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    6002 232Nd Pl SW Mountlake Terrace, WA 98043
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    6002 232Nd Pl SW, Mountlake Terrace, WA 98043

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    • Land
    • 85,082 SF
    For Sale
    View Listing →
    Development Assemblage Near Light Rail For Sale
    Contact for pricing
    128,501 SF

    Development Assemblage Near Light Rail

    Unique development opportunity near upcoming Sound Transit Light Rail Station.

    6002 232nd Pl SW, Mountlake Terrace, WA 98043
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    Property ID
    US90-0941386
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Land

    Property Details for 6002 232Nd Pl SW

    Year built
    1960
    Property type
    Land

    Description

    FOR SALE| BEST OFFER Unique 10-parcel development assemblage in Mountlake Terrace’s Town Center Zoning District 1, directly north of the new Sound Transit Light Rail Station at I-5 and 236th St SW. The assemblage is comprised of 9 single-family home owners (10 parcels) who are cooperating with each other for marketing purposes to bring this +/- 85,082 SF of land, zoned TC-1, to the market. As part of the Town Center Subarea Plan, the City of Mountlake Terrace is planning a pedestrian connection through Veteran’s Memorial Park starting at the entrance to the assemblage leading to the Light Rail Station. The opportunity to purchase 9 single-family homes in a prime development corridor, all cooperating with each other, is highly unique. Call today for more details! *Zoning information can be found at https://cityofmlt.com/338/Town-Center-Subarea-Plan

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Mountlake Terrace
    County
    Snohomish
    State
    Washington
    Longitude
    -122.3141216
    Latitude
    47.7876056

    Comparable in this City

    • $995,000
      50,530 SF

      Land for Sale

      Land available for sale in Mountlake Terrace, Washington.
      24205 56Th Ave W, Mountlake Terrace, WA 98043
      View Details
    • $8,000,000
      31,170 SF

      Mountlake Terrace Land For Sale

      Land available in Mountlake Terrace, Washington.
      6810 220Th St SW, Mountlake Terrace, WA 98043
      View Details
    • Contact for pricing

      Mountlake Terrace Development Assemblage Opportunity

      Unique development opportunity near future light rail station.
      6002-6006 232Nd Pl SW, Mountlake Terrace, WA 98043
      View Details
    • Contact for pricing

      Large Flat Lot Near Transit

      50,530 SF lot near I-5 and transit center.
      24205-24225 56Th Ave W, Mountlake Terrace, WA 98043
      View Details
    • Contact for pricing

      Mountlake Terrace Office Building

      Office building for sale in Mountlake Terrace, Washington.
      6920 220Th St Southwest, Mountlake Terrace, WA 98043
      View Details
    • Contact for pricing

      Mountlake Terrace Investment Opportunity

      Redevelopment opportunity near future light rail station.
      5903 244Th St SW, Mountlake Terrace, WA 98043
      View Details

    Similar Nearby for Sale

    • $995,000
      50,530 SF

      Land for Sale

      Land available for sale in Mountlake Terrace, Washington.
      24205 56Th Ave W, Mountlake Terrace, WA 98043
      View Details
    • $8,000,000
      31,170 SF

      Mountlake Terrace Land For Sale

      Land available in Mountlake Terrace, Washington.
      6810 220Th St SW, Mountlake Terrace, WA 98043
      View Details
    • Contact for pricing

      Mountlake Terrace Development Assemblage Opportunity

      Unique development opportunity near future light rail station.
      6002-6006 232Nd Pl SW, Mountlake Terrace, WA 98043
      View Details
    • Contact for pricing

      Large Flat Lot Near Transit

      50,530 SF lot near I-5 and transit center.
      24205-24225 56Th Ave W, Mountlake Terrace, WA 98043
      View Details
    • Contact for pricing

      Mountlake Terrace Office Building

      Office building for sale in Mountlake Terrace, Washington.
      6920 220Th St Southwest, Mountlake Terrace, WA 98043
      View Details
    • $2,100,000

      Mountlake Terrace Warehouse For Sale

      Single-tenant warehouse near future light rail station, leased until 2026.
      5503 232Nd St SW, Mountlake Terrace, WA 98043
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Mountlake Terrace Professional Office Spaces

      Class B medical, dental, and professional office spaces for lease.
      6405 218Th St SW, 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
    • $2,201 /Mo
      2,201 SF

      Mountlake Terrace Office Space Available

      Office space for rent near I-5 and Highway 99.
      6912 220Th St SW, 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
    • $7,307 /Mo
      3,309 SF

      Class A Office Space Available

      High-quality office space with recent upgrades and ample parking.
      6100 219Th St SW, 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.

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