Turnkey Standalone Office-Retail
For Sale
$435,000
915 Mclean Rd, Mount Vernon, WA 98273
Single-story standalone building with 14 off-street parking spaces and recent capital improvements.
Property Size1,472 SF
Lot Size0.20 Acres
Price / SF$295.52
Days on Market82
Property Features for 915 Mclean Rd
General Information
Standard status
Active
Size
1,472 SF
Total Parking Spaces
14
Lot size
0.20 Acres
Occupancy
100%
Site & Location
Highway Access
Yes
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$2,809
Building Details
Stories
1
Listing Agency:
Coldwell Banker 360 Team
(360) 675-5915
Listed By:
Tyler Fitzgerald
(360) 675-5915
Source:
Exprealty
Added: Jun 3
Changed: Aug 23
Last Checked: Aug 21 at 3:48PM
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 Coldwell Banker 360 Team
Investment Insights
Based on property information with market context.
This turnkey, single-story standalone commercial property totals 1,472 square feet and is maintained with a modernized buildout. Recent capital improvements include a new 40-year rated TPO roof (2020), a new electrical panel (2017), new concrete plank siding (2017), new 20" sewer main (2021), along with fresh interior and exterior paint. The property is presented as a fully leased investment, or it can be transitioned by an owner-user to establish a custom office or retail storefront.
The building features high-visibility road frontage on a highly trafficked thoroughfare, offering straightforward access to the Interstate 5 corridor. It is positioned just minutes from downtown Mount Vernon and includes 14 dedicated, off-street parking spaces on an 8,712-square-foot lot.
The building features high-visibility road frontage on a highly trafficked thoroughfare, offering straightforward access to the Interstate 5 corridor. It is positioned just minutes from downtown Mount Vernon and includes 14 dedicated, off-street parking spaces on an 8,712-square-foot lot.
Key Highlights
- 1,472 SF single‑story standalone commercial building built in 1942 on an 8,712 SF lot
- Fully leased investment or owner‑user space with straightforward road‑front access to I‑5 corridor
- Recent capital improvements include 40‑year rated TPO roof (2020), electrical panel (2017), concrete plank siding (2017), and 20" sewer main (2021)
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
$31,452
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
7.23%
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%
$629,040
$629.0K
Cap Rate 7%
$449,314
$449.3K
Cap Rate 9%
$349,467
$349.5K
Market Conditions
NOI Build-Up for 1,472 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
$52.8K $35.88/SF
− Vacancy
−$10.9K −$7.39/SF
EGI
$41.9K $28.49/SF
− OpEx
−$10.5K −$7.12/SF
NOI
$31.5K $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 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%
$629,040
Cap Rate 7%
$449,314
Cap Rate 9%
$349,467
Alternative Uses
Best Use
Office B
$449.3K
$393.2K – $524.2K
NOI $31,452 @ 7.0% cap · market cap 7.23%
Second Best
Retail
$177.6K
$155.4K – $207.2K
NOI $12,429 @ 7.0% cap · market cap 2.86%
Theoretical Best
Office A
$598.7K
$523.8K – $698.5K
NOI $41,907 @ 7.0% cap · market cap 9.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
967
Businesses Nearby
Well-served
Demand for This Use
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 Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Storefront property - Single-story standalone building with 14 off-street parking spaces and recent capital improvements.
Where is this storefront property located?
The property is located at 915 Mclean Rd Mount Vernon, WA.
What is the asking price?
The asking price for this property is $435,000.
What are key features of this property?
This property features: 1,472 SF single‑story standalone commercial building built in 1942 on an 8,712 SF lot; Fully leased investment or owner‑user space with straightforward road‑front access to I‑5 corridor; Recent capital improvements include 40‑year rated TPO roof (2020), electrical panel (2017), concrete plank siding (2017), and 20" sewer main (2021)
