Four-Unit Apartment Property with
New
For Sale
$1,200,000
1509 Sunset Pl, Mount Vernon, WA 98273
Each residence includes a garage, exterior parking, in-unit laundry, kitchen appliances, and air conditioning.
Property Size4,624 SF
Price / SF$259.52
Days on Market5
Property Features for 1509 Sunset Pl
General Information
Standard status
Active
Size
4,624 SF
Total Parking Spaces
8
Property subtype
Multi-Family
Units
Unit Mix
1 x 2BR/1BA, 2 x 3BR/2BA
Multifamily Units
4
Additional Details
Road Access
Yes
Amenities
A/C
dishwasher
stove
fridge
washer
dryer
Building Details
Year Built
1987
Buildings
1
Listing Agency:
KW North Sound
(360) 653-1884
Listed By:
Melinda D. Wade · License #27205
Source:
Lifestylehomeswithmel
Added: Aug 26
Changed: Aug 29
Last Checked: Aug 29 at 8:50PM
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 four-unit apartment property contains 4,624 square feet and was built in 1987. The unit mix includes two 2-bedroom, 1-bath residences and two 3-bedroom, 2-bath residences. Every unit has a garage and an exterior parking space, along with air conditioning, a dishwasher, stove, refrigerator, washer, and dryer.
The property is located on Sunset Place in Mount Vernon, near schools, shopping, dining, parks, trails, health and medical services, and the YMCA. The source information also identifies long-term occupancy, including tenants in place since 2002 and 2015, with virtually no vacancies reported.
The property is located on Sunset Place in Mount Vernon, near schools, shopping, dining, parks, trails, health and medical services, and the YMCA. The source information also identifies long-term occupancy, including tenants in place since 2002 and 2015, with virtually no vacancies reported.
Key Highlights
- Four‑unit property totaling 4,624 square feet
- Unit mix includes two 2‑bedroom, 1‑bath units and two 3‑bedroom, 2‑bath units
- Built in 1987
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
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
725
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 - Each residence includes a garage, exterior parking, in-unit laundry, kitchen appliances, and air conditioning.
Where is this quadplex located?
The property is located at 1509 Sunset Pl 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: Four‑unit property totaling 4,624 square feet; Unit mix includes two 2‑bedroom, 1‑bath units and two 3‑bedroom, 2‑bath units; Built in 1987
