Dock-High Distribution
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For Sale
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3616 Old Hwy 99 S, Mount Vernon, WA 98273
Steel construction, clear-span space, and loading infrastructure accommodate distribution and warehouse operations.
Property Size11,500 SF
Price / SF$234.78
Days on Market4
Property Features for 3616 Old Hwy 99 S
General Information
Standard status
Active
Size
11,500 SF
Property subtype
INDUSTRIAL
Site & Location
Highway Access
Yes
Road Access
Yes
Warehouse & Industrial
Clear Height
24 ft
Clear Span
Yes
Warehouse Space
11,500 SF
Dock-High Doors
7
Loading
Cross-Dock
Building Details
Year Built
1991
Buildings
1
Building Size
11,500 SF
Construction
steel structure
Listing Agency:
Windermere - Whatcom Co.
(360) 305-6917
Listed By:
Jason Loeb
(360) 305-6917
Source:
Moodyscre
Added: Aug 18
Changed: Aug 21
Last Checked: Aug 21 at 3:47AM
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 - Whatcom Co.
Investment Insights
Based on property information with market context.
This 11,500-square-foot distribution center is a steel-framed industrial building constructed in 1991. The interior offers a 24-foot ceiling height, mostly clear-span space, and seven dock-high loading positions. A demising wall divides approximately one-third of the building from the remaining two-thirds, allowing separate occupancy areas or reconfiguration into one contiguous warehouse.
The property fronts Old Highway 99 South for 260 feet and is located near Interstate 5 in Mount Vernon. An additional area of land south of the building includes a non-functional dwelling that could be removed for a laydown yard, parking, or additional structures. The building is currently used for cross-docking supplies under a lease extending through January 2027.
The property fronts Old Highway 99 South for 260 feet and is located near Interstate 5 in Mount Vernon. An additional area of land south of the building includes a non-functional dwelling that could be removed for a laydown yard, parking, or additional structures. The building is currently used for cross-docking supplies under a lease extending through January 2027.
Key Highlights
- 11,500‑square‑foot steel distribution center built in 1991
- 24‑foot ceiling height with mostly clear‑span warehouse space
- Seven dock‑high loading docks with turning room
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
$117,911
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
4.37%
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%
$2,358,220
$2.4M
Cap Rate 7%
$1,684,443
$1.7M
Cap Rate 9%
$1,310,122
$1.3M
Market Conditions
NOI Build-Up for 11,500 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
$140.8K $12.24/SF
− Vacancy
−$2.0K −$0.18/SF
EGI
$138.7K $12.06/SF
− OpEx
−$20.8K −$1.81/SF
NOI
$117.9K $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%
$2,358,220
Cap Rate 7%
$1,684,443
Cap Rate 9%
$1,310,122
Alternative Uses
Best Use
Warehouse
$1.68M
$1.47M – $1.97M
NOI $117,911 @ 7.0% cap · market cap 4.37%
Second Best
Industrial
$1.39M
$1.21M – $1.62M
NOI $97,103 @ 7.0% cap · market cap 3.60%
Theoretical Best
Office A
$4.68M
$4.09M – $5.46M
NOI $327,401 @ 7.0% cap · market cap 12.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
24 ft
Clear height
7
Dock-high doors
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
186
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 Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Distribution center - Steel construction, clear-span space, and loading infrastructure accommodate distribution and warehouse operations.
Where is this distribution center located?
The property is located at 3616 Old Hwy 99 S Mount Vernon, WA.
What is the asking price?
The asking price for this property is $2,700,000.
What are key features of this property?
This property features: 11,500‑square‑foot steel distribution center built in 1991; 24‑foot ceiling height with mostly clear‑span warehouse space; Seven dock‑high loading docks with turning room
