1901 2Nd StMount Vernon, WA 98273

Property Details for 1901 2Nd St

Year built

1908

Construction

WOOD FRAME

Lot size

0.80 AC

Property size (Sq ft)

1,636 SF

Property type

Other commercial real estate

APN

3739-007-000-0205

APU

37390070000205

Description

This Mount Vernon, WA, mixed-use property, located at 1901 S 2nd St, 98273, presents a compelling investment opportunity. The 36,690 square foot property, built in 1944, consists of two buildings situated on a 0.80-acre lot zoned C-2. Currently operating at 100% occupancy with two tenants, the property generates a pro-forma NOI of $15,000, representing a 1.90% pro-forma cap rate. The asking price is $790,000 ($21.53/sq ft). The property features a home and a 50x44 shop, both currently leased. The home leases for $1,800 per month and the shop for $800 per month, under a modified lease with a remaining term of approximately 0.4 years (expiring March 31, 2025). The leases commenced April 1, 2023, and are for a two-year term. The property offers convenient access via West Taylor or West Blackburn streets, and benefits from its location in an opportunity zone with easy access to I-5 and downtown Mount Vernon. This property is ideal for investors seeking a dual-income stream with significant redevelopment potential. The property's C-2 zoning allows for a variety of uses.

Location Insight

City

Mount Vernon

County

Skagit

State

Washington

Latitude

48.4072

Longitude

-122.338

CBSA code

34580

CBSA name

MOUNT VERNON-ANACORTES, WA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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