Former Bank Building For
1503 Riverside Drive Mount Vernon, WA 98273
For Sale
$950,000
Pending
Former drive-thru bank suitable for retail or office use.
Property Size3,109 SF
Lot Size0.57 Acres
Days on Market116
Property Features for 1503 Riverside Drive
General Information
- Standard status
- Pending
- Size
- 3,109 SF
- Lot size
- 0.57 Acres
- Property subtype
- Commercial
Listing Agency:
RED ROCK REAL ESTATE
(425) 296-2280
Listed By:
CONNIE A. VEGA
Source:
Corcoran
Added: Mar 30
Changed: Jul 10
Last Checked: Jul 23 at 8:16AM
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
Investment Insights
Based on property information with market context.
The property is a former drive-thru bank suitable for retail or office use. The building features an open layout on the first floor, along with one private office/break room. The second floor includes two private offices and storage space. The building has a total area of 3,109 square feet and is situated on an estimated 0.57-acre lot, which is equivalent to 24,829 square feet. The property is zoned C-2 and is located near the corner of College Way and Riverside Drive, one of the busiest intersections in Mt. Vernon.
Key Highlights
- High‑Traffic Location: Situated near the corner of College Way and Riverside Dr, one of Mt. Vernon's busiest intersections.
- Versatile Zoned C‑2: Suitable for retail or office use.
- Substantial Lot Size: Estimated .57 Acres/24,829 SF.
Financial Insights For Specialty Retail
Simulate Cap Rate and NOI
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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $38.1k | $12.24 |
| − Vacancy | −$552 | −$0.18 |
| EGI | $37.5k | $12.06 |
| − OpEx | −$9.4k | −$3.02 |
| NOI | $28.1k | $9.05 |
3,109 SF · lease $12.24/SF/yr · vacancy 1.45% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$401.8K
$351.6K – $468.8K
NOI $28,127 @ 7.0% cap · market cap 2.96%
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 Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Banks
FAQs
What type of property is this?
Bank - Former drive-thru bank suitable for retail or office use.
Where is this bank located?
The property is located at 1503 Riverside Drive 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: Situated near the corner of College Way and Riverside Dr, one of Mt. Vernon's busiest intersections.; Versatile Zoned C‑2: Suitable for retail or office use.; Substantial Lot Size: Estimated .57 Acres/24,829 SF.
