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5503 232nd St SW 9,600 SF Industrial Building Mountlake Terrace, WA 98043 $2,100,000 ($218.75/SF)
INVESTMENT HIGHLIGHTS
- In-place income (06/2026) provides near-term cash flow with flexibility for occupancy or releasing at rollover.
- One block east of Mountlake Terrace’s designated “Main Street” (56th Ave W), which is undergoing significant public investment to support pedestrian-f
- The city covers about 4 square miles and sits on a plateau, offering views of the Olympic and Cascade Mountains. It includes access to Lake Ballinger
- Feasibility studies to support 57 multifamily units, offering long-term redevelopment optionality at rollover.
- Mountlake Terrace is situated in Snohomish County, WA, approximately 14 miles north of Downtown Seattle along the I-5 corridor. It borders Shoreline,
- Located adjacent to Interstate 5 (I-5) and near I-405, providing crucial regional connectivity
EXECUTIVE SUMMARY
Lee & Associates Commercial Real Estate Services LLC (“Lee & Associates”) is pleased to present the opportunity to acquire 5503 232nd St SW, a single-tenant industrial property totaling approximately 9,600 SF on 0.33 acres in the heart of Mountlake Terrace. The property offers meaningful optionality for owner-users, investors, and developers from near-term occupancy and stabilized cash flow to long-term redevelopment potential supported by the City’s evolving Town Center zoning framework.
The property is 100% leased to Jensen Hughes till 6/30/2026, creating income stability while preserving future flexibility for those seeking to occupy or reposition the assets.
Mountlake Terrace is a centrally located city in southern Snohomish County, positioned between Shoreline and Lynnwood approximately 13 miles north of Downtown Seattle. Its location along the I-5 corridor places it between two of the region’s largest employment centers, Seattle and the Lynnwood–Bothell–Everett technology, aerospace, and life
science cluster, supporting steady commercial demand.
The property is 100% leased to Jensen Hughes till 6/30/2026, creating income stability while preserving future flexibility for those seeking to occupy or reposition the assets.
Mountlake Terrace is a centrally located city in southern Snohomish County, positioned between Shoreline and Lynnwood approximately 13 miles north of Downtown Seattle. Its location along the I-5 corridor places it between two of the region’s largest employment centers, Seattle and the Lynnwood–Bothell–Everett technology, aerospace, and life
science cluster, supporting steady commercial demand.
PROPERTY FACTS
| Price | $2,100,000 | Lot Size | 0.48 AC |
| Price Per SF | $218.75 | Rentable Building Area | 9,600 SF |
| Sale Type | Investment or Owner User | No. Stories | 1 |
| Property Type | Industrial | Year Built | 1951 |
| Property Subtype | Warehouse | Tenancy | Single |
| Building Class | C | ||
| Zoning | BC/D | ||
| Price | $2,100,000 |
| Price Per SF | $218.75 |
| Sale Type | Investment or Owner User |
| Property Type | Industrial |
| Property Subtype | Warehouse |
| Building Class | C |
| Lot Size | 0.48 AC |
| Rentable Building Area | 9,600 SF |
| No. Stories | 1 |
| Year Built | 1951 |
| Tenancy | Single |
| Zoning | BC/D |
SPACE AVAILABILITY
- SPACE
- SIZE
- SPACE USE
- CONDITION
- AVAILABLE
- 1st Floor
- 9,600 SF
- Industrial
- -
- Jun 2026
| Space | Size | Space Use | Condition | Available |
| 1st Floor | 9,600 SF | Industrial | - | Jun 2026 |
1st Floor
| Size |
| 9,600 SF |
| Space Use |
| Industrial |
| Condition |
| - |
| Available |
| Jun 2026 |
1 1
PROPERTY TAXES
| Parcel Number | 005217-004-006-01 | Improvements Assessment | $924,700 |
| Land Assessment | $692,800 | Total Assessment | $1,617,500 |
PROPERTY TAXES
Parcel Number
005217-004-006-01
Land Assessment
$692,800
Improvements Assessment
$924,700
Total Assessment
$1,617,500
CONTACTS
-
Scott Rowe -
Stuart Williams -
Alex Muir -
McCallum Mead -
Lee & Associates Commercial Real Estate Services
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5503 232nd St SW
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