Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Mukilteo Mixed-Use Landmark Property Title is generated by Realmo AI

    731 2nd St, Mukilteo, WA 98275

    View on Map
    Claim this Listing
    For Sale
    $1,799,000

    Turnkey income property with panoramic views and established tenants.

    Property size:
    3,700 SF
    Price / SF:
    $486/SF
    Added:
    Aug 18, 2025
    Days on Market:
    290
    Last Refresh:
    Mar 16 at 9:09 am

    Property Features for 731 2nd St

    General Information

    Standard status
    Active
    Size
    3,700 SF

    Building Details

    Year Built
    1903

    We can help!

    Listing Contact
    GENA HORIATIS

    Listing agent GENA HORIATIS

    Listing office SKYLINE PROPERTIES, INC.

    Listing date Aug 18, 2025

    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 SKYLINE PROPERTIES, INC.

    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.
    • Mixed‑Use Zoning: DB Downtown Business allows residential, commercial, and mixed‑use.
    • Ample Parking: 9 on‑property spaces + 4 on‑street spaces.
    • Restored Historic Building: Built circa 1903, restored in 1997.

    Overview

    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.
    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

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Mukilteo
    County
    Snohomish
    State
    Washington
    Longitude
    -122.302
    Latitude
    47.9473

    Nearby Similar for Sale

    • $13
      169,838 SF

      Move-In Ready Office/Flex Space

      Class A office/flex space with Puget Sound views.
      6500 Harbour Heights Pkwy, Mukilteo, WA 98275
      View Details
    • $2,425,000
      9,872 SF

      Mukilteo Mixed-Use Property For Sale

      Well-located mixed-use property with high visibility and flexible zoning.
      8004 Mukilteo Speedway, Mukilteo, WA 98275
      View Details
    • $4,500,000
      16,182 SF

      Harbour Pointe Industrial Building

      High-image industrial building with office space and loading docks.
      10727 47th Pl W, Mukilteo, WA 98275
      View Details
    • Contact for pricing
      3,057 SF

      Turn-Key Mukilteo Professional Building

      Stand-alone office building near Paine Field and Boeing.
      8425 44th Avenue W, Mukilteo, WA 98275
      View Details
    • Contact for pricing

      Industrial Property in Mukilteo

      Prime industrial and office investment opportunity in thriving Mukilteo Business Park.
      Mukilteo, WA 98275
      View Details
    • $2,000,000
      3,430 SF

      Standalone Office Building with Parking

      Unique office building with parking and convenient location near amenities.
      202 Lincoln Ave, Mukilteo, WA
      View Details
    • $5,950,000
      25,100 SF

      Manufacturing Building Near Boeing Everett

      Well-maintained manufacturing building near Boeing Everett and Paine Field.
      13008 Beverly Park Rd, Mukilteo, WA 98275
      View Details
    • $75,000

      Turnkey Restaurant Opportunity

      Established Subway franchise available for sale in Mukilteo, WA.
      525 Undisclosed, Mukilteo, WA, 98275
      View Details

    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.
    We can help!
    Listing Contact
    GENA HORIATIS
    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
    731 2nd St, Mukilteo, WA 98275
    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!