5903 244th SW StreetMountlake Terrace, WA98043

$1,495,000
5 total units
$5,775 annual income
0.28 acres
494 days on market

VestorFilter™

Price per acre$5.34M/ac
Time on market19848 days

Property Description

At the entrance to Mountlake Terrace, just off I-5 and adjacent to the Gateway Development, newly built Terrace Station, and close to the 244th Light Rail station coming in 2024 -- Existing two story office building with nine in place tenants, two tax parcels, abundant parking, and a possible redevelopment opportunity. Level site with streets on three sides, with zoning providing for 18 residential units, as well as 2,000SF of prime ground floor retail space based on recent massing study. Existing building is fully leased to hold during entitlement or as a long term investment.

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Financial Data

Date Sold2023-04-04
Sold Price$1,285,000
Original Price$1,495,000
Current Price$1,495,000
Property Taxes$7,569

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Home Facts

StatusClosed
Year Built1964
Exterior Features
MLS IDNWM2024124