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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1521 Leigh Way Mount Vernon, WA 98273-2403

    • Office buildings
    • 4,500 SF
    • 0.43 lot acres
    OFF-MARKET
    Last Sale
    Nov 16, 2023
    Value Estimations
    $915,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US90-2380126
    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.

    Current Use by Public Records

    • Office buildings

    Property Details for 1521 Leigh Way

    Year built
    2002
    Lot size
    0.43 lot acres
    Property size
    4,500 SF
    Property type
    Office buildings
    APN
    340417-3-001-0307
    APU
    34041730010307

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $956,000
      Market price range: $528k - $1.03M
      AI Estimate
      $729,000
      Market price range: $303k - $908k

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $765,000
      Current use
      AUTO REPAIR, GARAGE
      $1,085,000
      Change: +42% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $740,000
      Change: -3% Conversion: Easy
      RETAIL STORES
      $710,000
      Change: -7% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Mount Vernon
    County
    Skagit
    State
    Washington
    Longitude
    -122.329
    Latitude
    48.4347
    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
    $10,880
    $262,000
    $664,600
    $926,600
    -
    $262,000
    $664,600
    $926,600

    Comparable in this City

    • Value Estimation
      $605,000
      5,200 SF

      315 3rd St

      OFFICE BUILDING • 5,200 SF
      315 3rd St, Mount Vernon, WA 98273-3855
      View Details
    • Value Estimation
      $5,840,000
      28,423 SF

      12479 Farm To Market Rd

      OFFICE BUILDING • 28,423 SF
      12479 Farm To Market Rd, Mount Vernon, WA 98273-8276
      View Details
    • Value Estimation
      $730,000
      10,232 SF

      1100 2nd St

      OFFICE BUILDING • 10,232 SF
      1100 2nd St, Mount Vernon, WA 98273-4209
      View Details
    • Value Estimation
      $1,085,000
      5,704 SF

      1725 Continental Pl

      OFFICE BUILDING • 5,704 SF
      1725 Continental Pl, Mount Vernon, WA 98273-5693
      View Details
    • Value Estimation
      $1,285,000
      6,000 SF

      120 Fir St

      PROFESSIONAL BUILDING • 6,000 SF
      120 Fir St, Mount Vernon, WA 98273-2964
      View Details
    • Value Estimation
      $895,000
      4,056 SF

      1618 18th St

      OFFICE BUILDING • 4,056 SF
      1618 18th St, Mount Vernon, WA 98273
      View Details

    Similar Nearby for Sale

    • $450,000
      1,551 SF

      Downtown Mount Vernon Office Building

      1551 SF office building in downtown Mount Vernon.
      1321 2Nd St, Mount Vernon, WA 98273
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    • $450,000
      1,551 SF

      Downtown Mount Vernon Office Building

      1551 SF office building in downtown Mount Vernon, Washington.
      1321 S 2Nd St, Mount Vernon, WA 98273
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    • $1,105,600
      4,800 SF

      Downtown Office Building with Parking

      Downtown Mount Vernon office building with parking lot included.
      317 S 2Nd St, Mount Vernon, WA 98273
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    • $565,000
      1,612 SF

      Versatile Office Building in Mount Vernon

      Two office spaces in one building with flexible zoning.
      1101 S 2Nd St, Mount Vernon, WA 98273
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    • $595,000

      Vacant Office Building For Sale

      Vacant office building with updated HVAC, available now.
      418 2Nd St, Mount Vernon, WA 98273
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    • $330,000

      Quaint Office Building For Sale

      Charming office building in South Mount Vernon with parking.
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    Similar Nearby for Lease

    • $15 SF/Yr
      1,902 SF

      Mount Vernon Office Space Available

      Office building for rent near I-5 exit 227.
      819 N 4Th St, Mount Vernon, WA 98273
      View Details
    • Contact for pricing
      3,109 SF

      Former Drive-Thru Bank Available

      Former drive-thru bank, suitable for retail or office use.
      1503 Riverside Dr, Mount Vernon, WA 98273
      View Details
    • $11 SF/Yr
      1,662 SF

      Downtown Mount Vernon Office Space

      Prime location, 1662 sq ft office, historic district.
      607 2Nd St, Mount Vernon, WA 98273
      View Details
    • $1,800 /Mo
      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
    • $20 SF/Yr
      1,740 SF

      Waterfront Offices with Marina View

      Second-floor office space with waterfront views and highway access.
      11071 Josh Green Ln, Mount Vernon, WA 98273
      View Details
    • $25 SF/Yr
      4,800 SF

      Mount Vernon Office Space Available

      Prime Office Space, I-5 Access
      1626 Freeway Dr, Mount Vernon, WA 98273
      View Details
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    1521 Leigh Way
    Mount Vernon, WA 98273-2403
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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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