Single-Story Triplex With Private
New
For Sale
$375,000
Pending
49 Willow Ln, Mount Vernon, WA 98273
Fully occupied triplex with individual entrances, off-street parking, and a fenced rear yard near I-5 and downtown Mount Vernon.
Property Size1,600 SF
Lot Size0.17 Acres
Days on Market6
Property Features for 49 Willow Ln
General Information
Standard status
Pending
Size
1,600 SF
Lot size
0.17 Acres
Property subtype
Multi-Family
Occupancy
100%
Net Operating Income
$14,464
Units
Unit Mix
2 x 1BR/1BA, 1 x 2BR/1BA
Multifamily Units
3
Additional Details
Gross Income
$30,900
Highway Access
Yes
Amenities
off-street parking
fenced rear yard
Building Details
Year Built
1950
Stories
1
Listing Agency:
Keller Williams Realty Bothell
Listed By:
Corey Crain · License #26492
(425) 482-6100
Source:
Southwestwahomefinder
Added: Sep 3
Changed: Sep 7
Last Checked: Sep 7 at 10:06AM
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 Keller Williams Realty Bothell
Investment Insights
Based on property information with market context.
This single-story triplex contains two one-bedroom, one-bath units and one two-bedroom, one-bath unit. The 1,600-square-foot property sits on a 7,405-square-foot lot and provides private entrances for each residence, avoiding shared stairwells and common corridors. Off-street parking and a fenced rear yard add practical site features, while construction dates to 1950.
The property is near I-5 and downtown Mount Vernon. Occupancy is reported at 100%. Ownership has self-managed the building since 2017. The owner covers water, sewer, garbage, and common electric, while residents pay for in-unit power.
The property is near I-5 and downtown Mount Vernon. Occupancy is reported at 100%. Ownership has self-managed the building since 2017. The owner covers water, sewer, garbage, and common electric, while residents pay for in-unit power.
Key Highlights
- Three‑unit configuration with two 1BR/1BA residences and one 2BR/1BA residence
- 1,600 SF building on a 7,405 SF lot
- 100% occupied
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
$12,194
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
3.25%
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%
$243,880
$243.9K
Cap Rate 7%
$174,200
$174.2K
Cap Rate 9%
$135,489
$135.5K
Market Conditions
NOI Build-Up for 1,600 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
$17.7K $11.04/SF
− Vacancy
−$244 −$0.15/SF
EGI
$17.4K $10.89/SF
− OpEx
−$5.2K −$3.27/SF
NOI
$12.2K $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 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%
$243,880
Cap Rate 7%
$174,200
Cap Rate 9%
$135,489
Alternative Uses
Best Use
Multifamily LT 5
$174.2K
$152.4K – $203.2K
NOI $12,194 @ 7.0% cap · market cap 3.25%
Second Best
Apartment 5plus
$151.6K
$132.7K – $176.9K
NOI $10,615 @ 7.0% cap · market cap 2.83%
Theoretical Best
Office A
$650.7K
$569.4K – $759.2K
NOI $45,551 @ 7.0% cap · market cap 12.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
742
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 Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Fully occupied triplex with individual entrances, off-street parking, and a fenced rear yard near I-5 and downtown Mount Vernon.
Where is this triplex located?
The property is located at 49 Willow Ln Mount Vernon, WA.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: Three‑unit configuration with two 1BR/1BA residences and one 2BR/1BA residence; 1,600 SF building on a 7,405 SF lot; 100% occupied
