Four-Unit Apartment Property with
For Sale
$1,100,000
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$237.89
Days on Market50
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
Listed By:
Melinda D. Wade · License #27205
(360) 653-1884
Source:
Lifestylehomeswithmel
Added: Aug 26
Changed: Oct 6
Last Checked: Oct 7 at 1:34PM
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 / 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.
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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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 $1,100,000.
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
