Mixed-Use Property with Short-Term
For Sale
$615,000
1917 Commercial Ave, Anacortes, WA 98221
Flexible in-town property combines commercial space with a separate rear short-term rental opportunity.
Property Size1,353 SF
Price / SF$454.55
Days on Market37
Property Features for 1917 Commercial Ave
General Information
Standard status
Active
Size
1,353 SF
Zoning
commercial zoning
Additional Details
Utilities to Site
Yes
Building Details
Year Built
1900
Listing Agency:
Lapis Homes
Listed By:
Kristine Stultz · License #25331
(360) 708-9967
Source:
Lifestylehomeswithmel
Added: Aug 19
Changed: Sep 21
Last Checked: Sep 24 at 1:43PM
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 Lapis Homes
Investment Insights
Based on property information with market context.
Located at 1917 Commercial Ave in Anacortes, this approximately 1,353-square-foot mixed-use property was built in 1900 and offers a flexible configuration for business, workspace, or live-work use. Commercial zoning supports a short-term rental unit in the rear portion, creating separation between the primary commercial area and the rental component.
The property sits on a level lot with off-street parking and city utilities. Its central in-town setting provides convenient access within Anacortes, while the existing improvements can accommodate a range of owner-user or investment-oriented configurations. The layout also supports a business presence with a private retreat or supplemental rental component.
The property sits on a level lot with off-street parking and city utilities. Its central in-town setting provides convenient access within Anacortes, while the existing improvements can accommodate a range of owner-user or investment-oriented configurations. The layout also supports a business presence with a private retreat or supplemental rental component.
Key Highlights
- Approximately 1,353 sq ft mixed‑use property
- Commercial zoning with short‑term rental unit in the rear portion
- Located at 1917 Commercial Ave, Anacortes, WA 98221
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
$28,909
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
4.70%
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%
$578,180
$578.2K
Cap Rate 7%
$412,986
$413.0K
Cap Rate 9%
$321,211
$321.2K
Market Conditions
NOI Build-Up for 1,353 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
$48.5K $35.88/SF
− Vacancy
−$10.0K −$7.39/SF
EGI
$38.5K $28.49/SF
− OpEx
−$9.6K −$7.12/SF
NOI
$28.9K $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 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%
$578,180
Cap Rate 7%
$412,986
Cap Rate 9%
$321,211
Alternative Uses
Best Use
Office B
$413.0K
$361.4K – $481.8K
NOI $28,909 @ 7.0% cap · market cap 4.70%
Second Best
Mixed Use
$181.0K
$158.4K – $211.2K
NOI $12,672 @ 7.0% cap · market cap 2.06%
Theoretical Best
Office A
$550.3K
$481.5K – $642.0K
NOI $38,519 @ 7.0% cap · market cap 6.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,217
Businesses Nearby
Explore this area
Business Placement
Demographics for 98221, WA
22,853
Population
12,177
Households
1.9
Avg Household Size
52
Median Age
46%
College-Educated
96%
High-School Grad
51.9 sq mi
ZIP Area
440
Density / Sq Mi
$92,925
Median Household Income
$53,710
Median Earnings
$1,596
Median Rent
$659,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in West region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Flexible in-town property combines commercial space with a separate rear short-term rental opportunity.
Where is this mixed-use property located?
The property is located at 1917 Commercial Ave Anacortes, WA.
What is the asking price?
The asking price for this property is $615,000.
What are key features of this property?
This property features: Approximately 1,353 sq ft mixed‑use property; Commercial zoning with short‑term rental unit in the rear portion; Located at 1917 Commercial Ave, Anacortes, WA 98221
