Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    15215 Larch Way Lynnwood, WA 98087

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $1,050,000

    Fully rented duplex with expansion potential near Martha Lake.

    Type:Land or Vacant Lot
    Lot size:
    0.35 Acres
    Added:
    Jan 13, 2026
    Days on Market:
    97
    Last Refresh:
    Apr 5 at 9:40 pm

    Property Features for 15215 Larch Way

    General Information

    Standard status
    Active
    Lot size
    0.35 Acres
    Property subtype
    Land or Vacant Lot

    We can help!

    Listing Contact
    KYLE MOORE

    Listing agent KYLE MOORE

    Listing office MACPHERSON'S REAL ESTATE SERV.

    Listing date Jan 13, 2026

    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 MACPHERSON'S REAL ESTATE SERV.

    Overview

    Duplex on Oversized Lot

    This fully rented duplex is situated on an oversized lot, located just half a block from the north end of Martha Lake. The property presents a unique investment opportunity with upside potential, including a ready-made building site. A newly recorded ingress/egress easement across the southern neighbor provides access to the backyard, potentially allowing for the addition of up to two more units. The lot is equipped with power and sewer connections, and has no wetlands. The large backyard offers the possibility of converting the duplex into a quadplex. The property includes natural gas furnaces and garages. Long-term tenants are in place with under market rents, allowing for immediate income while exploring expansion possibilities.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Lynnwood
    County
    Snohomish
    State
    Washington
    Longitude
    -122.24
    Latitude
    47.8596

    Nearby Similar for Sale

    • $699,000
      1,050 SF

      Mukilteo Speedway Flex Opportunity

      Versatile 1,050 SF building suitable for industrial, office, or retail.
      12223 Mukilteo Speedway, Lynnwood, WA 98087
      View Details
    • $1,950,000
      4,904 SF

      Lynnwood Office Building Near Mall

      Office building in a business district near Alderwood Mall.
      18927 33rd Ave W, Lynnwood, WA 98036
      View Details
    • $1,900,000
      6,466 SF

      Lynnwood Office Building For Sale

      Fully leased office building in Lynnwood with recent renovations.
      19910 50th Ave W, Lynnwood, WA 98036
      View Details
    • $26
      2,604 SF

      Office Suites Available for Lease

      Office suites available in Edmonds/Lynnwood submarket.
      3405 188th Street SW, Lynnwood, WA 98037
      View Details
    • $2,500,000
      10,614 SF

      Adaptable Commercial Property Near I-5

      10,614 SF commercial property suitable for various business purposes.
      19420 21st Ave W Lynnwood, WA 98036
      View Details
    • $26
      27,388 SF

      Office Suites in Edmonds/Lynnwood Submarket

      Office suites available for lease in Edmonds/Lynnwood submarket.
      3405 188th Street SW, Lynnwood, WA 98037
      View Details
    • $6,516,000

      Freestanding Restaurant Pad Near Mall

      Freestanding, remodeled restaurant pad with a 15-year lease.
      3321 184th St SW, Lynnwood, WA 98037
      View Details
    • $2,295,000
      8,400 SF

      Lynnwood Retail Center For Sale

      Three-tenant retail center with high visibility and traffic.
      6812 196th St SW, Lynnwood, WA 98036
      View Details
    • $3,000,000
      1,500 SF

      Turnkey Office Space Available

      Office space near transit and I-5, ready for occupancy.
      200th St SW 4720, Lynnwood, WA
      View Details
    • $2,125,000
      7,380 SF

      Lynnwood Office Building For Sale

      Two-story office building in Lynnwood, WA, with recent upgrades.
      21300 68th Ave W, Lynnwood, Lynnwood, WA 98036
      View Details
    • $4,100,000
      28,738 SF

      Lynnwood Industrial Buildings For Sale

      Two industrial buildings totaling 28,738 SF on 1.54 acres.
      20215-20217 Cedar Valley Rd, Lynnwood, WA
      View Details
    • Contact for pricing
      63,120 SF

      Warehouse/Manufacturing Space Near Mukilteo Speedway

      3,920 SF available near Mukilteo Speedway with office space.
      12407 Mukilteo Speedway, Lynnwood, WA 98087
      View Details

    FAQs

    What type of property is this?
    Duplex - Fully rented duplex with expansion potential near Martha Lake.
    Where is this duplex located?
    The property is located at 15215 Larch Way Lynnwood, WA.
    What is the asking price?
    The asking price for this property is $1,050,000.
    What are key features of this property?
    This property features: Fully rented duplex provides immediate income.; Located half a block from Martha Lake.; Potential to add up to 2 more units, converting the duplex into a quadplex.
    (206) 542-6363
    We can help!
    Listing Contact
    KYLE MOORE
    Learn More
    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

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!