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    24015 Van Ry Blvd Mountlake Terrace, WA 98043
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    24015 Van Ry Blvd Mountlake Terrace, WA 98043

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    • Retail properties & Spaces
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Isalis / (Bike/Boat/Book/etc) Store
    • Party City / Party Supply Store / (Bike/Boat/Book/etc) Store
    • Skunk Funk / Big Box & Wholesale Store
    • Carl's Trading Co / Hat Shop
    • Bushka's Kitchen LLC / (Bike/Boat/Book/etc) Store

    Property Details for 24015 Van Ry Blvd

    Property type
    Retail properties & Spaces

    Description

    Terrace Station in Mountlake Terrace, WA (zip code 98043, located at 24015 Van Ry Blvd), offers exceptional retail opportunities within a thriving mixed-use development. Three spaces are currently available, ranging from 1,271 to 6,173 square feet, perfect for a variety of retail concepts. This transit-oriented development (TOD) benefits from the recently opened Terrace Station Light Rail Station, ensuring high visibility and accessibility. The development boasts over 90,000 square feet of retail space, anchored by established businesses including Zeeks Pizza, IRG Physical Therapy, Hopua Bottle Shop, and Sky Zone, alongside the successful Evergreen Academy. The property features ample parking with 412 spaces. One restaurant space, totaling 3,540 square feet, includes a significant 1,600-square-foot outdoor patio with south and west-facing garage roll-up doors overlooking a greenbelt. The building offers first-generation warm shell spaces with cash allowances available. The surrounding area shows strong growth, with the residential components of the development fully leased within four months. This prime location presents a unique chance to establish a business in a vibrant and rapidly growing community. The high foot traffic generated by existing tenants and the light rail station makes this an ideal location for businesses seeking high visibility and a strong customer base. Contact us today to learn more about these exceptional retail spaces.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Mountlake Terrace
    County
    Snohomish
    State
    Washington
    Longitude
    -122.313
    Latitude
    47.7841

    Comparable in this City

    • Value Estimation by Request
      1,192 SF

      23301 56th W Ave

      SERVICE SHOP (TV, ELECTRIC, PLUMBING) • 1,192 SF
      23301 56th W Ave, Mountlake Terrace, WA 98043-4717
      View Details
    • Value Estimation by Request
      64,644 SF

      24255 Van Ry Blvd

      Retail properties & Spaces • 64,644 SF
      24255 Van Ry Blvd, Mountlake Terrace, WA 98043
      View Details
    • Value Estimation by Request
      211,042 SF

      23505 56Th Ave

      Restaurants • 211,042 SF
      23505 56Th Ave, Mountlake Terrace, WA 98043
      View Details
    • Value Estimation by Request
      3,756 SF

      24311 56th W Ave

      AUTO REPAIR, GARAGE • 3,756 SF
      24311 56th W Ave, Mountlake Terrace, WA 98043-5507
      View Details
    • Value Estimation
      $585,000
      10,060 SF

      22001 66th W Ave

      FINANCIAL BUILDING • 10,060 SF
      22001 66th W Ave, Mountlake Terrace, WA 98043-2411
      View Details
    • Value Estimation
      $2,915,000
      14,706 SF

      21718 66th W Ave

      WHOLESALE OUTLET, DISCOUNT STORE • 14,706 SF
      21718 66th W Ave, Mountlake Terrace, WA 98043-2138
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Mountlake Terrace Investment Opportunity

      Redevelopment opportunity near future light rail station.
      5903 244Th St SW, Mountlake Terrace, WA 98043
      View Details
    • $995,000
      50,530 SF

      Land for Sale

      Land available for sale in Mountlake Terrace, Washington.
      24205 56Th Ave W, Mountlake Terrace, WA 98043
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    • $13,800,000

      Mountlake Terrace Office Building

      Office building for sale in Mountlake Terrace, Washington.
      6920 220Th St Southwest, Mountlake Terrace, WA 98043
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    • $995,000

      Spacious Flat Lot Near Transit

      Large, flat 50,530 SF lot near transit center.
      24205 56Th Ave W, Mountlake Terrace, WA 98043
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      Mountlake Terrace Development Assemblage Opportunity

      Unique development opportunity near future light rail station.
      6002-6006 232Nd Pl SW, Mountlake Terrace, WA 98043
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    • $8,000,000
      31,170 SF

      Mountlake Terrace Land For Sale

      Land available in Mountlake Terrace, Washington.
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      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Restaurant Space with Outdoor Patio

      Restaurant space with patio available near Regal Cinebarre.
      24015 Van Ry Blvd, Mountlake Terrace, WA 98043
      View Details
    • Contact for pricing

      Retail Space in Mixed-Use Building

      Small retail space available for rent in Mountlake Terrace.
      23505 56Th Ave W, Mountlake Terrace, WA 98043
      View Details
    • $4,633 /Mo
      1,390 SF

      Retail Space Available For Rent

      1,390 SF retail space available, former GameStop location.
      22803 44Th Ave W, Mountlake Terrace, WA 98043
      View Details
    • $12,688 /Mo
      4,350 SF

      Retail Space Available For Rent

      4,350 SF retail space available for lease.
      22803 44Th Ave W, Mountlake Terrace, WA 98043
      View Details
    • $3,200 /Mo
      1,200 SF

      Mountlake Terrace Retail Space Available

      1,200 SF retail space available for rent.
      22803 44Th Ave W, Mountlake Terrace, WA 98043
      View Details
    • $17,859 /Mo
      11,906 SF

      Former Ace Hardware Retail Space

      Retail space available, formerly Ace Hardware, totaling 11,908 SF.
      22803 44Th Ave W, Mountlake Terrace, WA 98043
      View Details
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    Mountlake Terrace, WA 98043
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    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
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    24015 Van Ry Blvd, Mountlake Terrace, WA, 98043
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