Property Details
321 N 4th Street #A-D
Mount Vernon, WA 98273
$1,199,000
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Property Overview
Investor Alert – Exceptional Cash-Flow Opportunity with Future Value-Add Potential! Now generating $6,395 per month in gross rental income, this turnkey 4-plex offers immediate cash flow with future flexibility. The property consists of a newly renovated triplex plus a detached 2-bedroom, 1-bath home on one lot, with the potential to adjust the lot line and create two separate properties—a standalone home and a triplex (buyer to verify feasibility). Extensively updated, the units feature new appliances, mini-split heating and cooling systems, flooring, windows, kitchens, and bathrooms. Each unit is separately metered for simplified utility management. The triplex includes a one-car garage and additional basement storage. Whether you're looking to maximize your investment or occupy one residence, this property offers outstanding flexibility. Choose to adjust the lot line and sell one property while keeping the other, live in the detached home and rent the triplex, or maintain all four units as income-producing rentals. The detached home features a spacious yard, off-street parking, and scenic river views, making it an attractive rental or owner-occupied residence. Conveniently located near shopping, downtown amenities, and freeway access, this property combines strong in-place income, recent renovations, and future upside. Don't miss this exceptional investment opportunity!
Property Details
Property Information
Property Type
Residential Income
Subtype
Multi Family
Status
Active
County
Skagit
Neighborhood
Mount Vernon
Listed
Aug 3, 2026
Structure Type
Quadruplex
Parcel Number
P52226
Tax & HOA
Annual Property Tax
$6,635 (2026)
Est. Monthly Tax
$553/mo
Financial Summary
Cap Rate
5.50%
Net Operating Income
$66,000
Gross Scheduled Income
$74,400
Gross Rent Multiplier
17.47
Total Expenses
$11,309
Vacancy Rate
2.0%
Building & Use
Building Sq Ft
2,891
Leasable Area
2,891 sqft
Total Units
5
Zoning
Multi-Family
Possible Use
Multi-Family
Lot Size
9,579 sqft
Year Built
1917
Exterior & Lot
Lot Size
0.22 sqft
Year Built
1917
Garage
1 spaces
Exterior Materials
Wood
Sewer
Sewer Connected
Water Source
Public
Lot Features
Paved
Exterior Features
Wood
Community & Access
Directions
Take the WA-538 E/College Way exit, EXIT 227. Turn left onto W College Way/WA-538 Turn right onto Riverside Dr. Riverside Dr becomes N 4th St. Home is on the RIGHT.
Location
City
Mount Vernon
County
Skagit
Coordinates
48.42386, -122.33573
Additional Information
Tax Year
2026
Annual Taxes
$6,635
Possession
Array
