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Property profile & analytics
FOR LEASE
Theaters & concert halls
221 S 1St St, Mount Vernon, WA 98273
Entity Owned
1-yr Hold
Absentee Owner
Free & Clear
Property ID
US90-0760664
For Lease
1 / 2
$2,500/Mo
221 S 1St St, Mount Vernon, WA 98273
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Property summary
AI-generated overview
This exceptional retail opportunity is located at 221 S 1st St, Mount Vernon, WA 98273. The property boasts a total building size of 4,600 square feet, with 3,000 square feet currently available for lease. Situated on a 0.105-acre lot (4,600 square feet), this single-story, 1932-built building benefits from its prime location in the heart of downtown Mount Vernon, ensuring high foot traffic. The C-1a Central Commercial District zoning allows for a variety of retail uses. The property's APN is P52006. This is a multi-tenant building offering a fantastic chance to establish or expand a business in a vibrant and accessible location. The building's age adds character, while the ample square footage provides flexibility for various retail concepts. The high visibility and pedestrian traffic make this an ideal location for businesses seeking maximum exposure. All information is believed to be accurate but should be independently verified.
Property profile
Verified
Property type
Theaters & concert halls
Use group
THEATER (MOVIE)
Year built
1932
Total area
4,600 SF
Lot
0.11 ac (4,600 SF)
APN
3700-003-009-0002
UPID
US90-0760664
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
-
Metushelach Livestock Producer
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$620k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$620k
Owner & transaction history
Land Castle 2 LLC · 1 yrs held
Land Castle 2 LLC
since 2024
Last sale
$620,000
6 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Office building
$595,000
+67.1%
Commercial (general)
$545,000
+52.4%
Auto repair, garage
$505,000
+42.5%
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
$620,000
ML approach
$620,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
OFFICE BUILDING
$595,000
Change: +67% · Conversion: Difficult
COMMERCIAL (GENERAL)
$545,000
Change: +52% · Conversion: Difficult
AUTO REPAIR, GARAGE
$505,000
Change: +43% · Conversion: Difficult
MEDICAL BUILDING
$495,000
Change: +39% · Conversion: Difficult
RETAIL STORES
$450,000
Change: +26% · Conversion: Difficult
Blend value · Realmo final
$620k
Range $558k – $682k · ±10% · vs last sale $620k (Oct 14 2024)
Last sale anchor
$620k
Oct 14 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
$135 / 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
$4,385
Tax year 2024
Assessed value
$409,800
Assessed 2023
Previous assessed
$346,800
+18.2% YoY
Effective rate
1.07%
On assessed value
Assessed land
$95,700
Assessed improvement
$314,100
Land market value
$95,700
Improvement market value
$314,100
Total market value
$409,800
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
Similar Nearby for Lease
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
Theaters & concert halls
Use group
THEATER (MOVIE)
Status
For Lease
Year built
1932
Heating
NONE
Stories
1
Total area
4,600 SF
Lot
0.11 ac (4,600 SF)
APN
3700-003-009-0002
UPID
US90-0760664
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
Est. value
$595,000
COMMERCIAL (GENERAL)
Est. value
$545,000
AUTO REPAIR, GARAGE
Est. value
$505,000
MEDICAL BUILDING
Est. value
$495,000
RETAIL STORES
Est. value
$450,000
OFFICE BUILDING
COMMERCIAL (GENERAL)
AUTO REPAIR, GARAGE
MEDICAL BUILDING
RETAIL STORES
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
1932
Heating
NONE
Stories
1
Lot
0.11 ac
Current owner
From public records · entity-resolved
Land Castle 2 LLC
Entity
Free & Clear · 1 yrs held
Mailing address
17059 KOKANEE CT MT VERNON
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2024
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
6 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Oct 14, 2024
—
Land Castle 2 LLC
Zillur Rahman Pathway
Quit Claim Deed
related
—
Aug 22, 2024
$620,000
Zillur Rahman Patwary
Moser Property LLC
Warranty Deed
—
Aug 22, 2024
—
Zillur Rahman Patwary
Nazia Islam
Intrafamily Transfer
related
$450,000 · Peoples Bank
May 4, 2018
$500,000
Moser Property LLC
Jkr Collectibles LLC
Warranty Deed
$535,000 · Peoples Bk
Jun 6, 2013
$340,000
Jkr Collectibles LLC
Wise Investments INC
Warranty Deed
$265,000 · Wise Invs INC
Nov 2, 1995
$250,000
Wise Investment INC
Pressentin,lyle G Pressentin Est
Grant Deed
$225,000 · Seller
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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