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

    503 Morris St La Conner, WA 98257

    • Retail properties
    • 4,996 SF
    • 0.23 lot acres
    OFF-MARKET
    Value Estimations
    $605,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US90-0125684
    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

    • Gail Harker Center for Creative Arts / Art School
    • Enchanted Locks / Hair Salon

    Property Details for 503 Morris St

    Year built
    1898
    Lot size
    0.23 lot acres
    Property size
    4,996 SF
    Property type
    Retail properties
    APN
    4124-014-004-0000
    APU
    41240140040000

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $705,000
      6.5%
      $650,000
      7%
      $605,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $841,000
      Market price range: $842k - $1.82M
      AI Estimate
      $601,000
      Market price range: $582k - $1.57M

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

    Location Insight

    • Map
    • Local Demand
    City
    La Conner
    County
    Skagit
    State
    Washington
    Longitude
    -122.492
    Latitude
    48.3924
    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
    $5,243
    $276,000
    $263,600
    $539,600
    -
    $276,000
    $263,600
    $539,600

    Comparable in this City

    • Value Estimation
      $680,000
      3,142 SF

      210 Morris St

      DEPARTMENT STORE • 3,142 SF
      210 Morris St, La Conner, WA 98257-7037
      View Details
    • Value Estimation by Request
      1,248 SF

      103 Morris St

      DEPARTMENT STORE • 1,248 SF
      103 Morris St, La Conner, WA 98257-7015
      View Details
    • Value Estimation by Request
      1,344 SF

      520 Morris St

      SERVICE SHOP (TV, ELECTRIC, PLUMBING) • 1,344 SF
      520 Morris St, La Conner, WA 98257
      View Details
    • Value Estimation
      $605,000
      2,542 SF

      110 1st St

      DEPARTMENT STORE • 2,542 SF
      110 1st St, La Conner, WA 98257-9478
      View Details
    • Value Estimation by Request
      450 SF

      Morris St

      DEPARTMENT STORE • 450 SF
      Morris St, La Conner, WA 98257
      View Details
    • Value Estimation by Request
      16,000 SF

      La Conner, WA 98257

      GYM, HEALTH SPA • 16,000 SF
      La Conner, WA 98257
      View Details

    Similar Nearby for Sale

    • $250,000
      1,961 SF

      Established Bookstore in La Conner

      Turnkey PNW-themed bookstore with strong community roots for sale.
      106 1St St, La Conner, WA 98257
      View Details
    • $1,795,000
      5,911 SF

      Mixed-Use Property in La Conner

      Two commercial units and an upscale apartment in historic LaConner.
      101-107 S 1St St, La Conner, WA 98257
      View Details
    • Contact for pricing
      0.26 Acres

      Land in Shelter Bay Community

      Land in La Conner's Shelter Bay Community with amenities.
      483 Wanapum Pl, La Conner, WA 98257
      View Details
    • $2,995,000

      La Conner Marina For Sale

      Marina with commercial/residential uplands and waterfront potential.
      317 N 1St St, La Conner, WA 98257
      View Details
    • $2,995,000

      La Conner Marina: Prime Waterfront Investment

      Downtown La Conner Marina, Full Occupancy, High Potential
      317 1St St, La Conner, WA 98257
      View Details

    Similar Nearby for Lease

    • $1,750 /Mo
      1,131 SF

      La Conner Retail/Office Space

      Charming building with natural light, high ceilings, and parking.
      623 E Morris St, La Conner, WA 98257
      View Details
    • $600 /Mo
      800 SF

      Victorian Style Office Space

      Two-story office building near La Conner waterfront for rent.
      210 Morris St, La Conner, WA 98257
      View Details
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    503 Morris St
    La Conner, WA 98257
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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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