Market61
Property Features for 1117 East Division Street
General Information
Standard status
Pending
Size
2,688 SF
Class
A
Lot size
0.15 Acres
Property subtype
Office
Zoning
PO
Additional Details
Cap Rate
5.7%
Building Details
Year Built
2008
Buildings
1
Tenancy
Single
Building Size
2,688 SF
Listing Agency:
Learned Commercial, Inc
Listed By:
Jarrod Ball · License #22026577
(360) 855-8875
Source:
Crexi
Added: Aug 28
Changed: Oct 25
Last Checked: Oct 26 at 3:11PM
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 Learned Commercial, Inc
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
Located at 1117 E Division St in Mount Vernon, this 2,688-square-foot office building occupies approximately 0.15 acres and carries PO: Professional Office zoning. The property was developed for LabCorp, which currently occupies the building as its sole tenant.
The asset is positioned near Skagit Valley Hospital and the broader Skagit County medical community. A new 5-year single-tenant net lease is in place, with annual rent increases and a 5.7% cap rate in the initial year.
The asset is positioned near Skagit Valley Hospital and the broader Skagit County medical community. A new 5-year single-tenant net lease is in place, with annual rent increases and a 5.7% cap rate in the initial year.
Key Highlights
- 2,688 SF office building on approximately 0.15 acres
- PO: Professional Office zoning
- LabCorp is the current sole occupant
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$57,433
Cap Rate
3.65%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,148,660
$1.1M
Cap Rate 7%
$820,471
$820.5K
Cap Rate 9%
$638,144
$638.1K
Market Conditions
NOI Build-Up for 2,688 SF
Gross rent
$96.4K $35.88/SF
− Vacancy
−$19.9K −$7.39/SF
EGI
$76.6K $28.49/SF
− OpEx
−$19.1K −$7.12/SF
NOI
$57.4K $21.37/SF
Area
Skagit County, WA
Vacancy
20.60%
Lease Rate
$35.88 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,148,660
Cap Rate 7%
$820,471
Cap Rate 9%
$638,144
Alternative Uses
Best Use
Office B
$820.5K
$717.9K – $957.2K
NOI $57,433 @ 7.0% cap · market cap 3.65%
Second Best
Healthcare Medical
$277.9K
$243.2K – $324.2K
NOI $19,454 @ 7.0% cap · market cap 1.24%
Theoretical Best
Office A
$1.09M
$956.6K – $1.28M
NOI $76,526 @ 7.0% cap · market cap 4.86%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
407
Businesses Nearby
Explore this area
Business Placement
Demographics for 98274, WA
18,949
Population
7,868
Households
2.4
Avg Household Size
43
Median Age
33%
College-Educated
93%
High-School Grad
143.1 sq mi
ZIP Area
132
Density / Sq Mi
$93,762
Median Household Income
$46,724
Median Earnings
$1,716
Median Rent
$492,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in West region
Frequently Asked Questions
What type of property is this?
Office building - PO-zoned professional office asset near Skagit Valley Hospital and the area’s medical community.
Where is this office building located?
The property is located at 1117 East Division Street Mount Vernon, WA.
What is the asking price?
The asking price for this property is $1,575,000.
What are key features of this property?
This property features: 2,688 SF office building on approximately 0.15 acres; PO: Professional Office zoning; LabCorp is the current sole occupant
