Property Details

5903 244th St SW

Mountlake Terrace, WA 98043

$1,599,900

Available

CBA# 711506 courtesy of CBA Listing firm: Aqua Real Estate

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I’d like more information about 5903 244th St SW, Mountlake Terrace, MLS# 711506

Office / Retail

Property Type

3,920

Bldg Sq Ft

Units

3.00%

Cap Rate

1964

Year Built

Property Overview

This listing is a part of a portfolio and it must be sold as a portfolio. Flyer attached has all the information. 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.