Former Drive-Thru Bank
1503 Riverside Dr, Mount Vernon, WA 98273
Retail or office building with drive-thru near busy intersection.
Type:Commercial
Property size:
3,109 SFLot size:
0.57 AcresPrice / SF:
$305/SF- Added:
- Mar 28, 2026
- Days on Market:
- 51
- Last Refresh:
- Mar 28 at 8:09 pm
Property Features for 1503 Riverside Dr
General Information
- Standard status
- Active
- Size
- 3,109 SF
- Lot size
- 0.57 Acres
- Property subtype
- Commercial
Building Details
- Year Built
- 1977
Listing agent CONNIE VEGA
Listing office RED ROCK REAL ESTATE
Listing date Mar 28, 2026
Source Corcoran
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 RED ROCK REAL ESTATE
HighLights
- High‑traffic location at the corner of College Way and Riverside Dr, one of the busiest intersections in Mt. Vernon.
- Zoned C‑2, suitable for retail or office use.
- Large lot size: Estimated .57 Acres/24,824 SF.
- Building size: 3,109 SF.
- Open layout on the first floor.
- Includes 3 private offices on the 2nd floor.
Overview
This 3,109 square foot building, formerly a drive-thru bank, is suitable for retail or office use. The property is situated on an estimated 0.57-acre lot, which is equivalent to 24,824 square feet. The building features an open layout on the first floor, complemented by three private offices located on both the first and second floors. Zoned C-2, the property is positioned near the intersection of College Way and Riverside Drive, one of the busiest intersections in Mt. Vernon.
Financial Insights
Value Estimation Calculated for Office B
Conservative
$738.1K
NOI $66,429 @ 9.00% cap · cautious / downside scenario
Moderate
$949.0K
NOI $66,429 @ 7.00% cap · market / base-case scenario
Aggressive
$1.33M
NOI $66,429 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
NOI Build-Up
- 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.
Calculated for Office B
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $111.6k | $35.88 |
| − Vacancy | −$23.0k | −$7.39 |
| EGI | $88.6k | $28.49 |
| − OpEx | −$22.1k | −$7.12 |
| NOI | $66.4k | $21.37 |
3,109 SF · lease $35.88/SF/yr · vacancy 20.60% · expense 25.00%
Alternative Use Scenarios
Best Use
Office B
$949.0K
$830.4K – $1.11M
NOI $66,429 @ 7.0% cap · market cap 6.99%
Second Best
Retail
$375.0K
$328.2K – $437.5K
NOI $26,252 @ 7.0% cap · market cap 2.76%
Theoretical Best
Office A
$1.26M
$1.11M – $1.48M
NOI $88,512 @ 7.0% cap · market cap 9.32%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Insight Report
Location Intelligence
Current Use by Public Records
Retail properties & Spaces
Location Insight
- Map
- Local Demand
- City
- Mount Vernon
- County
- Skagit
- State
- Washington
- Longitude
- -122.3359925
- Latitude
- 48.4340676
Nearby Similar for Sale
FAQs
What type of property is this?
Retail property - Retail or office building with drive-thru near busy intersection.
Where is this retail property located?
The property is located at 1503 Riverside Dr Mount Vernon, WA.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: High‑traffic location at the corner of College Way and Riverside Dr, one of the busiest intersections in Mt. Vernon.; Zoned C‑2, suitable for retail or office use.; Large lot size: Estimated .57 Acres/24,824 SF.
