Retail and Warehouse Flex
For Sale
$3,000,000
1333 Riverside Drive, Mount Vernon, WA 98273
19,700 SF building with open layout, office mezzanine, and both grade-level and dock-high loading doors.
Property Size19,700 SF
Price / SF$152.28
Days on Market259
Property Features for 1333 Riverside Drive
General Information
Standard status
Active
Size
19,700 SF
Property subtype
General Commercial
Warehouse & Industrial
Dock-High Doors
1
Drive-In Doors
1
Taxes and HOA fees
Annual Taxes
$17,333
Amenities
Heat Pump
Building Details
Year Built
1940
Listing Agency:
(425) 319-3100
Listed By:
Dave Nelson Real Estate
Source:
Xome
Added: Dec 20, 2025
Changed: Sep 1
Last Checked: Sep 4 at 2:35AM
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 Dave Nelson Real Estate
Investment Insights
Based on property information with market context.
This 19,700 SF commercial building is configured with an open layout designed to support a range of retail and warehouse uses. The property includes an office upstairs located in the mezzanine, with restrooms underneath. Loading is flexible, with both a grade-level door and a dock-high loading door.
The building was formerly operated as a grocery store and is offered for sale with recent electrical upgrades completed in 2023. That improvement is intended to enhance functionality and help reduce near-term capital needs for an incoming tenant or owner.
As presented, the combination of open floor space, mezzanine office, and dual loading options can support operations that need straightforward space planning and practical receiving access.
The building was formerly operated as a grocery store and is offered for sale with recent electrical upgrades completed in 2023. That improvement is intended to enhance functionality and help reduce near-term capital needs for an incoming tenant or owner.
As presented, the combination of open floor space, mezzanine office, and dual loading options can support operations that need straightforward space planning and practical receiving access.
Key Highlights
- 19,700 SF commercial building in Mount Vernon with an open layout from a former grocery store
- Office mezzanine upstairs with restrooms underneath
- Loading flexibility with both a grade‑level door and a dock‑high loading door
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
$201,987
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
6.73%
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%
$4,039,740
$4.0M
Cap Rate 7%
$2,885,529
$2.9M
Cap Rate 9%
$2,244,300
$2.2M
Market Conditions
NOI Build-Up for 19,700 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
$241.1K $12.24/SF
− Vacancy
−$3.5K −$0.18/SF
EGI
$237.6K $12.06/SF
− OpEx
−$35.6K −$1.81/SF
NOI
$202.0K $10.25/SF
Area
Skagit County, WA
Vacancy
1.45%
Lease Rate
$12.24 /SF/Yr
Expense Ratio
15.00%
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%
$4,039,740
Cap Rate 7%
$2,885,529
Cap Rate 9%
$2,244,300
Alternative Uses
Best Use
Warehouse
$2.89M
$2.52M – $3.37M
NOI $201,987 @ 7.0% cap · market cap 6.73%
Second Best
Industrial
$2.38M
$2.08M – $2.77M
NOI $166,342 @ 7.0% cap · market cap 5.54%
Theoretical Best
Office A
$8.01M
$7.01M – $9.35M
NOI $560,852 @ 7.0% cap · market cap 18.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Dock-high doors
1
Drive-in doors
Location Intelligence
Trade Area within ½ mile
983
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 98273, WA
31,243
Population
11,991
Households
2.6
Avg Household Size
37
Median Age
25%
College-Educated
87%
High-School Grad
83.9 sq mi
ZIP Area
372
Density / Sq Mi
$74,247
Median Household Income
$42,168
Median Earnings
$1,171
Median Rent
$448,300
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
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Similar Off Market Nearby
- Firehouse Subs Mount Vernon — 324 E College Way Ste. 103, Mount Vernon, WA 98273
- Max Dale's Steak & Chop House — 2030 Riverside Dr, Mount Vernon, WA 98273
- Java Jo's On the Go — 110 Stewart Rd, Mount Vernon, WA 98273
Frequently Asked Questions
What type of property is this?
Flex space - 19,700 SF building with open layout, office mezzanine, and both grade-level and dock-high loading doors.
Where is this flex space located?
The property is located at 1333 Riverside Drive Mount Vernon, WA.
What is the asking price?
The asking price for this property is $3,000,000.
What are key features of this property?
This property features: 19,700 SF commercial building in Mount Vernon with an open layout from a former grocery store; Office mezzanine upstairs with restrooms underneath; Loading flexibility with both a grade‑level door and a dock‑high loading door
