Log In/Sign Up
Your email has been sent.
Mount Lake Terrace Mixed use 5903 244th St SW 3,203 SF 100% Leased Office Building Mountlake Terrace, WA 98043 $2,260,500 CAD ($705.74 CAD/SF) 3.13% Cap Rate
Investment Highlights
- Mountlake Terrace Mixed use
Executive Summary
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.
THIS IS A PORTFOLIO SALE IT HAS TO BE SOLD TOGETHER WITH A BUILDING ON 106 CENTRAL AVE N KENT
THIS IS A PORTFOLIO SALE IT HAS TO BE SOLD TOGETHER WITH A BUILDING ON 106 CENTRAL AVE N KENT
Data Room Click Here to Access
- Offering Memorandum
Property Facts
Sale Type
Investment NNN
Sale Condition
Bulk/Portfolio Sale
Property Type
Office
Property Subtype
Building Size
3,203 SF
Building Class
C
Year Built
1964
Price
$2,260,500 CAD
Price Per SF
$705.74 CAD
Cap Rate
3.13%
NOI
$70,754 CAD
Percent Leased
100%
Tenancy
Multiple
Building Height
2 Stories
Typical Floor Size
1,325 SF
Slab To Slab
12’
Building FAR
0.26
Lot Size
0.28 AC
Zoning
F/T - The Freeway/Tourist (F/T) zoning district in Mountlake Terrace, Washington, is a specialized district designed to foster an attractive, high visibilit
Parking
14 Spaces (5.28 Spaces per 1,000 SF Leased)
Amenities
- Signage
1 1
Moderately walkable
60/100
Exceptionally drivable
90/100
Some public transit
40/100
Fairly bikeable
40/100
Property Taxes
| Parcel Numbers | Improvements Assessment | $695,001 CAD | |
| Land Assessment | $1,024,486 CAD | Total Assessment | $1,719,487 CAD |
Property Taxes
Parcel Numbers
Land Assessment
$1,024,486 CAD
Improvements Assessment
$695,001 CAD
Total Assessment
$1,719,487 CAD
1 of 32
Videos
Matterport 3D Exterior
Matterport 3D Tour
Photos
Street View
Street
Map
1 of 1
Presented by
AQUA Real Estate
Mount Lake Terrace Mixed use | 5903 244th St SW
Already a member? Log In
Hmm, there seems to have been an error sending your message. Please try again.
Thanks! Your message was sent.