7204 78th Ave SE Mercer Island, WA 98040
Island Point NeighborhoodEstimated payment $13,166/month
Highlights
- Deck
- Territorial View
- Corner Lot
- Lakeridge Elementary School Rated A
- 2 Fireplaces
- No HOA
About This Home
Exceptional Development Opportunity on Mercer Island. A generous 22,000 sq ft corner lot in one of MI’s most desirable neighborhoods. Preliminary subdivision approval granted—ready to be divided into two lots. The lot’s regular shape supports optimal design flexibility, allowing future homes to maximize the 40% FAR. Enjoy an unbeatable location just minutes from the lake, parks, shopping, and top-rated schools—all within walking distance. An existing home on the property has been modestly updated. Whether you’re a builder, investor, or homeowner with vision, this is a prime opportunity to capitalize on the scarcity of developable land on MI. Bring your team and start the permitting process.
Source: Northwest Multiple Listing Service (NWMLS)
MLS#: 2389394
Home Details
Home Type
- Single Family
Est. Annual Taxes
- $12,852
Year Built
- Built in 1958
Lot Details
- 0.51 Acre Lot
- Corner Lot
- Sloped Lot
- Garden
- Value in Land
Parking
- 2 Car Attached Garage
Home Design
- Composition Roof
- Wood Composite
Interior Spaces
- 2,260 Sq Ft Home
- 1-Story Property
- 2 Fireplaces
- Wood Burning Fireplace
- Territorial Views
- Partially Finished Basement
- Natural lighting in basement
Bedrooms and Bathrooms
- Bathroom on Main Level
Additional Features
- Deck
- Forced Air Heating System
Community Details
- No Home Owners Association
- South End Subdivision
Listing and Financial Details
- Assessor Parcel Number 2524049068
Map
Home Values in the Area
Average Home Value in this Area
Tax History
| Year | Tax Paid | Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. | Land | Improvement |
|---|---|---|---|---|
| 2024 | $12,852 | $1,961,000 | $1,619,000 | $342,000 |
| 2023 | $12,933 | $1,877,000 | $1,528,000 | $349,000 |
| 2022 | $11,563 | $2,099,000 | $1,719,000 | $380,000 |
| 2021 | $11,359 | $1,569,000 | $1,415,000 | $154,000 |
| 2020 | $9,387 | $1,418,000 | $1,348,000 | $70,000 |
| 2018 | $9,152 | $1,164,000 | $1,154,000 | $10,000 |
| 2017 | $7,862 | $1,054,000 | $1,044,000 | $10,000 |
| 2016 | $7,321 | $965,000 | $955,000 | $10,000 |
| 2015 | $7,093 | $875,000 | $865,000 | $10,000 |
| 2014 | -- | $810,000 | $800,000 | $10,000 |
| 2013 | -- | $743,000 | $742,000 | $1,000 |
Property History
| Date | Event | Price | Change | Sq Ft Price |
|---|---|---|---|---|
| 06/07/2025 06/07/25 | For Sale | $2,270,000 | +35.1% | $1,004 / Sq Ft |
| 11/04/2021 11/04/21 | Sold | $1,680,000 | -4.0% | $743 / Sq Ft |
| 09/26/2021 09/26/21 | Pending | -- | -- | -- |
| 09/01/2021 09/01/21 | For Sale | $1,750,000 | 0.0% | $774 / Sq Ft |
| 05/02/2021 05/02/21 | Pending | -- | -- | -- |
| 04/23/2021 04/23/21 | For Sale | $1,750,000 | 0.0% | $774 / Sq Ft |
| 02/12/2021 02/12/21 | Pending | -- | -- | -- |
| 05/23/2020 05/23/20 | For Sale | $1,750,000 | -- | $774 / Sq Ft |
Purchase History
| Date | Type | Sale Price | Title Company |
|---|---|---|---|
| Warranty Deed | $1,680,000 | Rainier Title | |
| Warranty Deed | -- | -- |
Mortgage History
| Date | Status | Loan Amount | Loan Type |
|---|---|---|---|
| Previous Owner | $250,000 | Future Advance Clause Open End Mortgage | |
| Previous Owner | $250,000 | Credit Line Revolving | |
| Previous Owner | $250,000 | Credit Line Revolving |
Source: Northwest Multiple Listing Service (NWMLS)
MLS Number: 2389394
APN: 252404-9068
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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.
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