Well-Maintained Quadplex with
For Sale
$1,200,000
1509 Sunset, Mount Vernon, WA 98273
Four residential units offer individual garages, exterior parking, and washer, dryer, and kitchen appliances.
Property Size4,624 SF
Price / SF$259.52
Days on Market166
Property Features for 1509 Sunset
General Information
Standard status
Active
Size
4,624 SF
Property subtype
Multi-family
Building Details
Year Built
1987
Tenancy
Multi
Listing Agency:
KW North Sound
Listed By:
Melinda D. Wade
(360) 424-2100
Source:
Century21northhomes
Added: Feb 24
Changed: Aug 8
Last Checked: Aug 9 at 12:09PM
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
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 = 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
$35,241
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
2.94%
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%
$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
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
$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 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%
$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 2.94%
Second Best
Apartment 5plus
$438.2K
$383.5K – $511.3K
NOI $30,677 @ 7.0% cap · market cap 2.56%
Theoretical Best
Office A
$1.88M
$1.65M – $2.19M
NOI $131,644 @ 7.0% cap · market cap 10.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
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
Questions? Ask Rey
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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 $1,200,000.
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
