Property Details
401 Stanford Drive
Mount Vernon, WA 98273
$7,895,000
Pending Feasibility
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Property Overview
Large 45 unit apartment complex in 4 buildings located within walking distance of schools and the hospital. Situated on two corner lots (each parcel on corner lot) consisting of 1.95 acres and comprising 44-1 bedroom/1 bath units and 1-3 bedroom/3.5 bath unit. There is a management office and 3 "app-operated" laundry facilities on site. All parking is uncovered except the 3 bedroom unit has a 2 car garage. Buildings were originally constructed in 1977 and 1979. They have undergone complete rehab renovations. The units have vinyl-plank floors & stainless steel appliances including range/oven, fridge and dishwashers. The property is partially fenced. Siding and roofs are 6 & 7 yrs old.
Property Details
Property Information
Property Type
Residential Income
Subtype
Multi Family
Status
Pending Feasibility
County
Skagit
Neighborhood
Mount Vernon
Listed
Apr 8, 2026
Structure Type
Multi Family
Parcel Number
P79463
Tax & HOA
Annual Property Tax
$54,677 (2025)
Est. Monthly Tax
$4,556/mo
Financial Summary
Cap Rate
5.94%
Net Operating Income
$469,307
Gross Scheduled Income
$758,400
Gross Rent Multiplier
10.40
Total Expenses
$251,173
Vacancy Rate
5.0%
Building & Use
Building Sq Ft
23,922
Leasable Area
23,922 sqft
Total Units
2
Zoning
Multi-Family
Possible Use
Multi-Family
Lot Size
1.95 acres
Year Built
1977
Exterior & Lot
Lot Size
1.95 sqft
Year Built
1977
Garage
2 spaces
Exterior Materials
Cement
Sewer
Sewer Connected
Water Source
Public
Lot Features
Corner Lot, Curbs, Paved, Sidewalk
Exterior Features
Cement/Concrete
Community & Access
Directions
From I-5 take Kincaid exit heading East (turns into Broad), Turn North onto 15th, turn East onto Division St, then turn North onto Stanford.
Location
City
Mount Vernon
County
Skagit
Coordinates
48.42389, -122.31686
Additional Information
Tax Year
2025
Annual Taxes
$54,677
Possession
Array
Based on information submitted to the MLS GRID as of June 1, 2026 11:08 AM. All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
IDX information is provided exclusively for consumers’ personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Copyright 2026 NWMLS. All rights reserved.
IDX information is provided exclusively for consumers’ personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Copyright 2026 NWMLS. All rights reserved.
