Commercial/Light Industrial Site For
For Sale
$1,100,000
3927 Old Hwy 99 S, Mount Vernon, WA 98273
Commercial/light industrial site with improvements, easy I-5 access.
Property Size4,800 SF
Price / SF$229.17
Days on Market542
Property Features for 3927 Old Hwy 99 S
General Information
Standard status
Active
Size
4,800 SF
Building Details
Year Built
1994
Listing Agency:
MGI REAL ESTATE
Listed By:
CHARLY MYERS
Source:
Corcoran
Added: Mar 21, 2025
Changed: Mar 16
Last Checked: Mar 16 at 9:09AM
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 MGI REAL ESTATE
Investment Insights
Based on property information with market context.
This commercial/light industrial site includes improvements such as two pole buildings with high bay doors, providing ample power, a bathroom, and a couple of offices. The property features gravel parking and lay-down areas, and is partially fenced. The site is one of three separate parcels totaling approximately 1.43 acres. The location offers easy access to I-5, situated 45 minutes from the Canadian border and just over an hour from Seattle. The surrounding community is experiencing growth in both population and business opportunities. The property has a building size of 4800 square feet and may be suitable for various business ventures.
Key Highlights
- Two pole buildings with high bay doors suitable for commercial/light industrial use.
- Approximately 1.43 acres of land with gravel parking/lay down areas and partial fencing.
- Convenient I‑5 access for easy commuting to the Canadian border and Seattle.
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
$40,530
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
3.68%
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%
$810,600
$810.6K
Cap Rate 7%
$579,000
$579.0K
Cap Rate 9%
$450,333
$450.3K
Market Conditions
NOI Build-Up for 4,800 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
$58.8K $12.24/SF
− Vacancy
−$852 −$0.18/SF
EGI
$57.9K $12.06/SF
− OpEx
−$17.4K −$3.62/SF
NOI
$40.5K $8.44/SF
Area
Skagit County, WA
Vacancy
1.45%
Lease Rate
$12.24 /SF/Yr
Expense Ratio
30.00%
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%
$810,600
Cap Rate 7%
$579,000
Cap Rate 9%
$450,333
Alternative Uses
Best Use
Industrial
$579.0K
$506.6K – $675.5K
NOI $40,530 @ 7.0% cap · market cap 3.68%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.95M
$1.71M – $2.28M
NOI $136,654 @ 7.0% cap · market cap 12.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
134
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in West region
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Frequently Asked Questions
What type of property is this?
Industrial property - Commercial/light industrial site with improvements, easy I-5 access.
Where is this industrial property located?
The property is located at 3927 Old Hwy 99 S 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: Two pole buildings with **high bay doors suitable for commercial/light industrial use.**; Approximately 1.43 acres of land with gravel parking/lay down areas and partial fencing.; Convenient I‑5 access for easy commuting to the Canadian border and Seattle.
