Modern Building in Skagit
For Sale
Contact for pricing
916 W Division St, Mount Vernon, WA 98273
Flourishing furniture business with endless possibilities for growth and expansion.
Property Size28,000 SF
Price / SF$114.29
Days on Market687
Property Features for 916 W Division St
General Information
Standard status
Active
Size
28,000 SF
Property subtype
Mixed Use, Office, Retail
Zoning
C-2
Investment Type
Institutional
Building Details
Year Built
2016
Stories
2
Listing Agency:
The Muljat Group
(360) 733-3030
Listed By:
Kena Greer Brashear · License #26557
Source:
Crexi
Added: Sep 26, 2024
Changed: Aug 8
Last Checked: Aug 13 at 5:34AM
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 The Muljat Group
Investment Insights
Based on property information with market context.
Established in 1947, the property houses a flourishing furniture business that has been honored as Skagit's Best for eight consecutive years. The building, completely rebuilt in 2016, is a modern structure with over 28,000 square feet. Located in the heart of Skagit Valley, the property is easily accessible and highly visible. Its versatile C-2 zoning allows for various uses, including eating and drinking establishments, retail, offices, banks, and financial institutions. This property offers possibilities for growth and expansion.
Key Highlights
- Completely rebuilt in 2016: A modern 28,000+\/- sq ft building.
- Flourishing furniture business included: Opportunity for growth and expansion.
- Established business: Honored as Skagit's Best for eight consecutive years.
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
$262,238
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
8.19%
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%
$5,244,760
$5.2M
Cap Rate 7%
$3,746,257
$3.7M
Cap Rate 9%
$2,913,756
$2.9M
Market Conditions
NOI Build-Up for 28,000 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
$453.6K $16.20/SF
− Vacancy
−$34.0K −$1.22/SF
EGI
$419.6K $14.99/SF
− OpEx
−$157.3K −$5.62/SF
NOI
$262.2K $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%
$5,244,760
Cap Rate 7%
$3,746,257
Cap Rate 9%
$2,913,756
Alternative Uses
Best Use
Office B
$8.55M
$7.48M – $9.97M
NOI $598,263 @ 7.0% cap · market cap 18.70%
Second Best
Mixed Use
$3.75M
$3.28M – $4.37M
NOI $262,238 @ 7.0% cap · market cap 8.19%
Theoretical Best
Office A
$11.39M
$9.96M – $13.29M
NOI $797,151 @ 7.0% cap · market cap 24.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
967
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 Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Flourishing furniture business with endless possibilities for growth and expansion.
Where is this mixed-use property located?
The property is located at 916 W Division St Mount Vernon, WA.
What is the asking price?
The asking price for this property is $3,200,000.
What are key features of this property?
This property features: Completely rebuilt in 2016: A modern 28,000+\/- sq ft building.; Flourishing furniture business included: Opportunity for growth and expansion.; Established business: Honored as Skagit's Best for eight consecutive years.
