Building Details

Year Built 2004

Listing Agency: True North Realty

Listed By: Mariah P. Dunning · License #21108 Show Phone

Source: Hanshagmeier

Added: Aug 19 Changed: Oct 25 Last Checked: Oct 28 at 2:59PM

Report an Issue

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 True North Realty

Ask AI about this property

Review the available facts, identify missing information and prepare questions for the agent.

What should I ask the agent before proceeding? What information is missing from this listing?

Investment Insights

Based on property information with market context.

This 1,463-square-foot commercial condominium occupies a unit within a mixed-use development in La Conner. The interior features an open, adaptable layout with natural light and space for reception, workstations, displays, meeting areas, or private offices. The property was built in 2004 and can accommodate retail, professional office, gallery, studio, boutique service, and other commercial uses identified for the space.

The unit is near La Conner’s downtown district, with local shops, restaurants, art galleries, and waterfront attractions in the surrounding area. State Route 20 provides convenient regional access, while the town draws both year-round residents and seasonal visitors. The address is 623 Morris Street A1, La Conner, WA 98257.

Key Highlights

• 1,463‑square‑foot commercial condominium
• Open, adaptable interior with natural light
• Located within a mixed‑use development

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$31,259

Cap Rate

5.25%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$625,180 $625.2K

Cap Rate 7%

$446,557 $446.6K

Cap Rate 9%

$347,322 $347.3K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,463 SF

Gross rent

$52.5K $35.88/SF

− Vacancy

−$10.8K −$7.39/SF

EGI

$41.7K $28.49/SF

− OpEx

−$10.4K −$7.12/SF

NOI

$31.3K $21.37/SF

Area

Skagit County, WA

Vacancy

20.60%

Lease Rate

$35.88 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$625,180

Cap Rate 7%

$446,557

Cap Rate 9%

$347,322

Alternative Uses

Best Use

Office B

$446.6K

$390.7K – $521.0K (±1% cap)

NOI $31,259 @ 7.0% cap · market cap 5.25%

Second Best

Retail

$176.5K

$154.4K – $205.9K (±1% cap)

NOI $12,353 @ 7.0% cap · market cap 2.08%

Theoretical Best

Office A

$595.0K

$520.6K – $694.2K (±1% cap)

NOI $41,651 @ 7.0% cap · market cap 7.00%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

COA mexican eatery ... Restaurant Rowdy Dog Antique ... Home Decor Store M.D. MedSpa & Wellness ... Spa & Massage Center

Suggested Use

Top Pick HVAC Service (Bike/Boat/Book/etc) Store Auto Parts Store Furniture & Home Goods Grocery & Convenience Store Storage Facility

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

403

Businesses Nearby

Explore this area Business Placement

Demographics for 98257, WA

4,467

Population

2,385

Households

1.9

Avg Household Size

57

Median Age

42%

College-Educated

95%

High-School Grad

18.5 sq mi

ZIP Area

241

Density / Sq Mi

$90,983

Median Household Income

$40,933

Median Earnings

$1,317

Median Rent

$481,300

Median Home Value

Market

Vacancy Rate% for Office in West region

11% 2019

14.1% 2020

15.5% 2021

17.2% 2022

19.9% 2023

21% 2024

20.8% 2025

Similar For Sale Nearby

See more

Mixed-Use Retail/Office Condo

A1-623 Morris St, La Conner, WA 98257

$544,950

1,463 SF

View details

Renovated Mixed-Use Property

105 Maple Ave, La Conner, WA 98257

$329,999

View details

Waterfront Wine Bar

608 S 1st St, La Conner, WA 98257

$65,000

View details

Frequently Asked Questions

What type of property is this?

Retail space - Open-plan commercial unit with natural light in a mixed-use development near downtown La Conner.

Where is this retail space located?

The property is located at 623 Morris Street A1 La Conner, WA.

What is the asking price?

The asking price for this property is $594,950.

What are key features of this property?

This property features: 1,463‑square‑foot commercial condominium; Open, adaptable interior with natural light; Located within a mixed‑use development