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Property profile & analytics
OFF-MARKET
Estimated value
$6,670,000
Apartment buildings
21515 48th W Ave Mountlake Terrace, WA 98043-3472
Entity Owned
18-yr Hold
~
Est. High Equity
Property ID
US90-1378325
Property profile
Verified
Property type
Apartment buildings
Use group
APARTMENT HOUSE (100+ UNITS)
Year built
1990
Construction
WOOD
Total area
73,780 SF
Lot
7.94 ac (345,866 SF)
Zoning code
PA
APN
27042800100400
UPID
US90-1378325
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$6.67M
Owner & transaction history
Terrace Heights Garden LLC · 18 yrs held
Terrace Heights Garden LLC
since 2008
7 recorded transactions
Zoning & alternative use
PA · Mountlake Terrace, WA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Mountlake Terrace submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Mountlake Terrace submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
CAP Approach
Comparable Approach
Alternative Use
Get a detailed, property-specific estimation — fast and free
Price per SF
Sale + rent benchmarks
Subject property
$90 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$279,828
Tax year 2023
Assessed value
$39,185,900
Assessed 2023
Previous assessed
$35,335,000
+10.9% YoY
Effective rate
0.71%
On assessed value
Assessed land
$10,136,300
Assessed improvement
$29,049,600
Land market value
$10,136,300
Improvement market value
$29,049,600
Total market value
$39,185,900
Applied tax rate
610.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Apartment buildings
Use group
APARTMENT HOUSE (100+ UNITS)
Status
Off-Market
Year built
1990
Construction
WOOD
Heating
YES
Cooling
NONE
Buildings
3
Stories
2
Units
18
Rooms
18
Bathrooms
2
Total area
73,780 SF
Lot
7.94 ac (345,866 SF)
Zoning code
PA
APN
27042800100400
UPID
US90-1378325
Jurisdiction
SNOHOMISH
Metro division
SEATTLE-BELLEVUE-EVERETT, WA METROPOLITAN DIVISION
Zoning & alternative use
PA · Mountlake Terrace, WAZoning PA · permitted uses
PA · Mountlake Terrace, WA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Building & site characteristics
From public records
Year built
1990
Construction
WOOD
Heating
YES
Cooling
Yes
Stories
2
Buildings
3
Units
18
Rooms
18
Bathrooms
2
Lot
7.94 ac
Current owner
From public records · entity-resolved
Terrace Heights Garden LLC
Entity
Mailing address
5428 159TH PL SE, BELLEVUE, WA 98006-5114
Ownership since
2008
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
7 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
May 22, 2008
$18,494,000
Terrace Heights Garden LLC
Terrace Heights Apartments LLC
Warranty Deed
related
—
Jun 21, 2005
—
Terrace Heights Apartments LLC
Foreman,richard M & Diane
Quit Claim Deed
related
—
Jul 1, 1989
$270,000
Columbia West Properties
Unknown
Grant Deed
$170,100 · Cascade Savings Bank
—
—
Terrace Heights Garden LLC
—
Deed Of Trust
related
—
—
—
Terrace Heights Garden LLC
—
Deed Of Trust
related
$16,139,000 · Walker & Dunlop
—
—
Richard E Foreman
—
Deed Of Trust
related
$5,465 · Green Park Financial LP
—
—
Terrace Heights Apartments LLC
—
Deed Of Trust
related
$5,800,000 · Green Park Financial LP
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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