4-Unit Multifamily
For Sale
$995,500
3400 College Way, Mount Vernon, WA 98274
Each residence has a private entrance and a two-bedroom, one-bath layout.
Property Size4,088 SF
Price / SF$243.52
Days on Market22
Property Features for 3400 College Way
General Information
Standard status
Active
Size
4,088 SF
Property subtype
Multi Family
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Amenities
private entrances
Building Details
Year Built
1990
Buildings
1
Stories
2
Listing Agency:
Best Choice Realty LLC
(206) 886-3986
Listed By:
Brent Wolters · License #116648
(360) 920-3513
Source:
Armadahomes
Added: Oct 13
Changed: Nov 3
Last Checked: Nov 3 at 6:02AM
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 Best Choice Realty LLC
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Investment Insights
Based on property information with market context.
This 4,088-square-foot, two-story multifamily property was built in 1990 and contains four residences. Each unit offers two bedrooms, one bathroom, and a separate private entrance. The property is located near Skagit Valley College in Mount Vernon. A nearby triplex is also available for purchase as a separate property.
Key Highlights
- Four units, each with 2 bedrooms and 1 bathroom
- 2‑story building with 4,088 square feet
- Private entrance for each residence
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$31,156
Cap Rate
3.13%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$623,120
$623.1K
Cap Rate 7%
$445,086
$445.1K
Cap Rate 9%
$346,178
$346.2K
Market Conditions
NOI Build-Up for 4,088 SF
Gross rent
$45.1K $11.04/SF
− Vacancy
−$623 −$0.15/SF
EGI
$44.5K $10.89/SF
− OpEx
−$13.4K −$3.27/SF
NOI
$31.2K $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%
$623,120
Cap Rate 7%
$445,086
Cap Rate 9%
$346,178
Alternative Uses
Best Use
Multifamily LT 5
$445.1K
$389.5K – $519.3K
NOI $31,156 @ 7.0% cap · market cap 3.13%
Second Best
Apartment 5plus
$387.4K
$339.0K – $452.0K
NOI $27,121 @ 7.0% cap · market cap 2.72%
Theoretical Best
Office A
$1.66M
$1.45M – $1.94M
NOI $116,384 @ 7.0% cap · market cap 11.69%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
130
Businesses Nearby
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Business Placement
Demographics for 98274, WA
18,949
Population
7,868
Households
2.4
Avg Household Size
43
Median Age
33%
College-Educated
93%
High-School Grad
143.1 sq mi
ZIP Area
132
Density / Sq Mi
$93,762
Median Household Income
$46,724
Median Earnings
$1,716
Median Rent
$492,400
Median Home Value
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Quadplex - Each residence has a private entrance and a two-bedroom, one-bath layout.
Where is this quadplex located?
The property is located at 3400 College Way Mount Vernon, WA.
What is the asking price?
The asking price for this property is $995,500.
What are key features of this property?
This property features: Four units, each with 2 bedrooms and 1 bathroom; 2‑story building with 4,088 square feet; Private entrance for each residence
