Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1616 Fwy Dr Mount Vernon, WA 98273-2432

    • Retail properties
    • 1,506 SF
    • 0.38 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US90-0529777
    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

    • Retail properties

    Property Details for 1616 Fwy Dr

    Year built
    1983
    Lot size
    0.38 lot acres
    Property size
    1,506 SF
    Property type
    Retail properties
    APN
    340418-4-010-0006
    APU
    34041840100006

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Mount Vernon
    County
    Skagit
    State
    Washington
    Longitude
    -122.342
    Latitude
    48.4352
    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
    2022
    $6,745
    $311,100
    $198,000
    $509,100
    -
    $311,100
    $198,000
    $509,100

    Comparable in this City

    • Value Estimation
      $2,950,000
      42,725 SF

      4220 Old Hwy 99th S Rd

      DEPARTMENT STORE • 42,725 SF
      4220 Old Hwy 99th S Rd, Mount Vernon, WA 98273-9022
      View Details
    • Value Estimation
      $575,000
      3,791 SF

      1724 Fwy Dr

      SERVICE SHOP (TV, ELECTRIC, PLUMBING) • 3,791 SF
      1724 Fwy Dr, Mount Vernon, WA 98273-5435
      View Details
    • Value Estimation by Request
      3,311 SF

      1212 Riverside Dr

      SERVICE SHOP (TV, ELECTRIC, PLUMBING) • 3,311 SF
      1212 Riverside Dr, Mount Vernon, WA 98273-2438
      View Details
    • Value Estimation
      $635,000
      7,488 SF

      919 College Way

      DEPARTMENT STORE • 7,488 SF
      919 College Way, Mount Vernon, WA 98273-5627
      View Details
    • Value Estimation by Request
      1,728 SF

      813 Division St

      SERVICE SHOP (TV, ELECTRIC, PLUMBING) • 1,728 SF
      813 Division St, Mount Vernon, WA 98273-3223
      View Details
    • Value Estimation by Request
      1,960 SF

      901 Division St

      DEPARTMENT STORE • 1,960 SF
      901 Division St, Mount Vernon, WA 98273
      View Details

    Similar Nearby for Sale

    • $799,000

      Established Brewery with Expansion Potential

      Successful brewery for sale with immediate income and growth opportunity.
      17406 State Route 536, Mount Vernon, WA 98273
      View Details
    • $750,000

      West Mt Vernon Bar/Restaurant Investment

      Bar and restaurant with NNN lease and renewal option.
      720 Division St, Mount Vernon, WA 98273
      View Details
    • $995,000
      5,687 SF

      Downtown Mount Vernon Retail/Office Space

      5,687 SF retail/office space in downtown Mount Vernon for sale.
      306 S 1St St, Mount Vernon, WA 98273
      View Details
    • $999,999

      High-Yield Mixed-Use Investment Opportunity

      Fully leased mixed-use property with three income streams in downtown.
      1331 S 2Nd St, Mount Vernon, WA 98273
      View Details
    • $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
      View Details
    • $1,100,000
      2,612 SF

      Mount Vernon Commercial Investment Opportunity

      Three diverse commercial investments in one strategically positioned building.
      1331 2Nd St, Mount Vernon, WA 98273
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      174,000 SF

      Skagit Valley Retail Space Available

      Mount Vernon retail space, multiple units.
      310 College Way, 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
    • $8 SF/Yr
      15,124 SF

      Mount Vernon Retail Space Available

      Prime Skagit County Retail Strip Center
      100 Valley Mall Way, Mount Vernon, WA 98273
      View Details
    • $1,200 /Mo
      600 SF

      Mount Vernon Office/Retail Space

      600 SF space near Skagit Valley Hospital.
      1223 E Division St, Mount Vernon, WA 98273
      View Details
    • Contact for pricing
      3,750 SF

      Retail Space with Drive-Thru Potential

      High-visibility retail space with drive-thru opportunity near I-5.
      201 E College Way, Mount Vernon, WA 98273
      View Details
    • $8 SF/Yr
      15,124 SF

      Mount Vernon Retail Space Available

      15,124 SF retail space with I-5 visibility.
      100 Valley Mall Way, Mount Vernon, WA 98273
      View Details

    Property Visit Statistics

    • Visits by month
      8.4k
    • Visitors by month
      4.6k
    • Avg Time on site
      14 min
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1616 Fwy Dr
    Mount Vernon, WA 98273-2432
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.