Property Details
5903 244th Street SW
Mountlake Terrace, WA 98043
$1,599,900
Active
Schedule a Showing
Select your date preference
Request More Info
1 / 19
Property Overview
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.
Property Details
Property Information
Property Type
Commercial Sale
Subtype
Commercial Industrial
Status
Active
County
Snohomish
Neighborhood
Mountlake Terrace
Listed
Apr 7, 2026
Original Price
$1,650,000
Parcel Number
00520500902300
Tax & HOA
Annual Property Tax
$8,157 (2025)
Est. Monthly Tax
$680/mo
Financial Summary
Cap Rate
3.13%
Net Operating Income
$51,691
Gross Scheduled Income
$67,128
Gross Rent Multiplier
24.50
Total Expenses
$15,437
Total Actual Rent
$5,649/mo
Monthly NNN
$530/mo
Building & Use
Building Sq Ft
2,954
Total Units
8
Sq Ft Rented
2,940
Zoning
Commercial
Possible Use
Commercial
Lot Size
12,197 sqft
Year Built
1964
Exterior & Lot
Lot Size
0.28 sqft
Year Built
1964
Sewer
Sewer Connected
Water Source
Public
Community & Access
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.
Location
City
Mountlake Terrace
County
Snohomish
Coordinates
47.77775, -122.31226
Additional Information
Tax Year
2025
Annual Taxes
$8,157
Possession
Array
Based on information submitted to the MLS GRID as of July 31, 2026 6:45 PM. 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.
