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Property profile & analytics
FOR LEASE
Office buildings
1223 Division St Mount Vernon, WA 98273
Entity Owned
5-yr Hold
~
Est. High Equity
Property ID
US90-0971856
No photos on file
For Lease
$1,200/Mo
1223 Division St, Mount Vernon, WA 98273
View Listing →
Property profile
Verified
Property type
Office buildings
Use group
PROFESSIONAL BUILDING
Year built
1988
Total area
1,983 SF
Lot
0.35 ac (15,202 SF)
APN
340420-0-082-0003
UPID
US90-0971856
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
James Krell Pharmacy
-
Randolph Elde Pharmacy
-
Northwest Kitchen Hardware & Home Improvement Furniture & Home Goods
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$725k
CAP Approach
CAP
$695k
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$690k
Owner & transaction history
Bings Investments LLC · 5 yrs held
Bings Investments LLC
since 2020
Last sale
$644,000
5 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$480,000
+8.9%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Mount Vernon submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Mount Vernon submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$750,000
ML approach
$725,000
CAP Approach
CAP Return
Estimation
6%
$755,000
6.5%
$695,000
7%
$645,000
Alternative Use
Use
Estimation
OFFICE BUILDING
$440,000
Current use
AUTO REPAIR, GARAGE
$480,000
Change: +9% · Conversion: Difficult
Blend value · Realmo final
$690k
Range $621k – $759k · ±10% · vs last sale $644k (Aug 7 2020)
Last sale anchor
$644k
Aug 7 2020
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$348 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2022Property tax & assessments
Tax year 2022
Tax billed
$5,514
Tax year 2022
Assessed value
$470,000
Assessed 2021
Previous assessed
$470,000
+0.0% YoY
Effective rate
1.17%
On assessed value
Assessed land
$317,900
Assessed improvement
$152,100
Land market value
$317,900
Improvement market value
$152,100
Total market value
$470,000
Applied tax rate
930.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office buildings
Use group
PROFESSIONAL BUILDING
Status
For Lease
Year built
1988
Heating
NONE
Stories
1
Total area
1,983 SF
Lot
0.35 ac (15,202 SF)
APN
340420-0-082-0003
UPID
US90-0971856
Jurisdiction
SKAGIT
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$440,000
AUTO REPAIR, GARAGE
Est. value
$480,000
OFFICE BUILDING Current
AUTO REPAIR, GARAGE
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1988
Heating
NONE
Stories
1
Lot
0.35 ac
Current owner
From public records · entity-resolved
Bings Investments LLC
Entity
Mailing address
20 GREENE PT RD, BELLINGHAM, WA 98229-9319
Ownership since
2020
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Aug 7, 2020
$644,000
Bings Investments LLC
A E Holland Properties LLC
Warranty Deed
$644,000 · A E Holland Properties LLC
Nov 10, 2015
—
A E Holland Properties LLC
Willians,jerry A & Kathleen M
Quit Claim Deed
related
—
Aug 31, 2000
$285,033
Jerry A Willins
Cook,j A
Grant Deed
$245,000 · Lobanovsky Trust
—
—
Jerry A Willins
—
Deed Of Trust
related
$191,294 · Peoples Bank & Trust
—
—
Jerry A Willins
—
Deed Of Trust
related
$239,770 · Peoples Bank & Trust
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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