$799,000
Est. $4,108/mo5507 240th Street Sw, Mountlake Terrace, WA 98043
• Listed 2026-08-19•9 days on market
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Based on information submitted to the MLS GRID as of August 20, 2026 at 06:47pm (date and time MLS GRID Data was obtained). 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.
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Exceptional redevelopment opportunity in the heart of Mountlake Terrace. This 7,800+ SF corner property is located just blocks from the Mountlake Terrace Link light rail station and downtown, with desirable BC/D zoning offering significant long-term potential. The property is currently improved with an existing residence and occupied by a long-standing month-to-month tenant, providing income while a buyer evaluates future plans. An excellent opportunity for a developer, investor, or owner looking to secure a strategically located property in one of Mountlake Terrace's evolving transit-oriented areas. Buyer to verify zoning, development potential, permitted uses, and all information to buyer's satisfaction. Please do not disturb tenant or walk the property without prior permission.
Listed by Kimberly Shaeffer • John L. Scott, Inc.
Listing updated: August 20, 2026 at 06:47pm
RexMont checked: moments ago
Source: NWMLS as Distributed by MLS Grid #2571324
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5507 240th Street Sw, Mountlake Terrace, WA 98043
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Mountlake Terrace is a seller's market.
Inventory is low and competition is high. Sellers have more negotiating power.
Offer insight: Many homes get multiple offers, some with waived contingencies.
List to sale price: The average home sells very close to list price.
Time on market: The average home goes pending in around 12 days.
$141,750 Sold
2 weeks ago
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24222 54th Avenue W #17, Mountlake Terrace, WA 98043
6%
Under list
—
Days on market
0.2 mi
Distance
$500,000 Sold
4 weeks ago
3 bd•1 ba•~996 sq ft•Single Family
5705 2238th Street Sw, Mountlake Terrace, WA 98043
5%
Under list
—
Days on market
0.2 mi
Distance
$90,000 Sold
8 weeks ago
2 bd•0.75 ba•Single Family
24222 54th Avenue W #12, Mountlake Terrace, WA 98043
22%
Under list
—
Days on market
0.2 mi
Distance
$765,000 Sold
2 months ago
5 bd•1.75 ba•~2,042 sq ft•Single Family
22803 66th Avenue W, Mountlake Terrace, WA 98043
1%
Under list
—
Days on market
1.0 mi
Distance
$730,000 Sold
2 months ago
3 bd•1.5 ba•~1,380 sq ft•Single Family
23108 50th Avenue W, Mountlake Terrace, WA 98043
1%
Over list
—
Days on market
0.6 mi
Distance
Closed sales from MLS GRID / NWMLS within the past 6 months, matched on property type and within 1 mile. Comps approximate.
Want a deeper read on this market?
Ask a RexMont agentMarket data from MLS GRID / NWMLS · Updated Aug 2026
Snohomish School District
Assigned schools for this property per the listing's MLS data. School district boundaries change — verify the exact assigned schools with the district before purchasing.
