23700 Edmonds WayEdmonds, WA 98026

Property Details for 23700 Edmonds Way

Year built

1954

Construction

WOOD

Lot size

0.25 AC

Property size (Sq ft)

1,250 SF

Zone code

E1

Property type

Healthcare properties

Property subtype

Medical offices

APN

463300300402

APU

463300300402

Description

This exceptional 2,500 square foot medical office building presents a unique investment opportunity in the thriving city of Edmonds, Washington. Located on a highly visible 11,000 square foot lot at 23700 Edmonds Way, this property enjoys a prime position on a major commuter route leading to the Edmonds-Kingston Ferry. Currently zoned Edmonds-BN, the property offers significant flexibility for future development. The City of Edmonds has approved an up-zone to Edmonds RM-1.5, unlocking the potential to construct up to seven townhomes, capitalizing on the area's strong demand for residential housing. The existing building, featuring new flooring and ready for immediate occupancy, can be utilized as a medical office, leased for other commercial purposes, or even converted for single-family residential use. This versatility makes it an ideal asset for investors and developers seeking to leverage the area's growth trajectory. The high-traffic location ensures excellent visibility and accessibility, while the up-zoning provides significant upside potential. This is a rare opportunity to acquire a property with multiple development pathways in a desirable waterfront community. The property is priced at $1,450,000.

• CAP approach

  CAP return

  Valuation

  6%

  $337,168

  6.5%

  $311,232

  7%

  $289,002

• Comparable approach

  Method

  Valuation

  Relative Method

  $379,967

  Geo Method

  $240,725

• Alternative Use

  Use

  Valuation

  Residential

  $385,928

  Hospitality

  $353,508

  Educational

  $294,115

  Medical

  $304,230

  Retail

  $457,512

Location Insight

City

Edmonds

County

Snohomish

State

Washington

Latitude

47.7843

Longitude

-122.353

CBSA code

42660

CBSA name

SEATTLE-TACOMA-BELLEVUE, WA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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