Mount Vernon Retail Center For
525 E College Way, Mount Vernon, WA 98273
New
100,155 SF retail center, 98% occupied, anchored by Grocery Outlet.
Type:Commercial
Property size:
100,155 SFPrice / SF:
$155/SF- Added:
- May 21, 2026
- Days on Market:
- 7
- Last Refresh:
- May 21 at 7:15 am
Property Features for 525 E College Way
General Information
- Standard status
- Active
- Size
- 100,155 SF
- Property subtype
- Commercial
Building Details
- Year Built
- 1977
Listing agent KEVIN G. VERGER
Listing office KIDDER MATHEWS (360) 705-2800
Listing date May 21, 2026
Source Corcoran
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 KIDDER MATHEWS
HighLights
- 98% occupied neighborhood retail center offering stable income.
- Anchored by Grocery Outlet and Ross Dress for Less (41% of GLA).
- Located in a high‑traffic area (38,695 VPD) with direct access to Interstate 5.
- Below replacement cost at approximately $155 per square foot.
- Strong tenant base with long‑term local operators (34% occupied for 14+ years).
- High average household incomes ($113,747 within a five‑mile radius) and steady population growth.
Overview
Mount Vernon Center is a 100,155 square foot neighborhood retail center with 98% occupancy. Anchored by Grocery Outlet and Ross Dress for Less, these two retailers represent 41% of the gross leasable area (GLA). The inline tenant base, spanning the main building and two adjacent strip centers, is anchored by long-tenured local operators, with approximately 34% of tenants having occupied the property for 14 or more years. The tenant mix is service-oriented, including a laundromat, nail salon, mail services, and state agency offices. The property is positioned along East College Way, with a traffic count of 38,695 vehicles per day, and has direct visibility and access to Interstate 5. The center is located within a retail corridor alongside national anchors including Safeway, Tractor Supply, and Hobby Lobby. The surrounding trade area reports average household incomes of $113,747 within a five-mile radius. Mount Vernon serves as the primary commercial hub for Skagit Valley.
Financial Insights
Value Estimation Calculated for Retail
Conservative
$9.40M
NOI $845,685 @ 9.00% cap · cautious / downside scenario
Moderate
$12.08M
NOI $845,685 @ 7.00% cap · market / base-case scenario
Aggressive
$16.91M
NOI $845,685 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
NOI Build-Up
- 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.
Calculated for Retail
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $1.23M | $12.24 |
| − Vacancy | −$17.8k | −$0.18 |
| EGI | $1.21M | $12.06 |
| − OpEx | −$362.4k | −$3.62 |
| NOI | $845.7k | $8.44 |
100,155 SF · lease $12.24/SF/yr · vacancy 1.45% · expense 30.00%
Alternative Use Scenarios
Best Use
Retail
$12.08M
$10.57M – $14.09M
NOI $845,685 @ 7.0% cap · market cap 5.44%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$40.73M
$35.64M – $47.52M
NOI $2,851,379 @ 7.0% cap · market cap 18.34%
Zoning and permitted uses should be independently verified with local authorities.
Location Intelligence
Current Use by Public Records
Grocery Outlet
Grocery & Convenience Store
Big Box Outlet ...
Home Decor Store
Mount Vernon TRT ...
Health Counselor
Similar Places Nearby
- Mount Vernon Center — 525 E College Way, Mount Vernon, WA 98273
- Skagit Valley Square — 310 E College Way, Mount Vernon, WA 98273
- The Village at Riverside — 401 to 425 E College Way, Mount Vernon, WA 98273
- Riverside Plaza — 412 - 600 E College Way, Mount Vernon, WA 98273
- Coinstar Kiosk | Bitcoin ATM — Safeway, 315 E College Way, Mount Vernon, WA 98273
Location Insight
- Map
- Local Demand
- City
- Mount Vernon
- County
- Skagit
- State
- Washington
- Longitude
- -122.333329
- Latitude
- 48.436943
Nearby Similar for Sale
FAQs
What type of property is this?
Shopping center - 100,155 SF retail center, 98% occupied, anchored by Grocery Outlet.
Where is this shopping center located?
The property is located at 525 E College Way Mount Vernon, WA.
What is the asking price?
The asking price for this property is $15,550,000.
What are key features of this property?
This property features: 98% occupied neighborhood retail center offering stable income.; Anchored by Grocery Outlet and Ross Dress for Less (41% of GLA).; Located in a high‑traffic area (38,695 VPD) with direct access to Interstate 5.
