Listed by Lee & Associates Commercial RE, Bought with John L. Scott, Inc.
NOT LISTED FOR SALE

2820 75th Place SE Mercer Island, WA 98040

Downtown Mercer Island Neighborhood
-- Bed
-- Bath
7,976 Sq Ft
0.32 Acres

Last Sold April 21, 2021

Last sale price $4,050,000 $508 Per Sq Ft

29 Days on Market

Highlights

  • Lake View
  • 0.32 Acre Lot
  • Cul-De-Sac
  • West Mercer Elementary School Rated A
  • Corner Lot
  • 2-minute walk to N. Mercerdale Hillside Open Space

About This Home

As of April 2021

Island Lanai Apts features 9 2-bed units, including 1 penthouse suite. Built in 1959, this well-maintained building has received updates to systems and units. The building features off street parking for 11 vehicles, storage lockers for each unit and a common laundry are provided on-site. This building has enjoyed very stable occupancy and even more so now with increased demand for two-bedroom units. Within Mercer Island’s Town Center, the property is blocks from both retail and I-90 access ramps. Residents enjoy walkability to amenities and connectivity to both Seattle & Bellevue employers. Island Lanai presents investors a rare opportunity to own a stabile a pride of ownership asset in the coveted 98040.

Last Agent to Sell the Property

Daniel Lim

Lee & Associates Commercial RE License #131121 Listed on: 03/02/2021

Lee & Associates Commercial RE

Co-Listed By

Candice Chevaillier, CCIM

Lee & Associates Commercial RE License #18886

Last Buyer's Agent

Sandra Levin

John L. Scott, Inc. License #38196

John L. Scott, Inc.

Source: Northwest Multiple Listing Service (NWMLS)

MLS#: 1736207

Northwest Multiple Listing Service (NWMLS)

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $24,226

Year Built

  • Built in 1959

Lot Details

  • 0.32 Acre Lot
  • Cul-De-Sac
  • Street terminates at a dead end
  • Corner Lot

Property Views

  • Lake
  • City
  • Mountain
  • Territorial

Home Design

  • Flat Roof Shape
  • Wood Composite

Interior Spaces

  • 7,976 Sq Ft Home
  • 3-Story Property

Parking

  • 11 Parking Spaces
  • Open Parking

Community Details

  • Downtown Subdivision

Listing and Financial Details

  • Assessor Parcel Number 5453800010

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$24,226

Year Built

Built in 1959

Lot Details

0

Listing Details

  • Property Type: Residential Income
  • Property Sub Type: Multi-Family
  • StyleCode: 55 - 5-9 Units
  • Year Built: 1959
  • Buyer Agency Compensation: 2.5
  • MLS Status: Sold
  • Prev Status: Closed
  • New Construction: No
  • CalculatedSquareFootage: 7976
  • Special Features: VirtualTour
  • Cumulative Days on Market: 396

Interior Features

  • Fireplace: No
  • Stories: 3
  • SquareFootageFinished: 0
  • SquareFootageUnfinished: 0

Exterior Features

  • Roof: Flat
  • View: City, Lake, Mountain(s), Territorial
  • Lot Features: Corner Lot, Cul-De-Sac, Dead End Street
  • View: Yes
  • Waterfront: No
  • Exterior Features: Cement/Concrete, Wood Products
  • Structure Type: Multi Family

Garage/Parking

  • Carport Spaces: 8
  • Carport Y N: No
  • Open Parking Spaces: 3
  • Open Parking: Yes
  • Total Parking Spaces: 11
  • ParkingUncoveredSpaces: 3

Utilities

  • Sewer: Sewer Connected
  • Heating Yn: Yes
  • Utilities: Sewer Connected, Electric
  • WaterSewerGarbage: 12771

Condo/Co-op/Association

  • Senior Community: No

Schools

  • Junior High Dist: Mercer Island

Lot Info

  • Parcel Number: 5453800010
  • Lot Size Acres: 0.3191
  • Lot Size Sq Ft: 13900
  • Irrigation Water Rights: No
  • ResoLotSizeUnits: SquareFeet
  • ShowMapLink: true
  • MLSLotSizeSource: County

Green Features

  • Power Production Type: Electric

Rental Info

  • Furnished: Unfurnished
  • GrossRentMultiplier: 21
  • LeasedItems: Washer/Dryer
  • TotalMonthlyIncome: 14497

Multi Family

  • Gross Scheduled Income: 173923
  • Net Operating Income: 108548
  • Number Of Units Total: 2
  • Insurance Expense: 5411
  • Leasable Area: 8300
  • EnergySource: Electric
  • UnitsInBuildingTotal: 9
  • UnitsBelowGrade: false
  • VacancyRate: 3

Tax Info

  • Year: 2020
  • Tax Annual Amount: 24226

Range of Values:

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Average Value
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List Price
Sold Price
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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Property History

Date Event Price Change Sq Ft Price
04/21/2021 04/21/21 Sold $4,050,000 +11.0% $508 / Sq Ft
03/31/2021 03/31/21 Pending -- -- --
03/02/2021 03/02/21 For Sale $3,650,000 -- $458 / Sq Ft
Source: Northwest Multiple Listing Service (NWMLS)

Tax History Compared to Growth

Source: Public Records

Agents Affiliated with this Home

  • Daniel Lim

    Seller's Agent in 2021

    Daniel Lim

    Lee & Associates Commercial RE

    (206) 928-2311

    1 in this area

    31 Total Sales

    Daniel Lim
    Section Image
  • Candice Chevaillier, CCIM

    Seller Co-Listing Agent in 2021

    Candice Chevaillier, CCIM

    Lee & Associates Commercial RE

    (360) 614-2826

    1 in this area

    23 Total Sales

    Candice Chevaillier, CCIM
    Section Image
  • Sandra Levin

    Buyer's Agent in 2021

    Sandra Levin

    John L Scott

    (206) 949-2845

    2 in this area

    34 Total Sales

    Sandra Levin
    Section Image
See All Agents

Map

Source: Northwest Multiple Listing Service (NWMLS)

MLS Number: 1736207

Northwest Multiple Listing Service (NWMLS)
Washington King County Mercer Island 98040 Downtown Mercer Island

2820 75th Place SE, Mercer Island, WA

This home is located at 2820 75th Place SE, Mercer Island, WA 98040 since 02 March 2021. This property was built in 1959. 2820 75th Place SE is a home located in King County with nearby schools including West Mercer Elementary School, Islander Middle School, and Mercer Island High School.

Disclaimer: Certain information contained herein is derived from information provided by parties other than Homes.com. All information provided is deemed reliable, but is not guaranteed to be accurate and should be independently verified.

Northwest Multiple Listing Service (NWMLS) All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. Listing information is provided by the Northwest Multiple Listing Service (NWMLS). Property information is based on available data that may include MLS information, county records, and other sources. Listings marked with the 3 tree icon and provided by NWMLS. All properties are subject to prior sale or withdrawal. IDX information is provided exclusively for consumers’ personal noncommercial use, that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing, that the data is deemed reliable but is not guaranteed by MLS GRID. ©2025 NWMLS.
Based on information submitted to the MLS GRID

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