Five Heated Industrial Condominium
For Sale
Contact for pricing
2001 Henson Road, Mount Vernon, WA 98273
Five heated industrial condo units each include a storage/work area, ADA restroom with shower, and loft space.
Property Size1,800 SF
Price / SF$200
Days on Market88
Property Features for 2001 Henson Road
General Information
Standard status
Active
Size
1,800 SF
Property subtype
INDUSTRIAL
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Listing Agency:
Windermere - Skagit Valley
(360) 421-4111
Listed By:
Balisa Koetje
(360) 421-4111
Source:
Moodyscre
Added: May 22
Changed: Jul 29
Last Checked: Aug 16 at 8:59AM
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 Windermere - Skagit Valley
Investment Insights
Based on property information with market context.
Five individual heated industrial condominium units, each approximately 1,800 SF, offering a work or storage area with an overhead 10 x 12 ft door. Each unit also includes an ADA restroom with a shower, loft space, and individual utilities.
The property is located near I-5 via the Anderson Road exit or the Kincaid Street exit, supporting convenient access for day-to-day operations and deliveries.
Condo association (COA) expenses are included with leasing, and COA covers water (with separate readers), sewer, and garbage.
The property is located near I-5 via the Anderson Road exit or the Kincaid Street exit, supporting convenient access for day-to-day operations and deliveries.
Condo association (COA) expenses are included with leasing, and COA covers water (with separate readers), sewer, and garbage.
Key Highlights
- Five individual heated industrial condo units
- Approx. 1,800 SF per unit
- Work or storage area plus overhead 10 x 12 ft door
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
$18,456
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
5.13%
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%
$369,120
$369.1K
Cap Rate 7%
$263,657
$263.7K
Cap Rate 9%
$205,067
$205.1K
Market Conditions
NOI Build-Up for 1,800 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
$22.0K $12.24/SF
− Vacancy
−$319 −$0.18/SF
EGI
$21.7K $12.06/SF
− OpEx
−$3.3K −$1.81/SF
NOI
$18.5K $10.25/SF
Area
Skagit County, WA
Vacancy
1.45%
Lease Rate
$12.24 /SF/Yr
Expense Ratio
15.00%
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%
$369,120
Cap Rate 7%
$263,657
Cap Rate 9%
$205,067
Alternative Uses
Best Use
Warehouse
$263.7K
$230.7K – $307.6K
NOI $18,456 @ 7.0% cap · market cap 5.13%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$732.1K
$640.6K – $854.1K
NOI $51,245 @ 7.0% cap · market cap 14.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
264
Businesses Nearby
Well-served
Demand for This Use
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 Industrial in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Central Heated Mini Storage — 211 Anderson Rd # A, Mount Vernon, WA 98273
- U-Pack — 2829 Old Hwy 99 S, Mount Vernon, WA 98273
- Central Moving & Storage — 211 Anderson Rd, Mount Vernon, WA 98273
Frequently Asked Questions
What type of property is this?
Warehouse - Five heated industrial condo units each include a storage/work area, ADA restroom with shower, and loft space.
Where is this warehouse located?
The property is located at 2001 Henson Road Mount Vernon, WA.
What is the asking price?
The asking price for this property is $360,000.
What are key features of this property?
This property features: Five individual heated industrial condo units; Approx. 1,800 SF per unit; Work or storage area plus overhead 10 x 12 ft door
