Neighborhood Shopping Center Anchored by Grocery
For Sale
$15,550,000
525 E College Way, Mount Vernon, WA 98273
98%-occupied neighborhood retail center anchored by Grocery Outlet and Ross Dress for Less with direct I-5 visibility.
Property Size100,155 SF
Price / SF$155.26
Days on Market93
Property Features for 525 E College Way
General Information
Standard status
Active
Size
100,155 SF
Occupancy
98%
Site & Location
Anchor Co-Tenants
Grocery Outlet, Ross Dress for Less
Traffic Count
38,695 vehicles/day
Highway Access
Yes
Building Details
Year Built
1977
Buildings
3
Tenancy
Multi
Listing Agency:
Kidder Mathews
Listed By:
Kevin G. Verger · License #26206
(206) 946-9425
Source:
Lincolnpnwteam
Added: Jul 28
Changed: Oct 26
Last Checked: Oct 7 at 3:23PM
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
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Investment Insights
Based on property information with market context.
Mount Vernon Center is a 100,155 SF, 98% occupied neighborhood retail center in the Puget Sound Region of Washington State. The property is anchored by Grocery Outlet and Ross Dress for Less, together representing 41% of the GLA, with staggered lease expirations intended to help minimize rollover risk. Inline tenants are distributed across the main building and two adjacent strip centers.
The center is positioned along East College Way in Mount Vernon, with direct visibility and access to Interstate 5. Public remarks cite approximately 38,695 VPD along East College Way and placement within a broader retail corridor that includes national anchors such as Safeway, Tractor Supply, and Hobby Lobby.
The tenant mix includes service-oriented businesses and state agency offices, with approximately 34% of tenants having occupied the property for 14+ years. The property is presented as a stabilized neighborhood retail offering supported by the ongoing foot traffic generated by the value anchors.
The center is positioned along East College Way in Mount Vernon, with direct visibility and access to Interstate 5. Public remarks cite approximately 38,695 VPD along East College Way and placement within a broader retail corridor that includes national anchors such as Safeway, Tractor Supply, and Hobby Lobby.
The tenant mix includes service-oriented businesses and state agency offices, with approximately 34% of tenants having occupied the property for 14+ years. The property is presented as a stabilized neighborhood retail offering supported by the ongoing foot traffic generated by the value anchors.
Key Highlights
- 100,155 SF neighborhood shopping center 98% occupied
- Anchors: Grocery Outlet and Ross Dress for Less represent 41% of GLA
- Inline tenants across main building and two adjacent strip centers
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$845,685
Cap Rate
5.44%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$16,913,700
$16.9M
Cap Rate 7%
$12,081,214
$12.1M
Cap Rate 9%
$9,396,500
$9.4M
Market Conditions
NOI Build-Up for 100,155 SF
Gross rent
$1.23M $12.24/SF
− Vacancy
−$17.8K −$0.18/SF
EGI
$1.21M $12.06/SF
− OpEx
−$362.4K −$3.62/SF
NOI
$845.7K $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 Rate 5%
$16,913,700
Cap Rate 7%
$12,081,214
Cap Rate 9%
$9,396,500
Alternative Uses
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 authorities.
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Property Analytics
Who owns this building?
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Current Use
Lease Details
38,695 VPD
Traffic count
98%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,226
Businesses Nearby
370k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 36%
Groceries 22%
Dining 21%
Home Improvements & Furnishings 10%
Safeway
Groceries
63,527 visits/mo
0.2 miles
Hobby Lobby
Shops & Services
30,324 visits/mo
0.3 miles
Goodwill
Apparel
20,102 visits/mo
0.2 miles
Grocery Outlet Bargain Market
Groceries
19,363 visits/mo
0.0 miles
Dollar Tree
Shops & Services
17,621 visits/mo
0.3 miles
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in West region
Similar Off Market Nearby
- Skagit Valley Square — 310 E College Way, Mount Vernon, WA 98273
- Coinstar Kiosk | Bitcoin ATM — Safeway, 315 E College Way, Mount Vernon, WA 98273
- Mount Vernon Center — 525 E College Way, Mount Vernon, WA 98273
- Riverside Plaza — 412 - 600 E College Way, Mount Vernon, WA 98273
- The Village at Riverside — 401 to 425 E College Way, Mount Vernon, WA 98273
Frequently Asked Questions
What type of property is this?
Shopping center - 98%-occupied neighborhood retail center anchored by Grocery Outlet and Ross Dress for Less with direct I-5 visibility.
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: 100,155 SF neighborhood shopping center 98% occupied; Anchors: Grocery Outlet and Ross Dress for Less represent 41% of GLA; Inline tenants across main building and two adjacent strip centers
