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Listed by:Kidder Mathews • Kevin G. Verger
$ 15,550,000
Est. payment | /mo
8.12 Acres Lot
$ 15,550,000
Est. payment | /mo
8.12 Acres Lot
Key Details
Property Type Commercial
Sub Type Commercial Industrial
Listing Status Active
Purchase Type For Sale
Subdivision Mount Vernon
MLS Listing ID 2526824
Style 75 - Retail
Year Built 1977
Lot Size 8.120 Acres
Property Sub-Type Commercial Industrial
Property Description
Pleased to present Mount Vernon Center, a 100,155 SF, 98% occupied neighborhood retail center located in the Puget Sound Region of Washington State. The property is anchored by Grocery Outlet and Ross Dress for Less, two leading value retailers representing 41% of the GLA, with staggered lease expirations that minimize rollover risk. The inline tenant base, spanning the main building and two adjacent strip centers, is anchored by long-tenured local operators, with approximately 34% of tenants having occupied the property for 14+ years. The service-oriented mix of tenants, including a laundromat, nail salon, mail services, and state agency offices, is largely insulated from e-commerce competition, while benefiting from the consistent foot traffic generated by the value anchors. Strategically positioned along East College Way, with 38,695 VPD and direct visibility and access to Interstate 5. The center benefits from placement within a dominant retail corridor alongside national anchors including Safeway, Tractor Supply, and Hobby Lobby. The surrounding trade area reports average household incomes of $113,747 within a five-mile radius and continues to benefit from steady population growth, as Mount Vernon serves as the primary commercial hub for Skagit Valley. At approximately $155 per square foot, offering represents a significant discount to estimated replacement costs, providing investors a stabilized basis that would be difficult to replicate in today's environment.
Location
State WA
County Skagit
Area 835 - Mount Vernon
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RSVP Real Estate Group
Real Estate Firm | License ID: 17634
Real Estate Firm License ID: 17634