Adaptable Storefront
For Sale
$594,950
623 Morris Street A1, La Conner, WA 98257
Commercial condominium with an adaptable interior in a mixed-use development near downtown La Conner.
Property Size1,463 SF
Price / SF$406.66
Days on Market10
Property Features for 623 Morris Street A1
General Information
Standard status
Active
Size
1,463 SF
Additional Details
Highway Access
Yes
Building Details
Year Built
2004
Listing Agency:
True North Realty
(360) 376-8000
Listed By:
Mariah P. Dunning · License #21108
Source:
Navidirealty
Added: Aug 23
Changed: Aug 31
Last Checked: Aug 30 at 8:34PM
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 True North Realty
Investment Insights
Based on property information with market context.
This 1,463-square-foot commercial condominium occupies space within a mixed-use development built in 2004. Its open interior and abundant natural light support multiple configurations, including retail display, reception, workstations, meeting areas, private offices, gallery, studio, or boutique service use.
The property is located near La Conner’s downtown district and waterfront setting, with access to nearby shops, restaurants, art galleries, and waterfront attractions. State Route 20 provides convenient regional access, while the surrounding destination draws both year-round residents and seasonal visitors. The unit’s flexible layout can accommodate an owner-user, a commercial operator, or an investor seeking adaptable storefront space.
The property is located near La Conner’s downtown district and waterfront setting, with access to nearby shops, restaurants, art galleries, and waterfront attractions. State Route 20 provides convenient regional access, while the surrounding destination draws both year-round residents and seasonal visitors. The unit’s flexible layout can accommodate an owner-user, a commercial operator, or an investor seeking adaptable storefront space.
Key Highlights
- 1,463‑square‑foot commercial condominium
- Open interior allows retail, office, gallery, studio, and boutique service configurations
- Natural light supports a welcoming customer, client, and employee environment
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
$31,259
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
5.25%
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%
$625,180
$625.2K
Cap Rate 7%
$446,557
$446.6K
Cap Rate 9%
$347,322
$347.3K
Market Conditions
NOI Build-Up for 1,463 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
$52.5K $35.88/SF
− Vacancy
−$10.8K −$7.39/SF
EGI
$41.7K $28.49/SF
− OpEx
−$10.4K −$7.12/SF
NOI
$31.3K $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%
$625,180
Cap Rate 7%
$446,557
Cap Rate 9%
$347,322
Alternative Uses
Best Use
Office B
$446.6K
$390.7K – $521.0K
NOI $31,259 @ 7.0% cap · market cap 5.25%
Second Best
Retail
$176.5K
$154.4K – $205.9K
NOI $12,353 @ 7.0% cap · market cap 2.08%
Theoretical Best
Office A
$595.0K
$520.6K – $694.2K
NOI $41,651 @ 7.0% cap · market cap 7.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
403
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
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 Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Storefront property - Commercial condominium with an adaptable interior in a mixed-use development near downtown La Conner.
Where is this storefront property located?
The property is located at 623 Morris Street A1 La Conner, WA.
What is the asking price?
The asking price for this property is $594,950.
What are key features of this property?
This property features: 1,463‑square‑foot commercial condominium; Open interior allows retail, office, gallery, studio, and boutique service configurations; Natural light supports a welcoming customer, client, and employee environment
