Building Details

Year Built 1946

Buildings 1

Stories 2

Tenancy Multi

Listing Agency: Skyline Properties,Inc.

Listed By: Darcy Worley Show Phone

Source: Skylineproperties

Added: Oct 8 Changed: Oct 13 Last Checked: Oct 13 at 2:31AM

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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 Skyline Properties,Inc.

Investment Insights

Based on property information with market context.

Built in 1946, this two-story mixed-use property contains 7,036 square feet of rentable area on a 9,768-square-foot lot. The building includes eight apartments, three commercial spaces with three bathrooms, and an office/retail space with one bathroom. Storefronts face Main Street, while residential access is from Alder Street. Apartment layouts include studios with north-facing private entrances and one unit with a private east-facing entrance. Upstairs residents can enter from exterior stairs on the north side or through the shared stairwell and hallway from Main Street.

The flag-shaped lot includes 16 off-street parking spaces in a paved area. The property is located at 415 Main in Sultan, Washington.

Key Highlights

• 7,036 square feet of rentable area on a 9,768‑square‑foot lot
• Eight apartments and four commercial or office/retail spaces
• Three commercial spaces have three bathrooms; the office/retail space has one bathroom

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$105,239

Cap Rate

7.91%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,104,780 $2.1M

Cap Rate 7%

$1,503,414 $1.5M

Cap Rate 9%

$1,169,322 $1.2M

Market Conditions

NOI Build-Up for 7,036 SF

Gross rent

$206.9K $29.40/SF

− Vacancy

−$15.5K −$2.21/SF

EGI

$191.3K $27.20/SF

− OpEx

−$86.1K −$12.24/SF

NOI

$105.2K $14.96/SF

Area

Snohomish County, WA

Vacancy

7.50%

Lease Rate

$29.40 /SF/Yr

Expense Ratio

45.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,104,780

Cap Rate 7%

$1,503,414

Cap Rate 9%

$1,169,322

Alternative Uses

Best Use

Apartment 5plus

$1.50M

$1.32M – $1.75M (±1% cap)

NOI $105,239 @ 7.0% cap · market cap 7.91%

Second Best

Retail

$1.42M

$1.24M – $1.65M (±1% cap)

NOI $99,150 @ 7.0% cap · market cap 7.45%

Theoretical Best

Office A

$1.96M

$1.72M – $2.29M (±1% cap)

NOI $137,355 @ 7.0% cap · market cap 10.33%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

That Takes The Cake ... Bakery

Suggested Use

Top Pick Real Estate Agency Dental Office Auto Parts Store Law Firm Kitchen & Bath Showroom Building Supply

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

8

Residential units

Multi-tenant

Tenancy

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

239

Businesses Nearby

Explore this area Business Placement

Demographics for 98294, WA

7,494

Population

3,144

Households

2.4

Avg Household Size

37

Median Age

30%

College-Educated

86%

High-School Grad

54.2 sq mi

ZIP Area

138

Density / Sq Mi

$87,981

Median Household Income

$51,875

Median Earnings

$1,533

Median Rent

$462,500

Median Home Value

Market

Vacancy Rate% for Multifamily in West region

7% 2022

7.8% 2023

8.6% 2024

8.6% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this mixed-use properties located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Mixed-use property - Eight residential units sit above or alongside four storefront and office/retail spaces.

Where is this mixed-use property located?

The property is located at 415 Main Sultan, WA.

What is the asking price?

The asking price for this property is $1,330,000.

What are key features of this property?

This property features: 7,036 square feet of rentable area on a 9,768‑square‑foot lot; Eight apartments and four commercial or office/retail spaces; Three commercial spaces have three bathrooms; the office/retail space has one bathroom