Views

Address

1011 E Division Street, Mount Vernon, WA

Listing Type

Multi-Family

Price

$ 2,150,000

Property Attributes

ID#2045433
TypeMulti-Family
CountySKAGIT
CityMount Vernon
AreaMount Vernon
NeighborhoodDowntown
Zip98274
Style10+ Units
Year Built1936
Taxes$ 17002
Price$ 2,150,000
Bedrooms0
Full Bathrooms0
Half Bathrooms0
Sqr Footage9245
Lot Size9,243 SqFt

Data Source:

Northwest Multiple Listing Service (NWMLS)

Property Description

Great Return on a value-add property. 12 total units, with a healthy unit mix of 1's 2's and a 3 bedroom units. Current 5.8% Cap Rate with room for value add to turn this investment into a 8% cap rate property. Located right next to the Mount Vernon Highschool and Skagit County Hospital. Property consists of 10 parking spots and common laundry for tenants. Rents and financials are actuals.

Price History
3/15/2023	Listed $2,300,000
5/9/2023	7% - $2,150,000

General Features

Amenities	Coin Op Laundry
Building Area Units	Square Feet
Carport Y/N	No
City	Mount Vernon
County	Skagit
Directions	1011 East Division St Mount Vernon, WA
Exterior Features	Stucco, Wood
High School District	Mount Vernon
Insurance Expense	7906
Interior Features	Wall to Wall Carpet
Leasable Area	9245
Listing Terms	Cash Out, Conventional
Lot Size Square Feet	9245
MLS Area	835 - Mount Vernon
Net Operating Income	132307
New Construction	No
Open Parking Spaces	10
Possession	Closing
Possible Use	Multi-Family
Property Condition	Good
Property Style	56 - 10+ Units
Property SubType	Multi-Family
Property Type	Residential Income
Public Remarks	Great Return on a value-add property. 12 total units, with a healthy unit mix of 1's 2's and a 3 bedroom units. Current 5.8% Cap Rate with room for value add to turn this investment into a 8% cap ra
Roof	Composition, Torch Down
Senior Community Y/N	No
Sewer	Sewer Connected
Special Listing Conditions	None
Standard Status	Active
Status	Active
Street Name	Division
Structure Type	Multi Family
Subdivision Name	Downtown
Tax Annual Amount	17002
Tax Year	2022
Total Units	12
Units Below Grade	false
Units In Building Total	12
View	City, Territorial
View Y/N	Yes
Virtual Tour	https://simonandersonteam.com/listings/rawley-manor/
Water Company	MT Vernon W/S
Water Sewer Garbage	13846
Waterfront Y/N	No
Year Built	1936
Zoning Class	Multi-Family

Interior Features

Air Conditioning Y/N	No
Fireplace Y/N	No
Flooring	Vinyl Plank, Carpet
Furnished Y/N	Unfurnished
Heating Y/N	Yes
Living Area Units	Square Feet
Power Production Type	Electric
Street Suffix	Street
Total Stories	2

Exterior Features

Building Area Total	9245
Foundation Details	Poured Concrete
Irrigation Water Rights Y/N	No
Lot Dimensions	9245
Lot Features	Curbs, Paved, Sidewalk
Lot Size Acres	0.2122
Lot Size Units	Square Feet
Open Parking Y/N	Yes
Parking Uncovered Spaces	10
Total Parking	10
Water Source	Public