The Largest Mountlake Terrace Real Estate Sale this Century

The largest Mountlake Terrace real estate sale is now up on the market and available for purchase. The Calvary Church Transit Site is for sale, offered by Colliers International with two connecting parcels for sale, currently priced at $4.3 million and $3.85 million, respectively. The first site or Parcel 1 is 1.84 acres which includes the 24,699 square foot Calvary Church Building according to the Commercial Brokers Association (CBA) website. The 2nd site or Parcel 2 as it is labeled on the CBA website is approximately 2.35 acres which equates to right around $1.63 million dollars per acre. Both of these properties are currently listed by Colliers International. As of this writing the properties are still listed for sale and have both been on the market for approximately 202 days.

If you are not familiar with the Mountlake Terrace Towncenter area or the Calvary Church sites it is located between 56th Avenue West and 58th Avenue West with 232nd Street South West as the northern border of the property. This property is located just south of the strip center complex that houses Mountlake Terraces’ famous DD Meats, the freshly relocated Romio's Pizza and the just constructed Diamond Knot Brewery. Below is a picture provided by the listing agent at Colliers International of these two properties. As you can probably tell from the photo the prices have also dropped $650,000 and $450,000 or a combined $1.1 million less than the original listing prices.

Picture Credited to Colliers International

 Though there are buildings present on both of the Calvary Church Transit sites totaling just over 40,000 square feet these will most likely be torn down and replaced with high density zoned apartment complexes. Mountlake Terrace real estate has been on the rise since the construction of the Mountlake Terrace Transit Center and several large residential real estate developments have been finished or nearly finished in the past year. The zoning for the Calvary Church Transit Site in Mountlake Terrace allows for 5 story buildings and according to the listing agent both of these units if purchased together could house 600 apartment units.

 Let me put that into perspective real quick in case you are not familiar with real estate in Mountlake Terrace or the demographic data for this area. According to information from the US Census Bureau the 2013 population of Mountlake Terrace is estimated to be 20,674. The total number of housing units in Mountlake Terrace in 2010 was 8,245. This potential 600 unit apartment development represents and an increase of 7.2% in the amount of households with one development. Depending on the design of the apartments and unit mix this could also add an additional 1,000 people to the Mountlake Terrace population.

 My guess is that the city zoning commission will also mandate some lower level retail units similar to the Arbor Village complex down the street on 56th Avenue West about four blocks east of I-5 and the Mountlake Terrace park and ride. Adding lower floor retail units is typical for larger residential projects and nearly all new buildings have some type of retail on the ground floor. Given the rates for apartments or other residential housing, to include condos, the mandated retail units are much more difficult to lease. The Arbor Village Complex mentioned above has nearly all of their residential units leased out, but only about 25% of their retail units.

There are several other larger development possibilities in Mountlake Terrace that are currently on the market, some of which I may have written about in the past so be sure to check through my other blog posts for Mountlake Terrace real estate. If you are looking for a knowledgeable real estate broker in Mountlake Terrace for any type of real estate transaction whether it is a large commercial project, a restaurant or bar give me a ring or send an email to my info below. I would be happy to help you in any way I can.

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Gabriel Heck is the owner of the Top Dollar Real Estate Team in Mountlake Terrace, a Keller Williams Team. We specialize in selling residential homes and particularly homes that may need a little work before selling. The Top Dollar Real Estate Team also includes a licensed, bonded and insured General Contracting outfit with nearly 10 years of house flipping experience. Want to learn more about Gabriel Heck click here or click on any of the links below to connect on various social media outlets.