Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Lake Stevens Multifamily Development Opportunity Title is generated by Realmo AI

    2008 71st Ave SE, Lake Stevens, WA 98258

    View on Map
    Claim this Listing
    For Sale
    $435,000

    0.68 acre lot ideal for multifamily development in Lake Stevens.

    Type:Commercial
    Property size:
    29,621 SF
    Price / SF:
    $14/SF
    Added:
    Oct 1, 2024
    Days on Market:
    616
    Last Refresh:
    May 10 at 8:25 pm

    Property Features for 2008 71st Ave SE

    General Information

    Standard status
    Active
    Size
    29,621 SF
    Property subtype
    Commercial

    Building Details

    Year Built
    1948

    We can help!

    Listing Contact
    BLAKE STEDMAN
    BLAKE STEDMAN

    Listing agent BLAKE STEDMAN License #WA2495

    Listing office NAI PUGET SOUND PROPERTIES

    Listing date Oct 1, 2024

    Source Corcoran

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of NAI PUGET SOUND PROPERTIES

    HighLights

    • Ideal for multifamily development in a rapidly growing area.
    • Excellent visibility and access near main roads and retail.
    • Essential utilities (water, electricity, sewage) are easily accessible.
    • Conveniently located near WA‑204 and US‑2.
    • Zoned MFRE (Multifamily Residential).
    • Large lot size: 32,003 SF (0.68 acres).

    Overview

    This 0.68-acre (32,003 SF) property is located on 20th Street Southeast in the rapidly growing Lake Stevens area, offering easy access to major arteries such as WA-9 and WA-204. The site is positioned near main roads and popular retail destinations, providing excellent visibility and access. Essential utilities such as water, electricity, and sewage are easily accessible. Zoned MFRE, the property is ideal for multifamily investors or developers looking to capitalize on the growing demand in this vibrant community. The property is also in close proximity to WA-204 and US-2.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center Big Box & Wholesale Store Hotel & Motel

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Lake Stevens
    County
    Snohomish
    State
    Washington
    Longitude
    -122.136
    Latitude
    47.9779

    Nearby Similar for Sale

    • $350,000

      Lake Stevens Vacant Land Parcel

      Vacant mixed-use land parcel in rapidly expanding Lake Stevens.
      7304 20th Street SE, Lake Stevens, WA 98258
      View Details
    • $350,000

      Lake Stevens Vacant Land Parcel

      Vacant mixed-use land parcel in rapidly expanding Lake Stevens.
      7304 20th Street SE, Lake Stevens, WA 98258
      View Details
    • $3,150,000

      Lake Stevens Vacant Land Parcels

      Two prime commercial land parcels in rapidly growing Lake Stevens.
      14 and 26 99th Ave SE, Lake Stevens, WA 98258
      View Details
    • $3,150,000
      92,373 SF

      Lake Stevens Vacant Land Parcels

      Two prime commercial land parcels in rapidly growing Lake Stevens.
      14 and 26 99th Ave SE, Lake Stevens, WA 98258
      View Details
    • $575,000

      Lake Stevens Development Opportunity

      16,587 SF parcel zoned CD in Lake Stevens.
      1925 99th Ave SE, Lake Stevens, WA 98258
      View Details
    • $4,200,000

      Prime Commercial Land Opportunity

      3.77-acre commercial land with high visibility and flexible zoning.
      9615 S Lake Stevens Rd, Lake Stevens, WA
      View Details
    • $4,750,000
      11,550 SF

      NNN Leased Petco in Washington

      Single-tenant Petco in Lake Stevens with 10-year lease extension.
      9004 Vernon Rd, Lake Stevens, WA 98258
      View Details
    • $1,149,950
      43,560 SF

      Prime Commercial Land Opportunity

      One acre commercial land parcel in South Lake Stevens.
      2427 Lake Stevens Rd, Lake Stevens, WA 98258
      View Details
    • $365,000

      Lake Stevens Development Opportunity

      9,148 SF site near Highway 2 and 20th St SE.
      8229 20th St SE, Lake Stevens, WA 98258
      View Details
    • $1,300,000

      Prime Land in Lake Stevens

      1.38 acres of commercial land with high visibility and access.
      10520 20th St Se, Lake Stevens, WA, 98258-4744
      View Details
    • $510,000

      Prime Vacant Lot in Downtown

      Vacant lot in downtown Lake Stevens, zoned Neighborhood Business.
      12203 North Lakeshore Drive, Lake Stevens, WA 98258
      View Details
    • $500,000

      Lake Stevens Frontier Air Park

      39.08 acre lot in a gated aviation community.
      123 xx 123rd Avenue NE, Lake Stevens, WA 98258
      View Details

    FAQs

    What type of property is this?
    Commercial land - 0.68 acre lot ideal for multifamily development in Lake Stevens.
    Where is this commercial land located?
    The property is located at 2008 71st Ave SE Lake Stevens, WA.
    What is the asking price?
    The asking price for this property is $435,000.
    What are key features of this property?
    This property features: Ideal for multifamily development in a rapidly growing area.; Excellent visibility and access near main roads and retail.; Essential utilities (water, electricity, sewage) are easily accessible.
    (425) 652-1722
    We can help!
    Listing Contact
    BLAKE STEDMAN
    BLAKE STEDMAN
    Real Estate License ID: WA2495
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    2008 71st Ave SE, Lake Stevens, WA 98258
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!