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    1008 2nd St Mount Vernon, WA 98273-4241

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    Property profile & analytics

    1008 2nd St Mount Vernon, WA 98273-4241

    View on Map
    • Apartment buildings
    • 21,084 SF
    • 0.16 lot acres
    Off-Market
    Last Sale Dec 15, 2023
    $3,722,500
    Property ID
    US90-3318694
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    $3,410,000
    Show details
    Cap Rate Potential
    4.2%
    Apartment buildings
    Location Intelligence

    Current Use by Public Records

    • Apartment buildings

    Property Details for 1008 2nd St

    Year built
    1930
    Lot size
    0.16 lot acres
    Property size
    21,084 SF
    Property type
    Apartment buildings
    APN
    3755-009-001-0001
    APU
    37550090010001

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $3,340,000
      ML approach
      $3,355,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $2,330,000
      6.5%
      $2,150,000
      7%
      $2,000,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,915,000
      Market price range: $2.92M - $5.35M

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $3,765,000
      Current use
      AUTO REPAIR, GARAGE
      $5,085,000
      Change: +35% Conversion: Difficult
      RESTAURANT
      $4,440,000
      Change: +18% Conversion: Difficult
      OFFICE BUILDING
      $3,580,000
      Change: -5% Conversion: Moderate
      COMMERCIAL (GENERAL)
      $3,465,000
      Change: -8% Conversion: Moderate
      RETAIL STORES
      $3,335,000
      Change: -11% Conversion: Difficult

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Mount Vernon
    County
    Skagit
    State
    Washington
    Longitude
    -122.338
    Latitude
    48.4154
    CBSA code
    34580
    CBSA name
    MOUNT VERNON-ANACORTES, WA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $28,977
    $830,800
    $1,838,600
    $2,669,400
    -
    $830,800
    $1,838,600
    $2,669,400

    Comparable in this City

    • Value Estimation
      $870,000
      10,976 SF

      215 Stanford Dr, Unit 225

      APARTMENT HOUSE (5+ UNITS) • 10,976 SF
      215 Stanford Dr, Mount Vernon, WA 98273-3585
      View Details
    • Value Estimation by Request
      4,299 SF

      823 3rd St

      APARTMENT HOUSE (5+ UNITS) • 4,299 SF
      823 3rd St, Mount Vernon, WA 98273-4351
      View Details
    • Value Estimation by Request
      4,720 SF

      1215 9th St

      APARTMENT HOUSE (5+ UNITS) • 4,720 SF
      1215 9th St, Mount Vernon, WA 98273-2459
      View Details
    • Value Estimation by Request
      4,038 SF

      215 Broadway

      APARTMENT HOUSE (5+ UNITS) • 4,038 SF
      215 Broadway, Mount Vernon, WA 98273-4228
      View Details
    • Value Estimation
      $690,000
      7,188 SF

      Mount

      APARTMENT HOUSE (5+ UNITS) • 7,188 SF
      Mount, Vernon, WA 98273
      View Details
    • Value Estimation by Request
      2,741 SF

      409 4th St

      APARTMENT HOUSE (5+ UNITS) • 2,741 SF
      409 4th St, Mount Vernon, WA 98273-2889
      View Details

    Similar Nearby for Sale

    • $4,350,000

      New Construction Multifamily Investment Property

      New 10-unit complex plus adjacent 4-plex near amenities.
      403 21St St, Mount Vernon, WA 98273
      View Details
    • $1,787,000

      Mount Vernon Multifamily Property

      Well-maintained 8-unit apartment building with recent upgrades.
      325 21St St, Mount Vernon, WA 98273
      View Details
    • $949,999
      0.21 Acres

      Mount Vernon Six-Unit Apartment Building

      Six-unit apartment building in central Mount Vernon, Washington.
      520 North 1St St, Mount Vernon, WA 98273
      View Details
    • $7,895,000
      23,922 SF

      45-Unit Apartment Complex For Sale

      Large apartment complex near schools and hospital.
      401 Stanford Dr, Mount Vernon, WA 98273
      View Details
    • $399,950

      Heated Industrial Condominiums For Sale

      Five industrial condominiums with individual utilities and excellent location.
      2001 Henson Rd, Mount Vernon, WA 98273
      View Details
    • $399,950

      Heated Industrial Condominiums For Sale

      Five industrial condominiums with individual utilities and excellent location.
      2001 Henson Rd, Mount Vernon, WA 98273
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Skagit Valley Manufactured Home Lots

      172 lots, public utilities, 100% occupied, income potential.
      1400 N 30Th St, Mount Vernon, WA 98273
      View Details
    • Contact for pricing

      Industrial Single Tenant Space

      3,500 SqFt industrial space available for rent.
      14285 Laconner Whitney Rd, Mount Vernon, WA 98273
      View Details
    • Contact for pricing

      College Way Office Space Available

      Office space for rent with ample parking and signage.
      1404 East College Way, Mount Vernon, WA 98273
      View Details
    • Contact for pricing
      1,400 SF

      Mount Vernon Office Space Available

      Office space for rent in Mount Vernon, approximately 1400 sqft.
      410 Commercial St, Mount Vernon, WA 98273
      View Details
    • $1,662 /Mo
      1,662 SF

      Mount Vernon Office/Retail Space

      Office/retail space near Skagit County Courthouse and I-5.
      607 2Nd St, Mount Vernon, WA 98273
      View Details
    • Contact for pricing
      135,360 SF

      Industrial Facility on 23 Acres

      135,360 SF industrial building near I-5 for lease.
      13421 Farm To Market Rd, Mount Vernon, WA 98273
      View Details
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    Mount Vernon, WA 98273-4241
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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