Listed by Rick Juma, AQUA Real Estate
- Commercial Industrial
- Type
- 1964
- Year built
- 12,197 sq ft
- Lot
- 97
- Days on market
About this property
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.
Location & commute
Add a destination (work, gym, school) for directions and drive time.
Property details
Listing details
- Listing number
- #2504220
- Listed
- April 7, 2026
- Days on market
- 97
- Original list price
- $1,650,000
Parking
- Covered spaces
- 3
- Total spaces
- 29
Construction
- Year built
- 1964
- Style
- 60 - Comm Bldg Und 10K
- Structure
- Unspecified
Heating & cooling
- Energy source
- Electric
Lot
- Lot size
- 12,197 sq ft
Terms
- Terms offered
- CashConventional
Utilities
- Water
- Public
- Sewer
- Sewer Connected
What stands out to you?
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- Unspecified
- Electric
- Cash
- Conventional
- Public
- Sewer Connected
Listing history
Listed
$1,650,000
April 7, 2026
Current price
$1,599,900
Derived from current MLS listing fields. Full multi-cycle status history is on the roadmap.
Payment estimate
An estimate to help you plan, not a loan offer or financial advice.
Est. monthly
$9,317
- Principal & interest
- $8,090
- Property tax (est.)
- $1,227
Assumes $319,980 down (20%), a $1,279,920 loan at 6.5% over 30 years. Property tax is an estimated figure, not MLS data (verify with the county assessor). Excludes insurance, PMI, and closing costs. Not a commitment to lend or financial advice.
Similar nearby listings
Based on information submitted to the MLS GRID as of July 13, 2026 at 11:15 PM PDT. 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.