1901 2Nd StMount Vernon, WA 98273

For Sale
$790,000

Dual-income property, redevelopment potential.

Overview

Added:
Dec 11, 2024
Days on market:
93
This Mount Vernon, WA, mixed-use property, located at 1901 S 2nd St, 98273, presents a compelling investment opportunity. The 36,690 square foot property, built in 1944, consists of two buildings situated on a 0.80-acre lot zoned C-2. Currently operating at 100% occupancy with two tenants, the property generates a pro-forma NOI of $15,000, representing a 1.90% pro-forma cap rate. The asking price is $790,000 ($21.53/sq ft). The property features a home and a 50x44 shop, both currently leased. The home leases for $1,800 per month and the shop for $800 per month, under a modified lease with a remaining term of approximately 0.4 years (expiring March 31, 2025). The leases commenced April 1, 2023, and are for a two-year term. The property offers convenient access via West Taylor or West Blackburn streets, and benefits from its location in an opportunity zone with easy access to I-5 and downtown Mount Vernon. This property is ideal for investors seeking a dual-income stream with significant redevelopment potential. The property's C-2 zoning allows for a variety of uses.

Highlights

  • Mixed-use investment opportunity in Mount Vernon, WA (98273).
  • 36,690 SF building on 0.80-acre lot, zoned C-2.
  • 100% occupancy with two tenants generating $15,000 annual NOI and a 1.90% cap rate.
  • Asking price: $790,000 ($21.53/SF).
  • Features a home and shop, both leased (leases expire March 31, 2025).

Property Details for 1901 2Nd St

Property type
Other retail properties, Individual retail properties
Square Feet
36,690 SF
Class
C
Year Built
1944
Buildings
2

Location Insight

City
Mount Vernon
County
Skagit
State
Washington
Latitude
48.407779017161
Longitude
-122.33815695754
1901 2Nd St, Mount Vernon, Washington

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1901 2Nd St
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