Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    1517 Commercial Ave Anacortes, WA 98221

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Lease
    $21,619 SF/Yr $29,210,872/Mo (calc)

    16,214 +/- sf retail space in Anacortes, Washington.

    Type:Commercial
    Property size:
    16,214 SF
    Added:
    Jan 21, 2026
    Days on Market:
    94
    Last Refresh:
    Apr 5 at 11:18 pm

    Property Features for 1517 Commercial Ave

    General Information

    Standard status
    Active
    Size
    16,214 SF
    Property subtype
    Commercial

    Building Details

    Year Built
    1966

    We can help!

    Listing Contact
    CLAY LEARNED

    Listing agent CLAY LEARNED

    Listing office LEARNED COMMERCIAL, INC.

    Listing date Jan 21, 2026

    Source Corcoran

    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 LEARNED COMMERCIAL, INC.

    Overview

    Retail Building in Historic Downtown

    This is a 16,214 +/- square foot retail building situated in the historic downtown area of Anacortes. The property is currently operating as a Rite Aid. It features frontage on Commercial Avenue, positioning it alongside other retail spaces, including The Market at Anacortes. The property is zoned C: Commercial, allowing for a variety of business uses.
    Location Intelligence

    Current Use by Public Records

    Jeren Babcock, PharmD Pharmacy LibertyX Bitcoin ATM Atm CDReload at Rite Aid Crypto Atm Rite Aid Pharmacy GNC at Rite Aid (Bike/Boat/Book/etc) Store

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Minhphat N. Nguyen, PharmD — 909 17th St, Anacortes, WA 98221
    • Skidmore Pharmacy — 1213 24th St #400, Anacortes, WA 98221
    • COVID-19 Drive-Thru Testing at Walgreens — 909 17th St, Anacortes, WA 98221
    • Island Med Center Pharmacy — 1211 24th St, Anacortes, WA 98221
    • Rite Aid Pharmacy — 1517 Commercial Ave, Anacortes, WA 98221

    Location Insight

    • Map
    • Local Demand
    City
    Anacortes
    County
    San Juan
    State
    Washington
    Longitude
    -122.612
    Latitude
    48.5089

    Nearby Similar for Lease

    • $25 SF/Yr

      Anacortes Professional Center Retail/Office Space

      Office or retail space in Old Town Anacortes with high visibility.
      317 Commercial Ave, Anacortes, WA
      View Details
    • $11,848/Mo

      Downtown Anacortes Class-A Office Space

      Class-A office space in historic downtown Anacortes for rent.
      317 Commercial Ave, Anacortes, WA 98221
      View Details
    • $2,408,500 SF/Yr

      Mixed-Use Property on Commercial Avenue

      4,817 SF mixed-use property available for lease.
      2603 Commercial Ave, Anacortes, WA 98221
      View Details
    • $2,942/Mo

      Anacortes Professional Center Retail/Office Space

      Modern retail or office space available in Anacortes Professional Center.
      317 Commercial Ave, Anacortes, WA 98221
      View Details
    • $4,083/Mo

      First Class Office Space Available

      2450 SF office space in new Anacortes complex.
      3100 Commercial Ave, Anacortes, WA 98221
      View Details
    • $1,866/Mo

      Anacortes Professional Center Retail/Office Space

      Modern retail or office space on Commercial Avenue available 2026.
      317 Commercial Ave, Anacortes, WA 98221
      View Details
    • $2,095/Mo

      Anacortes Auto Repair Shop ForRent

      Auto repair shop available for rent in Anacortes, WA.
      9094 Stevenson Rd, Anacortes, WA 98221
      View Details
    • $595/Mo

      Anacortes Professional Office Suite

      Professional office suite for rent in Anacortes, Washington.
      1015 14th St, Anacortes, WA 98221
      View Details
    • Contact for pricing

      Anacortes Commercial Corner Property

      Highly visible retail/office/industrial property in Anacortes' commercial district.
      2615 Commercial Avenue, Anacortes, WA 98221
      View Details
    • Contact for pricing

      Commercial Space Available for Rent

      Office space available for rent in Anacortes, Washington.
      519 Commercial Ave, Anacortes, WA 98221
      View Details
    • $595/Mo

      Anacortes Office Space For Rent

      Professional office space available near State Route 20 in Anacortes.
      1015 14th St, Anacortes, WA
      View Details
    • Contact for pricing

      Anacortes Commercial Corner Property

      Highly visible retail/office/industrial property in Anacortes' commercial district.
      2615 Commercial Avenue, Anacortes, WA 98221
      View Details

    FAQs

    What type of property is this?
    Drug store - 16,214 +/- sf retail space in Anacortes, Washington.
    Where is this drug store located?
    The property is located at 1517 Commercial Ave Anacortes, WA.
    What is the lease rate?
    The lease rate is $21,619.
    What are key features of this property?
    This property features: Large retail building offering 16,214 +\/- sf; Prime location in historic downtown Anacortes; High‑traffic area with frontage on Commercial Ave
    We can help!
    Listing Contact
    CLAY LEARNED
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!