Mukilteo Mixed-Use Landmark
731 2nd St Mukilteo, WA 98275
731 2nd St, Mukilteo, WA, 98275
$1,799,000
For Sale
$1,799,000
Turnkey income property with panoramic views and established tenants.
Property Size3,700 SF
Price / SF$486.22
Days on Market335
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 Checked: Mar 16 at 9:09 am
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.
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.
Local Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $101.2k | $27.36 |
| − Vacancy | −$13.4k | −$3.61 |
| EGI | $87.9k | $23.75 |
| − OpEx | −$22.0k | −$5.94 |
| NOI | $65.9k | $17.81 |
3,700 SF · lease $27.36/SF/yr · vacancy 13.20% · expense 25.00%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Malynda C. Daniels, ...
Physician
Ladawn
Hair Salon
Club Bay Beauty ...
Hair Salon
Club Bay
Hair Salon
PARK AVENUE Salon
Hair Salon
Similar For Sale Nearby
FAQs
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.
