Neighborhood Shopping Center Anchored by Grocery
525 E College Way Mount Vernon, WA 98273
For Sale
Contact for pricing
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$154.76
Days on Market88
Property Features for 525 E College Way
General Information
Standard status
Active
Size
100,155 SF
Property subtype
RETAIL
Listing Agency:
Kidder Mathews
(206) 600-8500
Listed By:
Kevin Verger · License #26206
(206) 946-9425
Source:
Moodyscre
Added: May 4
Changed: Jul 29
Last Checked: Jul 29 at 7:10PM
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
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 For Retail
Simulate Cap Rate and NOI
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.
| 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 Uses
Best Use
Retail
$12.08M
$10.57M – $14.09M
NOI $845,685 @ 7.0% cap · market cap 5.46%
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 18.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Location Intelligence
Current Use
Similar Off Market 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
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 $15,500,000.
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
