About this home

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.

Around this home

Property details

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Source: Walk Score®, Bike Score® and Transit Score® are provided by Walk Score (walkscore.com), a third-party service. This is not Northwest MLS listing data.

• Adams Elementary School

  Public · Grades K-5 · 8.1 mi · State rank 75 of 1,160
  10/10
• Albert Einstein Middle School

  Public · Grades 6-8 · 2.4 mi · State rank 111 of 534
  8/10
• ACES High School

  Public · Grades 9-12 · 9.7 mi · State rank 427 of 438
  1/10

Schools shown are the nearest public Elementary, Middle, and High school for this property and may not be the assigned schools. Verify attendance boundaries with the district before purchasing.

Source: RexMont estimate, not Northwest MLS listing data. Interest rates from Freddie Mac's Primary Mortgage Market Survey via FRED (Federal Reserve Bank of St. Louis). Property tax and HOA dues from the NWMLS listing where provided, otherwise estimated; insurance estimated at 0.3% of price per year.

Estimate only. Actual payment depends on credit, lender, and program. PMI not included for down payments below 20%.

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Market pulse

Mountlake Terrace is a seller's market.

Inventory is low and competition is high. Sellers have more negotiating power.

• Offer insight: Well-priced homes draw multiple offers; others sell close to asking.

• List to sale price: The average home sells very close to list price.

• Time on market: The average home goes pending in around 54 days.

Market data from MLS GRID / NWMLS · Updated Sep 2026