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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
Current use
Occupant on record · Public records
-
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
since 2024
Last sale
$620,000
6 recorded transactions
Zoning & alternative use
Top alternative use upside
Office building
$595,000
+67.1%
Commercial (general)
$545,000
+52.4%
Auto repair, garage
$505,000
+42.5%
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
Value estimation
Instant AI valuation built from comps, income signals, and proprietary benchmarks. A defensible range, not a single guess.
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Unlock the complete Valuation workflow
Full NOI reconstruction, selected comps, alternative-use scenarios, data audit and PDF export.
Full NOI build-up · 6 steps
5 alternative uses screened
Sensitivity value band
Source audit · 10 inputs
PDF export
Analytics Standard · 5 reports
from $99/month
from $99/month
Summary
1
Valuation conclusion
Included free
Estimated market value
$620k
Value range
$558k – $682k
±10% around blend
Estimated value / SF
$135 / SF
Confidence
Property data
88
Comparable evidence
60
Income certainty
100
$558k
blend $620k
$682k
Market-derived valuation under stabilized market assumptions. Desktop analysis. No physical inspection performed.
2
Subject property
Included free
GBA
4,600 SF
Lot area
0.11 ac
Year built
1932
Stories
1
APN
3700-003-009-0002
Assessed value
$409,800
Annual tax
$4,385
3
Income approach: direct capitalization
Partial preview
Estimated Stabilized NOI, derived from market rent, vacancy and expense benchmarks. Actual property income not reported.
Estimated market rent / SF
Potential gross income
Vacancy allowance
Effective gross income
Benchmark operating expenses
Stabilized NOI
Property tax
$4,385
Selected cap rate
4
Sales comparison
Partial preview
Too few qualifying comparables for a sales-approach estimation.
5
Sensitivity & risk
Partial preview
Downside
−10%
Base
$620k
Upside
+10%
Bounds of the ±10% band vs the blend — never simulated scenarios.
6
Alternative use screening
Partial preview
Top alternative use
Office Building
Gross theoretical uplift
+67%
vs current-use indication
Commercial (general)
Auto Repair, Garage
Medical Building
Retail Stores
Values shown before conversion costs, entitlement costs, capital expenditures and stabilization risk.
7
Data & methodology
Included free
Building area
County record
Property tax
County record
Assessed value
County record
Zoning designation
Not available
Operating expenses
Modeled
Market rent
Market benchmark
Actual rent roll
Not available
Tenant leases
Not available
Physical condition
Not inspected
Conversion costs
Not available
Not analyzed due to unavailable source data: tenant leases, physical condition and capital
requirements were not available for this desktop analysis. Cost Approach excluded due to
availability of income evidence.
Automated valuation analysis, not a licensed appraisal. Figures are derived from public
records and proprietary models. Desktop analysis: no physical inspection, tenant leases or reported
property income. Verify with a licensed appraiser before transacting.
Cap rate
Cap rate calculated from real income and expense signals, benchmarked against sales of similar assets nearby.
17% off on annual
Unlock the complete Cap Rate workflow
Full market tables, editable assumptions, comparable evidence, saved work and exports.
9-scenario matrix
NOI build-up · 9 steps
Market rates by use type
PDF export
Analytics Standard · 5 reports
from $99/month
from $99/month
Overview
No cap rate is computable for this property yet: no recorded sale, income signal or market-rate row for its use type.
Price sensitivity
The rate is the decision lever; valuation is the consequence.
Test a cap rate
Implied value$362k
Move the market yield to see immediate price impact.
Value / SF
$79
Vs. selected
Base
Derivation
NOI ÷ cap
Arithmetic over the derived NOI * — not market scenario modeling.
NOI × cap matrix
Preview
Preview of 9 modeled outcomes.
NOI
5.00%7.00%9.00%
$23k
$456k
$326k
$253k
$25k
$507k
$362k
$281k
$28k
$557k
$398k
$310k
NOI sensitivity ±10% across the 5 / 7 / 9% anchors — derivation of the NOI above.
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
Automated cap rate analysis. Based on public records, market benchmarks and proprietary
models. Verify with a licensed professional before transacting.
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
Alternative use value scenarios
Repositioning upside vs current use
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Building & site characteristics
From public records
Year built
1932
Heating
NONE
Stories
1
Lot
0.11 ac
Zoning
The recorded zoning designation, what the district officially allows, and the municipal source it comes from.
No zoning code is on file for this parcel. Zoning coverage grows with every catalog release — check back, or open Location Intelligence for use analysis of this corner.
Ownership Intelligence
Find the owner behind the property.
Unlock the evidence behind ownership: portfolio, transactions, debt and signals that help you decide who to contact next.
What opens after registration
Ownership report
Owner identityResolved entity and name variants
Portfolio holdingsLinked properties and estimated value
Deal signalsSell-side activity worth following
Debt & historyRecorded loans and transaction history
Private report access
See the ownership record for this address.
Registration is required before any owner information is shown.
One complete report on every paid plan · 5 · 30 · 100 reports per month.
Owner of record and activity signals are derived from public records and modeled classifications.
They do not confirm beneficial ownership or intent to transact.
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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