Mukilteo Mixed-Use Landmark
For Sale
$1,799,000
731 2nd St, Mukilteo, WA 98275
Turnkey income property with panoramic views and established tenants.
Property Size3,700 SF
Price / SF$486.22
Days on Market427
Property Features for 731 2nd St
General Information
Standard status
Active
Size
3,700 SF
Building Details
Year Built
1903
Listing Agency:
SKYLINE PROPERTIES, INC.
Listed By:
GENA HORIATIS
Source:
Corcoran
Added: Aug 18, 2025
Changed: Mar 16
Last Checked: Mar 16 at 9:09AM
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 SKYLINE PROPERTIES, INC.
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Investment Insights
Based on property information with market context.
This mixed-use property in Mukilteo, Washington, presents a ready-to-operate opportunity with potential for reimagining in a growing waterfront town. Constructed circa 1903 and restored in 1997, the building offers approximately 3700 square feet of space on a 5663 square foot lot. The property is zoned DB Downtown Business, permitting residential, commercial, and mixed-use developments. The building features three stories and includes nine on-property parking spaces, plus an additional four on-street parking spaces. The property is currently occupied by the owner and tenants. The property is a turnkey income property with three levels and established tenants, including residential, salon, and professional office spaces. The top-floor apartment offers unobstructed panoramic views.
Key Highlights
- Turnkey Income Property: Three levels with established tenants.
- Panoramic Views: Enjoy unobstructed views from the top‑floor apartment.
- Prime Location: Mukilteo Landmark in a growing waterfront town.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$65,902
Cap Rate
3.66%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,318,040
$1.3M
Cap Rate 7%
$941,457
$941.5K
Cap Rate 9%
$732,244
$732.2K
Market Conditions
NOI Build-Up for 3,700 SF
Gross rent
$101.2K $27.36/SF
− Vacancy
−$13.4K −$3.61/SF
EGI
$87.9K $23.75/SF
− OpEx
−$22.0K −$5.94/SF
NOI
$65.9K $17.81/SF
Area
Snohomish County, WA
Vacancy
13.20%
Lease Rate
$27.36 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,318,040
Cap Rate 7%
$941,457
Cap Rate 9%
$732,244
Alternative Uses
Best Use
Office B
$941.5K
$823.8K – $1.10M
NOI $65,902 @ 7.0% cap · market cap 3.66%
Second Best
Apartment 5plus
$790.6K
$691.8K – $922.4K
NOI $55,342 @ 7.0% cap · market cap 3.08%
Theoretical Best
Office A
$1.03M
$902.9K – $1.20M
NOI $72,231 @ 7.0% cap · market cap 4.02%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
284
Businesses Nearby
Explore this area
Business Placement
Demographics for 98275, WA
21,642
Population
8,492
Households
2.5
Avg Household Size
44
Median Age
55%
College-Educated
98%
High-School Grad
7.3 sq mi
ZIP Area
2,965
Density / Sq Mi
$122,612
Median Household Income
$69,619
Median Earnings
$2,127
Median Rent
$830,000
Median Home Value
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Market
Vacancy Rate% for Office in West region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Turnkey income property with panoramic views and established tenants.
Where is this mixed-use property located?
The property is located at 731 2nd St Mukilteo, WA.
What is the asking price?
The asking price for this property is $1,799,000.
What are key features of this property?
This property features: Turnkey Income Property: Three levels with established tenants.; Panoramic Views: Enjoy unobstructed views from the top‑floor apartment.; Prime Location: Mukilteo Landmark in a growing waterfront town.
