Anchored Neighborhood Shopping
For Sale
$15,550,000
525 E College Way, Mount Vernon, WA 98273
Established retail center with grocery and value-oriented anchors, service tenants, and direct access to Interstate 5.
Property Size100,155 SF
Price / SF$155.26
Days on Market82
Property Features for 525 E College Way
General Information
Standard status
Active
Size
100,155 SF
Property subtype
Commercial
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
Tenancy
Multi
Listing Agency:
Kidder Mathews
(360) 705-2800
Listed By:
Kevin G. Verger · License #26206
(360) 705-2800
Source:
Multifamilyspecialist
Added: May 20
Changed: Aug 9
Last Checked: Aug 9 at 11:34AM
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 neighborhood shopping center completed in 1977 and reported at 98% occupied. Grocery Outlet and Ross Dress for Less occupy anchor positions and together account for 41% of the gross leasable area. The property also includes two adjacent strip centers with an inline tenant mix that features a laundromat, nail salon, mail services, and state agency offices. Approximately 34% of tenants have operated at the center for 14+ years, while staggered lease expirations distribute rollover timing across the tenancy.
The center fronts East College Way in Washington’s Puget Sound Region, with 38,695 VPD and direct visibility and access to Interstate 5. It sits within a retail corridor that includes Safeway, Tractor Supply, and Hobby Lobby. The surrounding area has average household incomes of $113,747 within five miles, and Mount Vernon serves as the primary commercial hub for Skagit Valley.
The center fronts East College Way in Washington’s Puget Sound Region, with 38,695 VPD and direct visibility and access to Interstate 5. It sits within a retail corridor that includes Safeway, Tractor Supply, and Hobby Lobby. The surrounding area has average household incomes of $113,747 within five miles, and Mount Vernon serves as the primary commercial hub for Skagit Valley.
Key Highlights
- 100,155 SF neighborhood shopping center built in 1977
- 98% occupied with Grocery Outlet and Ross Dress for Less as anchors
- Grocery Outlet and Ross Dress for Less represent 41% of GLA
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
$845,685
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
5.44%
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%
$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
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
$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 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%
$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.
Property Analytics
Current Use
Lease Details
38,695 VPD
Traffic count
98%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,178
Businesses Nearby
391k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 35%
Dining 25%
Groceries 21%
Home Improvements & Furnishings 9%
Safeway
Groceries
63,527 visits/mo
0.2 miles
Hobby Lobby
Shops & Services
30,324 visits/mo
0.4 miles
Goodwill
Apparel
20,102 visits/mo
0.4 miles
Grocery Outlet Bargain Market
Groceries
19,363 visits/mo
0.2 miles
Panda Express
Dining
18,705 visits/mo
0.5 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
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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 - Established retail center with grocery and value-oriented anchors, service tenants, and direct access to Interstate 5.
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 built in 1977; 98% occupied with Grocery Outlet and Ross Dress for Less as anchors; Grocery Outlet and Ross Dress for Less represent 41% of GLA
