Fully Rented
For Sale
$605,000
903 S 22nd Court, Mount Vernon, WA 98274
Fenced multifamily property with two-bedroom, two-bath layouts and residents already in place.
Property Size2,322 SF
Price / SF$260.55
Days on Market17
Property Features for 903 S 22nd Court
General Information
Standard status
Active
Size
2,322 SF
Total Parking Spaces
6
Property subtype
Residential Income
Zoning
Multi-Family
Occupancy
100%
Site & Location
Highway Access
Yes
Road Access
Yes
Units
Unit Mix
2 x 2BR/2BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$6,693
Amenities
fully fenced
Building Details
Building Size
2,322 SF
Year Built
1992
Buildings
1
Units
2
Listing Agency:
RE/MAX Elite
(425) 245-7179
Listed By:
Zach Hensrude
(425) 245-7179
Source:
Multifamilyspecialist
Added: Aug 13
Changed: Aug 28
Last Checked: Aug 29 at 10:18AM
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 RE/MAX Elite
Investment Insights
Based on property information with market context.
This 2,322-square-foot duplex, built in 1992, contains two residential units with matching two-bedroom, two-bath configurations. The property is fully rented, with tenants in place and professional management established over many years. A fully fenced site adds a defined outdoor boundary, while Multi-Family zoning supports the property’s residential income use.
The duplex sits on a quiet dead-end street at 903 S 22nd Court in Mount Vernon. Shopping, dining, services, and major commuter routes are described as minutes away, placing everyday amenities and regional travel connections within convenient reach. The existing occupancy, consistent unit layouts, and documented management history provide a straightforward multifamily configuration for continued rental operation.
The duplex sits on a quiet dead-end street at 903 S 22nd Court in Mount Vernon. Shopping, dining, services, and major commuter routes are described as minutes away, placing everyday amenities and regional travel connections within convenient reach. The existing occupancy, consistent unit layouts, and documented management history provide a straightforward multifamily configuration for continued rental operation.
Key Highlights
- 2,322 SF duplex built in 1992
- Two units, each with 2 bedrooms and 2 bathrooms
- Fully rented with tenants already in place
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
$17,697
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
2.93%
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%
$353,940
$353.9K
Cap Rate 7%
$252,814
$252.8K
Cap Rate 9%
$196,633
$196.6K
Market Conditions
NOI Build-Up for 2,322 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
$25.6K $11.04/SF
− Vacancy
−$354 −$0.15/SF
EGI
$25.3K $10.89/SF
− OpEx
−$7.6K −$3.27/SF
NOI
$17.7K $7.62/SF
Area
Skagit County, WA
Vacancy
1.38%
Lease Rate
$11.04 /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%
$353,940
Cap Rate 7%
$252,814
Cap Rate 9%
$196,633
Alternative Uses
Best Use
Multifamily LT 5
$252.8K
$221.2K – $295.0K
NOI $17,697 @ 7.0% cap · market cap 2.93%
Second Best
Apartment 5plus
$220.1K
$192.6K – $256.8K
NOI $15,405 @ 7.0% cap · market cap 2.55%
Theoretical Best
Office A
$944.4K
$826.3K – $1.10M
NOI $66,107 @ 7.0% cap · market cap 10.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
942
Businesses Nearby
Explore this area
Business Placement
Demographics for 98274, WA
18,949
Population
7,868
Households
2.4
Avg Household Size
43
Median Age
33%
College-Educated
93%
High-School Grad
143.1 sq mi
ZIP Area
132
Density / Sq Mi
$93,762
Median Household Income
$46,724
Median Earnings
$1,716
Median Rent
$492,400
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?
Duplex - Fenced multifamily property with two-bedroom, two-bath layouts and residents already in place.
Where is this duplex located?
The property is located at 903 S 22nd Court Mount Vernon, WA.
What is the asking price?
The asking price for this property is $605,000.
What are key features of this property?
This property features: 2,322 SF duplex built in 1992; Two units, each with 2 bedrooms and 2 bathrooms; Fully rented with tenants already in place
