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

    902 Spruce St Burlington, WA 98233-2834

    • Industrial properties
    • 6,000 SF
    • 0.46 lot acres
    OFF-MARKET
    Last Sale
    Apr 30, 2021
    $600,000
    Value Estimations
    $755,000
    Show details
    Cap Rate Potential
    6.6%
    Industrial properties
    Location Intelligence
    Property ID
    US90-3154024
    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

    • 2M Company, Inc. / Distribution Service
    • Western Hydro Corporation / Wholesaler

    Property Details for 902 Spruce St

    Year built
    2007
    Lot size
    0.46 lot acres
    Property size
    6,000 SF
    Property type
    Industrial properties
    APN
    4078-001-000-0007
    APU
    40780010000007

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $770,000
      ML approach
      $715,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $845,000
      6.5%
      $780,000
      7%
      $725,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $637,000
      Market price range: $462k - $1.68M

    • Alternative Use

      Use
      Estimation
      INDUSTRIAL (GENERAL)
      $855,000
      Current use
      RESTAURANT
      $1,265,000
      Change: +48% Conversion: Difficult
      APARTMENT HOUSE (5+ UNITS)
      $1,070,000
      Change: +26% Conversion: Difficult
      WAREHOUSE, STORAGE
      $785,000
      Change: -8% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Burlington
    County
    Skagit
    State
    Washington
    Longitude
    -122.33
    Latitude
    48.4679
    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
    2023
    $5,183
    $236,000
    $353,700
    $589,700
    -
    $236,000
    $353,700
    $589,700

    Comparable in this City

    • Value Estimation
      $395,000
      2,640 SF

      1307 Anacortes St

      CONSTRUCTION/CONTRACTING SERVICES • 2,640 SF
      1307 Anacortes St, Burlington, WA 98233
      View Details
    • Value Estimation
      $920,000
      2,884 SF

      489 Andis Rd

      CONSTRUCTION/CONTRACTING SERVICES • 2,884 SF
      489 Andis Rd, Burlington, WA 98233-3329
      View Details
    • Value Estimation
      $365,000
      3,985 SF

      11525 Knudson Rd

      INDUSTRIAL (GENERAL) • 3,985 SF
      11525 Knudson Rd, Burlington, WA 98233-3628
      View Details
    • Value Estimation by Request
      9,840 SF

      1266 Bouslog Rd

      CONSTRUCTION/CONTRACTING SERVICES • 9,840 SF
      1266 Bouslog Rd, Burlington, WA 98233-3434
      View Details
    • Value Estimation
      $320,000
      7,851 SF

      15900 Preston Pl

      CONSTRUCTION/CONTRACTING SERVICES • 7,851 SF
      15900 Preston Pl, Burlington, WA 98233-3501
      View Details
    • Value Estimation
      $375,000
      7,500 SF

      609 Hl Blvd

      CONSTRUCTION/CONTRACTING SERVICES • 7,500 SF
      609 Hl Blvd, Burlington, WA 98233-4600
      View Details

    Similar Nearby for Sale

    • $500,000
      1,579 SF

      Burlington Mixed-Use Commercial Property

      1,579 sq ft office/residential space, prime location.
      112 Gilkey Rd, Burlington, WA 98233
      View Details
    • $500,000
      1,579 SF

      Office/Urban Residential Space For Sale

      1,579 +/- sf office/urban residential space on 10,018 +/- sf land.
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      View Details
    • $497,000
      1,268 SF

      Mixed-Use Commercial Building on Burlington Blvd

      1,268 SF mixed-use building on a 6,110 SF lot.
      280 North Burlington Blvd, Burlington, WA 98233
      View Details
    • $750,000

      Vacant Land Near Goldenrod Rd

      3.8 acre commercial land near I-5 exit 230.
      9000 Andis Rd, Burlington, WA 98233
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    • $9,500,000

      Commercial Land Near Freeway Access

      20.6 acre commercial land with convenient freeway access.
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    • $429,000
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      Class A Office Space Available

      Turn-key office space in Advantage Business Park, Burlington, WA.
      325 E George Hopper Rd, Burlington, WA 98233
      View Details

    Similar Nearby for Lease

    • $0.85 SF/Yr
      31,750 SF

      Burlington Industrial Warehouse For Rent

      Industrial/manufacturing warehouse in a four-county hub with easy I-5 access.
      1369 Pacific Dr, Burlington, WA 98233
      View Details
    • $1.20 SF/Yr
      11,455 SF

      Burlington Warehouse Space Available

      11,455 SF warehouse space for lease in Burlington, WA.
      1250 Swan Dr, Burlington, WA 98233
      View Details
    • $1.00 SF/Yr
      6,729 SF

      Burlington Industrial Space For Rent

      6,729 SF industrial space near I-5 in Burlington, WA.
      1560 Port Dr, Burlington, WA 98233
      View Details
    • $7 SF/Yr
      1,200 SF

      Industrial Space Available For Lease

      1,200 SF industrial space available December 1, 2025.
      632 S Spruce St, Burlington, WA 98233
      View Details
    • $15 SF/Yr
      26,496 SF

      Burlington Showroom/Retail/Warehouse Space Available

      Demisable showroom, retail, and warehouse space in excellent condition.
      1801-1851 Bouslog Rd, Burlington, WA 98233
      View Details
    • $16 SF/Yr
      12,000 SF

      Industrial Warehouse with Fenced Yard

      Industrial warehouse with office, showroom, and I-5 visibility.
      984-996 Fountain St, Burlington, WA 98233
      View Details
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    902 Spruce St
    Burlington, WA 98233-2834
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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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