Building Details

Building Size 9,600 SF

Year Built 1951

Listing Agency: Lee & Associates Commercial Real Estate Services

Listed By: Scotty Rowe Show Phone

Source: Lee-associates

Added: Mar 4 Changed: Oct 10 Last Checked: Oct 9 at 6:47PM

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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 Lee & Associates Commercial Real Estate Services

Investment Insights

Based on property information with market context.

This single-tenant industrial warehouse property is located approximately 0.5 miles from the Mountlake Terrace Light Rail Station and one block east of Mountlake Terrace’s designated “Main Street”. The property is 100% leased to Jensen Hughes until June 30, 2026. Feasibility studies support the potential for 57 multifamily units. The property offers optionality for owner-users, investors, and developers, from near-term occupancy and stabilized cash flow to long-term redevelopment potential supported by the City’s evolving Town Center zoning framework. The property provides income stability while preserving future flexibility for those seeking to occupy or reposition the assets.

Key Highlights

• In‑place income through June 2026 from current tenant Jensen Hughes.
• Redevelopment potential supported by evolving Town Center zoning.
• Feasibility studies support the development of 57 multifamily units.

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$121,378

Cap Rate

6.39%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,427,560 $2.4M

Cap Rate 7%

$1,733,971 $1.7M

Cap Rate 9%

$1,348,644 $1.3M

Market Conditions

NOI Build-Up for 9,600 SF

Gross rent

$153.2K $15.96/SF

− Vacancy

−$10.4K −$1.09/SF

EGI

$142.8K $14.87/SF

− OpEx

−$21.4K −$2.23/SF

NOI

$121.4K $12.64/SF

Area

Snohomish County, WA

Vacancy

6.80%

Lease Rate

$15.96 /SF/Yr

Expense Ratio

15.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,427,560

Cap Rate 7%

$1,733,971

Cap Rate 9%

$1,348,644

Alternative Uses

Best Use

Warehouse

$1.73M

$1.52M – $2.02M (±1% cap)

NOI $121,378 @ 7.0% cap · market cap 6.39%

Second Best

Industrial

$1.33M

$1.17M – $1.55M (±1% cap)

NOI $93,240 @ 7.0% cap · market cap 4.91%

Theoretical Best

Office A

$2.68M

$2.34M – $3.12M (±1% cap)

NOI $187,409 @ 7.0% cap · market cap 9.86%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Warehouses

Suggested Use

Top Pick Dental Office (Bike/Boat/Book/etc) Store Furniture & Home Goods Big Box & Wholesale Store Catering Service Grocery & Convenience Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

439

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Demographics for 98043, WA

21,285

Population

9,493

Households

2.2

Avg Household Size

39

Median Age

42%

College-Educated

94%

High-School Grad

4.1 sq mi

ZIP Area

5,191

Density / Sq Mi

$101,408

Median Household Income

$59,982

Median Earnings

$1,966

Median Rent

$605,800

Median Home Value

Market

Vacancy Rate% for Industrial in West region

3.7% 2019

4.3% 2020

2.6% 2021

2.5% 2022

4.8% 2023

6.9% 2024

7.9% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this warehouses located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Warehouse - Single-tenant warehouse near future light rail station, leased until 2026.

Where is this warehouse located?

The property is located at 5503 232nd St SW Mountlake Terrace, WA.

What is the asking price?

The asking price for this property is $1,900,000.

What are key features of this property?

This property features: In‑place income through June 2026 from current tenant Jensen Hughes.; Redevelopment potential supported by evolving Town Center zoning.; Feasibility studies support the development of 57 multifamily units.