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Listings/Mountlake 228 Development

Mountlake 228 Development

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Property Offering

Mountlake 228 is a 102,801 SF site located at 4404 228th St SW & 22802 44th Ave W, Mountlake Terrace, WA 98043. Comprising two parcels, one parcel is occupied by a 14-unit apartment complex offering attractive in-place income while providing flexibility for future development. This offering provides buyers the opportunity to purchase the property free and clear of existing debt. This offering is priced at $4,500,000.

Development Potential

Total Land Area
102,801 SF
Parcel Nos.
00463100001706, 00463100001707
Zoning
BC
Development Status
Unentitled
Building Height
40 FT

Existing Apartments

No. of Units
14
Year Built
1981
NRSF
11,816 SF
No. of Buildings
4
Parking
29 Stalls

Investment Opportunity

DEVELOPMENT POTENTIAL

Mountlake 228 offers developers 102,801 SF of land on a prime corner in Mountlake Terrace. The unentitled land provides developers the versatility to design, apartments, townhomes, commercial, or a mixed-use property to serve growing demand in South Snohomish.

EXISTING INCOME

Investors will benefit from attractive in-place income of 14 existing apartment units with the flexibility needed for future development. Additionally, comparable apartment buildings in Mountlake Terrace demonstrate that in-place rental rates are currently below market, with the potential for a 68% increase in annual rent.

LOCATION & ACCESSIBILITY

As the Eastside becomes more expensive for renters, South Snohomish is the region’s new sweetheart market. Located just north of the King County line, Mountlake Terrace offers residents easy access to Seattle and Bellevue—especially with impending light rail service—as well as urbanizing nodes just around the corner, such as the Alderwood Mall.

Development Potential

Existing Income

Location & Accessibility

Location

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Mountlake 228 Development

4404 228th St SW
Mountlake Terrace, WA 98043
Units: 14 Existing / 103K LSF
Price: Pending

About the Area

Mountlake Terrace may not be the most familiar address if you aren’t local to the Puget Sound area, but as soon as you triangulate the proximity to Seattle, Everett, and the Eastside, the draw of this Snohomish city is undeniable.

As residents move out of King County in search of more affordable locales, what was once an easterly migration is now a northward movement, just across the county line. For those who work in Seattle, living in Mountlake Terrace offers the shortest commute out of Snohomish County, and developers have not yet met that demand.

And demand is only expected to increase as this once decidedly suburban area offers more and more urban amenities. The Lynnwood Link light rail extension will begin operating in 2024, with the Mountlake Terrace station located just 5 minutes from the Mountlake 228 site providing traffic-free commutes to Downtown Seattle in just 24 minutes. Additionally, major growth is taking place 10 minutes up the road at the thriving Alderwood Mall, which continues to add new retail and office developments.

141,036

Population (3 Miles)

$106,297

Avg Household Income (3 Miles)

40

Median Age (3 Miles)

70

Very Walkable - Walk Score

Contact Us

Exclusive Listing Brokers

Kidder Mathews is the exclusive Listing Brokerage for this Offering. Dylan Simon, Jerrid Anderson, and Winslow Lee are exclusively representing the Seller in the sale of Mountlake 228.

Direct: 206.414.8575

       
       

Direct: 425.681.7695