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Property profile & analytics
OFF-MARKET
Estimated value
$815,000
Office buildings
1617 Division St Mount Vernon, WA 98274-4503
Entity Owned
Free & Clear
Property ID
US90-0332544
Property profile
Verified
Property type
Office buildings
Use group
PROFESSIONAL BUILDING
Year built
1978
Total area
2,617 SF
Lot
0.2 ac (8,712 SF)
APN
340420-0-153-0304
UPID
US90-0332544
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
-
Skagit Foot and Ankle Clinic Medical Clinic
-
Jay Cocheba, DPM Physician
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$815k
CAP Approach
CAP
$920k
Comparable Approach
Comparable
$505k
Blend (final)
Blend
$815k
Owner & transaction history
Formosa Northwest Properties LLC
Formosa Northwest Properties LLC
since 2026
Last sale
$815,000
7 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$630,000
+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
$815,000
ML approach
$815,000
CAP Approach
CAP Return
Estimation
6%
$995,000
6.5%
$920,000
7%
$850,000
Alternative Use
Use
Estimation
OFFICE BUILDING
$580,000
Current use
AUTO REPAIR, GARAGE
$630,000
Change: +9% · Conversion: Difficult
Blend value · Realmo final
$815k
Range $734k – $897k · ±10% · vs last sale $815k (Jun 28 2024)
Last sale anchor
$815k
Jun 28 2024
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
$311 / 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 2024Property tax & assessments
Tax year 2024
Tax billed
$6,248
Tax year 2024
Assessed value
$611,100
Assessed 2023
Effective rate
1.02%
On assessed value
Assessed land
$266,600
Assessed improvement
$344,500
Land market value
$266,600
Improvement market value
$344,500
Total market value
$611,100
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
Off-Market
Year built
1978
Heating
NONE
Stories
1
Total area
2,617 SF
Lot
0.2 ac (8,712 SF)
APN
340420-0-153-0304
UPID
US90-0332544
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
$580,000
AUTO REPAIR, GARAGE
Est. value
$630,000
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
1978
Heating
NONE
Stories
1
Lot
0.2 ac
Current owner
From public records · entity-resolved
Formosa Northwest Properties LLC
Entity
Free & Clear · 0 yrs held
Mailing address
2704 RIV VIS LOOP MT VERNON
Ownership since
2026
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
7 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Apr 16, 2026
—
Formosa Northwest Properties LLC
Chang Chu
Quitclaim Deed
—
Jun 28, 2024
$815,000
Hsiu Tai Chang Chu
Doris Lam
Warranty Deed
—
Jun 11, 2024
—
Doris Lam
Kumar Lam LLC
Quit Claim Deed
related
—
Apr 30, 2018
—
Kumar Lam LLC
Lam,doris
Quit Claim Deed
related
—
Feb 15, 2011
—
Doris Lam
Kumar,ajith J
Quit Claim Deed
related
—
May 31, 2002
$290,000
Ajith J Kumar
Lemmon,suellen R
Grant Deed
$232,000 · Bank Of America
Nov 12, 1999
$77,746
Lemmon Sisters Investments
Koetje,james B & Catherine L
Quit Claim Deed
related
—
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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