Mount Vernon Commissary Kitchen
For Sale
Contact for pricing
1405 S 2nd St, Mount Vernon, WA 98273
10,480 SF building with commissary kitchen and shared parking.
Property Size10,480 SF
Lot Size0.42 Acres
Price / SF$147.90
Days on Market188
Property Features for 1405 S 2nd St
General Information
Standard status
Active
Size
10,480 SF
Lot size
0.42 Acres
Property subtype
Industrial
Zoning
C1-b
Building Details
Year Built
1968
Buildings
1
Stories
1
Listing Agency:
Learned Commercial, Inc
(360) 770-1388
Listed By:
Clay Learned · License #8418
Source:
Crexi
Added: Feb 4
Changed: Aug 8
Last Checked: Aug 10 at 12:40PM
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
Investment Insights
Based on property information with market context.
The property features a 10,480 square foot building situated on approximately 0.42 acres. It is equipped with a sprinkler system and a commissary kitchen. Shared parking is available. The property benefits from convenient access to I-5 at exit 226/Kincaid and is located at the south end of downtown Mount Vernon. It is zoned C-1b: Downtown Districts. The property is suitable for warehouse, industrial, commercial kitchen, and restaurant use.
Key Highlights
- Large building with 10,480 +/- sf
- Convenient access to I‑5 (exit 226/Kincaid)
- Zoned C‑1b: Downtown Districts
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
$107,453
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
6.93%
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%
$2,149,060
$2.1M
Cap Rate 7%
$1,535,043
$1.5M
Cap Rate 9%
$1,193,922
$1.2M
Market Conditions
NOI Build-Up for 10,480 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
$128.3K $12.24/SF
− Vacancy
−$1.9K −$0.18/SF
EGI
$126.4K $12.06/SF
− OpEx
−$19.0K −$1.81/SF
NOI
$107.5K $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%
$2,149,060
Cap Rate 7%
$1,535,043
Cap Rate 9%
$1,193,922
Alternative Uses
Best Use
Warehouse
$1.54M
$1.34M – $1.79M
NOI $107,453 @ 7.0% cap · market cap 6.93%
Second Best
Specialty Retail
$1.35M
$1.19M – $1.58M
NOI $94,811 @ 7.0% cap · market cap 6.12%
Theoretical Best
Office A
$4.26M
$3.73M – $4.97M
NOI $298,362 @ 7.0% cap · market cap 19.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,150
Businesses Nearby
Under-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
- Commercial Cold Storage Inc — 1011 S 1st St, Mount Vernon, WA 98273
Frequently Asked Questions
What type of property is this?
Warehouse - 10,480 SF building with commissary kitchen and shared parking.
Where is this warehouse located?
The property is located at 1405 S 2nd St Mount Vernon, WA.
What is the asking price?
The asking price for this property is $1,550,000.
What are key features of this property?
This property features: Large building with 10,480 +/- sf; Convenient access to I‑5 (exit 226/Kincaid); Zoned C‑1b: Downtown Districts
