5903 244th Street SW, Mountlake Terrace, WA 98043
- $1,599,900
Listing courtesy of AQUA Real Estate.
- List Price
- $1,599,900
- Status
- ACTIVE
- MLS#
- 2504220
- Price Change
- ▼ $50,100 1782987761
- Days on Market
- 111
- Annual Tax Ammount
- 8157
Property Description
Positioned at the gateway to Mountlake Terrace, just off I-5 and adjacent to the Gateway Development and newly constructed Terrace Station—with the 244th Light Rail station arrived in 2024—this property offers a rare investment and redevelopment opportunity. The site features an existing two-story office building fully leased to eight tenants across two tax parcels, with abundant on-site parking. Its level topography and prominent location—bordered by streets on three sides—enhance both accessibility and visibility. Zoning supports future redevelopment for up to 18 residential units along with approximately 2,000 square feet of prime ground-floor retail space, as indicated by a recent massing study. The current income stream provides a stable hold during entitlement or a solid long-term investment option.
Additional Information
- Community
- Mountlake Terrace
- Style
- 60 - Comm Bldg Und 10K
- Year Built
- 1964
- # of Assigned Spaces
- 29
- Tax Year
- 2025
- Potential Terms
- Cash, Conventional
- Driving Directions
- From I-5 N, take exit 177, follow signs for 244th St SW. Continue onto 244th St SW, destination will be on your left.
- Energy Source
- Electric
- Net Operating Income
- $51,691
- Gross Adjusted Income
- $67,128
- Gross Scheduled Income
- $67,128
- Water/Sewer/Garbage Expenses
- $5,280
- Cap Rate
- 3.13
- Total Expenses
- $15,437
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