$799,000
Est. $4,426/mo3 bd•1 ba•1,100 sq ft
5507 240th Street SW, Mountlake Terrace, WA 98043
• Listed Aug 20, 2026•50 days active · 50 cumulative
Listing Broker: John L. Scott, Inc.; Kimberly Shaeffer; 206-475-6500; kimberlyshaeffer@johnlscott.com
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Listing Broker: John L. Scott, Inc.; Kimberly Shaeffer; 206-475-6500; kimberlyshaeffer@johnlscott.com
About this home
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: September 30, 2026 at 01:05pm
RexMont checked: moments ago
Source: NWMLS as Distributed by MLS Grid #2572307
Around this home
How much should you offer?
5507 240th Street SW, Mountlake Terrace, WA 98043
Source:RexMont analysis of Northwest MLS sales data for this ZIP code plus third-party market data (RentCast). The estimates are RexMont's, not Northwest MLS listing data.
Estimates only and not guaranteed. Consult a RexMont agent for accurate, personalized guidance before making an offer. RexMont OfferEdge™ · © 2026 RexMont Real Estate. Proprietary tool.
Property details
Bedrooms
- 3 bedrooms total
- 3 on the main level
Bathrooms
- 1 full bathroom
- 1 on the main level
Layout
- 1 Story
- 1,100 sq ft finished
Flooring
- Vinyl Plank
Heating & cooling
- Baseboard heating
- None cooling
Single-family home facts
As entered by the listing broker on Northwest MLS
Lot & site
- Topography
- Level
- Zoning code
- BC/D
- Zoning jurisdiction
- City
Systems
- Energy source
- Electric
- Power production
- Electric
- Irrigation water rights
- No
New construction
- Square footage source
- Realist
- Lot size source
- Realist
Manufactured home
- Land lease
- No
Neighborhood mobility
Walk, bike & transit scores
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.
Schools
Ratings via SchoolDiggerSnohomish School District
- Buyer To VerifyPublic · Grades Elementary—
- Buyer To VerifyPublic · Grades Middle—
- Buyer To VerifyPublic · Grades High—
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.
Sales & Tax Records for 5507 240th Street SW
NWMLS via MLS GridEvery listing, pending, price change and closing filed on this home with the NWMLS, the county’s recorded sales, and its assessed values by tax year.
- Aug 19, 2026ListedNWMLS via MLS Grid · #2572307$799,000$726/sq ft
- Aug 19, 2026ListedNWMLS via MLS Grid · #2571324$799,000$726/sq ft
Down payment assistance
6 programs may be available to provide you with up to $55,000 in down payment assistance, depending on your specific information.
Northwest MLS lists this home as eligible for down payment assistance programs
Source: program list compiled by RexMont from ARCH (A Regional Coalition for Housing) member-jurisdiction information. This is not Northwest MLS listing data.
Mortgage payment forecast
$5,023 per month
Great rateTakes about 5 minutes & won't affect your credit
Get pre-approvedSource: 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%.
Ask about this home
A licensed RexMont broker will get back to you, usually in under 5 minutes during business hours.
Listing Broker: John L. Scott, Inc.; Kimberly Shaeffer; 206-475-6500; kimberlyshaeffer@johnlscott.com
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 50 days.
Recent sales nearby
Within 1 mile · last 6 months$860,000 Sold
1 day ago
4 bd•2.75 ba•~1,923 sq ft•Single Family
23702 45th Court W, Mountlake Terrace, WA 98043
2%
Over list
26
Days on market
0.7 mi
Distance
$656,656 Sold
1 week ago
3 bd•1.5 ba•~1,256 sq ft•Single Family
5603 240th Street SW, Mountlake Terrace, WA 98043
0%
Over list
34
Days on market
0.1 mi
Distance
$590,000 Sold
2 weeks ago
3 bd•1 ba•~1,182 sq ft•Single Family
23103 59th Avenue W, Mountlake Terrace, WA 98043
10%
Over list
34
Days on market
0.6 mi
Distance
$715,000 Sold
2 weeks ago
3 bd•1 ba•~1,456 sq ft•Single Family
5704 227th Street SW, Mountlake Terrace, WA 98043
3%
Under list
33
Days on market
0.8 mi
Distance
$415,000 Sold
2 weeks ago
3 bd•1 ba•~1,058 sq ft•Single Family
4602 237th Place SW, Mountlake Terrace, WA 98043
0%
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 Oct 2026
MLS GRID Disclaimer
Based on information submitted to the MLS GRID as of September 30, 2026 at 01:05pm (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.
Listing information courtesy of Northwest Multiple Listing Service (NWMLS). The listing data relating to real estate for sale on this web site comes in part from the Northwest Multiple Listing Service. Real estate listings held by brokerage firms other than RexMont Real Estate are marked with the “Listing courtesy of NWMLS” designation. Information provided is for the consumer’s personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.
© 2026 Northwest Multiple Listing Service. All rights reserved.
HO
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