For sale Home

Listed Oct 21, 2026

$749,000 Est. $4,954/mo

5507 240th Street Southwest

  • 3

    Beds

  • 1

    Baths

  • 1,100

    Sq ft

The story

Exceptional redevelopment opportunity in the heart of Mountlake Terrace. This 7,800+ SF corner property is located just blocks from the Mountlake Terrace Link light rail station and downtown, with desirable BC/D zoning offering significant long-term potential. The property is currently improved with an existing residence and occupied by a long-standing month-to-month tenant, providing income while a buyer evaluates future plans. An excellent opportunity for a developer, investor, or owner looking to secure a strategically located property in one of Mountlake Terrace's evolving transit-oriented areas. Buyer to verify zoning, development potential, permitted uses, and all information to buyer's satisfaction. Please do not disturb the tenant or walk the property without prior permission.

Facts & features

Home type

Home

Year built

1950

Price per sq ft

$681

Included features

  • Heating

    Baseboard

  • Flooring

    Vinyl Plank

  • Roof

    Metal, Torch Down

  • Lot Information

    Corner Lot, Paved

  • Exterior

    Cement/Concrete

  • Water Source

    Public

  • Sewer

    Sewer Connected

Mortgage calculator

Estimated monthly payment

$4,954 /mo

7% rate · 30-yr fixed · 20% down

  • Principal & interest $3,986
  • Property tax $749
  • Insurance $218

Includes principal, interest, taxes & insurance.

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Listing Broker

John L. Scott, Inc.

Broker Name

John L. Scott, Inc.

Agent

Kimberly Shaeffer