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

    2608 College Way Mount Vernon, WA 98273

    • Apartment buildings
    • 3,986 SF
    • 0.98 lot acres
    OFF-MARKET
    Value Estimations
    $865,000
    Show details
    Cap Rate Potential
    3.7%
    Apartment buildings
    Location Intelligence
    Property ID
    US90-3299975
    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

    • Apartment buildings

    Property Details for 2608 College Way

    Year built
    1996
    Lot size
    0.98 lot acres
    Property size
    3,986 SF
    Property type
    Apartment buildings
    APN
    340416-0-008-0000
    APU
    34041600080000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $720,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,010,000
      Market price range: $551k - $1.01M

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $710,000
      Current use
      AUTO REPAIR, GARAGE
      $960,000
      Change: +35% Conversion: Difficult
      OFFICE BUILDING
      $675,000
      Change: -5% Conversion: Moderate
      COMMERCIAL (GENERAL)
      $655,000
      Change: -8% Conversion: Moderate
      RETAIL STORES
      $630,000
      Change: -11% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Mount Vernon
    County
    Skagit
    State
    Washington
    Longitude
    -122.308
    Latitude
    48.435
    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
    $95,228
    $1,422,900
    $6,701,700
    $8,124,600
    -
    $1,422,900
    $6,701,700
    $8,124,600

    Comparable in this City

    • Value Estimation
      $295,000
      5,512 SF

      115 21st St

      APARTMENT HOUSE (5+ UNITS) • 5,512 SF
      115 21st St, Mount Vernon, WA 98273-3500
      View Details
    • Value Estimation
      $170,000
      1,622 SF

      202 Blackburn Rd

      APARTMENT HOUSE (5+ UNITS) • 1,622 SF
      202 Blackburn Rd, Mount Vernon, WA 98273-5270
      View Details
    • Value Estimation
      $265,000
      10,976 SF

      303 Stanford Dr, Unit 307

      APARTMENT HOUSE (5+ UNITS) • 10,976 SF
      303 Stanford Dr, Mount Vernon, WA 98273-3583
      View Details
    • Value Estimation
      $300,000
      3,329 SF

      122 4th St

      APARTMENT HOUSE (5+ UNITS) • 3,329 SF
      122 4th St, Mount Vernon, WA 98273-2868
      View Details
    • Value Estimation
      $605,000
      14,016 SF

      2405 Austin Ln

      APARTMENT HOUSE (5+ UNITS) • 14,016 SF
      2405 Austin Ln, Mount Vernon, WA 98273-5800
      View Details
    • Value Estimation
      $360,000
      6,684 SF

      1024 Blackburn Rd

      APARTMENT HOUSE (5+ UNITS) • 6,684 SF
      1024 Blackburn Rd, Mount Vernon, WA 98273
      View Details

    Similar Nearby for Sale

    • $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
    • $595,000
      0.67 Acres

      Prime Mount Vernon Land - 0.67 Acres

      Multifamily Development Opportunity in WA
      0 Arthur Pl, Mount Vernon, WA 98273
      View Details
    • $595,000
      29,185 SF

      Multifamily Residential Land For Sale

      0.67 acre multifamily residential land with utilities on site.
      425 21St St, Mount Vernon, WA 98273
      View Details
    • $25,800,000

      Skagit Valley Manufactured Home Lots

      172 lots with public utilities and strong occupancy history.
      1400 30Th St, Mount Vernon, WA 98273
      View Details
    • $37,500
      728 SF

      Renovated Manufactured Home in 55+ Park

      Updated 728 SF manufactured home in Mountain View Estates.
      2522 Old Highway 99 S Rd, Mount Vernon, WA 98273
      View Details
    • $340,000
      1,212 SF

      Move-In Ready Condo with Garage

      Three-bedroom condo with garage near amenities and greenbelt.
      803 S Laventure Rd, Mount Vernon, WA 98273
      View Details

    Similar Nearby for Lease

    • $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
    • $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
    • $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
    • $3,050 /Mo
      1,913 SF

      Mount Vernon Office Space Available

      Office space in downtown Mount Vernon near courthouse.
      707 South 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
    • $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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    2608 College Way
    Mount Vernon, WA 98273
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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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