Mixed-Use Building with
For Sale
$2,300,000
Pending
701 S 1st St, Mount Vernon, WA 98273
Historic two-level property combines ground-floor retail with upper-level residential accommodations.
Property Size13,100 SF
Days on Market64
Property Features for 701 S 1st St
General Information
Standard status
Pending
Size
13,100 SF
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Multifamily Units
18
Amenities
communal kitchen
coin-operated laundry
Building Details
Year Built
1908
Buildings
1
Tenancy
Multi
Listing Agency:
Pettruzzelli Inc
Listed By:
Dominic Pettruzzelli
Source:
Viewhomesinpugetsound
Added: Jun 28
Changed: Aug 29
Last Checked: Aug 25 at 8:04AM
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 Pettruzzelli Inc
Investment Insights
Based on property information with market context.
Built in 1908, this historic 13,000-square-foot mixed-use building combines commercial and residential components across two levels. The main floor is occupied by a long-term retail tenant, while the second floor contains 18 rental units configured as full apartments and individual rooms. Shared amenities include a communal kitchen, restrooms, and coin-operated laundry facilities.
The property is fully rented and sits at 701 1ST in downtown Mount Vernon. Its central setting places the building within walking distance of the Skagit Riverwalk, grocery stores, restaurants, the Lincoln Theatre, summer concerts, farmers markets, and downtown shops.
The property is fully rented and sits at 701 1ST in downtown Mount Vernon. Its central setting places the building within walking distance of the Skagit Riverwalk, grocery stores, restaurants, the Lincoln Theatre, summer concerts, farmers markets, and downtown shops.
Key Highlights
- 13,000‑square‑foot historic mixed‑use building constructed in 1908
- 18 second‑floor rental units with a mix of apartments and individual rooms
- Long‑term retail tenant occupies the main floor
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
$122,690
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
5.33%
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%
$2,453,800
$2.5M
Cap Rate 7%
$1,752,714
$1.8M
Cap Rate 9%
$1,363,222
$1.4M
Market Conditions
NOI Build-Up for 13,100 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
$212.2K $16.20/SF
− Vacancy
−$15.9K −$1.22/SF
EGI
$196.3K $14.99/SF
− OpEx
−$73.6K −$5.62/SF
NOI
$122.7K $9.37/SF
Area
Skagit County, WA
Vacancy
7.50%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
37.50%
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%
$2,453,800
Cap Rate 7%
$1,752,714
Cap Rate 9%
$1,363,222
Alternative Uses
Best Use
Mixed Use
$1.75M
$1.53M – $2.04M
NOI $122,690 @ 7.0% cap · market cap 5.33%
Second Best
Retail
$1.58M
$1.38M – $1.84M
NOI $110,613 @ 7.0% cap · market cap 4.81%
Theoretical Best
Office A
$5.33M
$4.66M – $6.22M
NOI $372,953 @ 7.0% cap · market cap 16.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
18
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,094
Businesses Nearby
Explore this area
Business Placement
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 Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Historic two-level property combines ground-floor retail with upper-level residential accommodations.
Where is this mixed-use property located?
The property is located at 701 S 1st St Mount Vernon, WA.
What is the asking price?
The asking price for this property is $2,300,000.
What are key features of this property?
This property features: 13,000‑square‑foot historic mixed‑use building constructed in 1908; 18 second‑floor rental units with a mix of apartments and individual rooms; Long‑term retail tenant occupies the main floor
