Well-Maintained Quadplex with
1509 Sunset, Mount Vernon, WA 98273
For Sale
$1,100,000
Four residential units offer individual garages, exterior parking, and washer, dryer, and kitchen appliances.
Property Size4,624 SF
Price / SF$237.89
Days on Market220
Property Features for 1509 Sunset
General Information
Standard status
Size
Property subtype
Building Details
Year Built
Tenancy
Listing Agency:
KW North Sound
Listed By:
Melinda D. Wade · License #27205
(360) 202-0885
Source:
Century21northhomes
Added: Apr 3
Changed: Nov 6
Last Checked: Nov 8 at 6:46AM
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 KW North Sound
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Investment Insights
Based on property information with market context.
This 4,624-square-foot quadplex, built in 1987, includes four residential units with a mix of two 2-bedroom, 1-bath units and two 3-bedroom, 2-bath units. Each unit has a garage, an exterior parking spot, air conditioning, a dishwasher, stove, refrigerator, washer, and dryer. The property has been consistently well maintained and clean.
Located off Hoag Road in Mount Vernon, the property is close to schools, shopping, dining, parks, trails, and health and medical services. The nearby YMCA is within short walking distance, and the location provides access for commuters. Long-standing tenants include one in place since 2002 and another since 2015, with both wanting to remain.
Located off Hoag Road in Mount Vernon, the property is close to schools, shopping, dining, parks, trails, and health and medical services. The nearby YMCA is within short walking distance, and the location provides access for commuters. Long-standing tenants include one in place since 2002 and another since 2015, with both wanting to remain.
Key Highlights
- 4,624‑square‑foot quadplex built in 1987
- Unit mix includes two 2‑bedroom, 1‑bath units and two 3‑bedroom, 2‑bath units
- Each unit includes a garage and an exterior parking spot
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$35,241
Cap Rate
3.20%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$704,820
$704.8K
Cap Rate 7%
$503,443
$503.4K
Cap Rate 9%
$391,567
$391.6K
Market Conditions
NOI Build-Up for 4,624 SF
Gross rent
$51.0K $11.04/SF
− Vacancy
−$704 −$0.15/SF
EGI
$50.3K $10.89/SF
− OpEx
−$15.1K −$3.27/SF
NOI
$35.2K $7.62/SF
Area
Skagit County, WA
Vacancy
1.38%
Lease Rate
$11.04 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$704,820
Cap Rate 7%
$503,443
Cap Rate 9%
$391,567
Alternative Uses
Best Use
Multifamily LT 5
$503.4K
$440.5K – $587.4K
NOI $35,241 @ 7.0% cap · market cap 3.20%
Second Best
Apartment 5plus
$438.2K
$383.5K – $511.3K
NOI $30,677 @ 7.0% cap · market cap 2.79%
Theoretical Best
Office A
$1.88M
$1.65M – $2.19M
NOI $131,644 @ 7.0% cap · market cap 11.97%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
119
Businesses Nearby
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 Multifamily in West region
Frequently Asked Questions
What type of property is this?
Quadplex - Four residential units offer individual garages, exterior parking, and washer, dryer, and kitchen appliances.
Where is this quadplex located?
The property is located at 1509 Sunset Mount Vernon, WA.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: 4,624‑square‑foot quadplex built in 1987; Unit mix includes two 2‑bedroom, 1‑bath units and two 3‑bedroom, 2‑bath units; Each unit includes a garage and an exterior parking spot
