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406 E Madrona Boulevard NW, Lakebay, WA, 98349

1beds
1baths
864sqft
$309,000
$358price/sqft
$2,011/moest. monthly cost
$80,440/yrincome needed

About This Home

Hop on the ferry, watch the mainland shrink behind you, and arrive somewhere most people never find. Herron Island is one of the few remaining private islands in Puget Sound, a close-knit community of just over 100 residents where eagles fly overhead, deer wander freely, and the outside world genuinely feels far away. Spend your days exploring North Beach Park, walking the natural shoreline of South Beach, or unwinding at Goodpastor Park. It is the kind of place people stumble onto and never stop thinking about. This 1 bed, 1 bath bungalow plus bonus room sits on just over a half-acre, one of the larger buildable lots on the island, and has been thoughtfully improved with a full gut renovation of the kitchen and bathroom and all-new appliances. The groundwork for a little homestead life is already here, a deer-proof fenced garden area where dahlias once flourished and a chicken coop ready for new tenants. Use it as your personal escape, rent it out while you are away, or hold it and build something bigger down the road. HOA covers water. Access via the community ferry "Charlie Wells," a 10-minute crossing that makes all the difference. Step off the ferry and you will pass a general store currently under construction, close enough that your ice cream won't have a chance to melt.

Getting Around

0
WalkingCar-Dependent
0
TransitVery Limited Transit
2
BikeSomewhat Bikeable

Schools

7/10
5/10
8/10
Peninsula High SchoolGrades 9-1213.2 mi

Construction

Condition

  • Year built: 1982

Materials

  • Foundation: Block
  • Roof: Composition
  • Construction materials: Wood Siding

Notable Dates

  • Major remodel year: 1982

Type & Style

  • Home type: SingleFamily
  • Architectural style: 2 Story
  • Property subType: Single Family Residence

Interior

Appliances

  • Appliances included: Dishwasher,Dryer,Refrigerator,Stove(s)/Range(s),Washer,Dishwasher(s),Dryer(s),Refrigerator(s),Washer(s)

Basement

  • Basement: None

Bathroom Full

  • Level: Main

Bedrooms & Bathrooms

  • Bedrooms: 1
  • Bathrooms: 1
  • Full bathrooms: 1
  • Main level bathrooms: 1

Entry Hall

  • Level: Main

Features

  • Flooring: Laminate
  • Number of fireplaces: 1
  • Fireplace features: Wood Burning,Main Level: 1,Fireplace
  • Fireplace: Yes

Heating & Cooling

  • Heating features: Fireplace,Ductless,Electric,Wood
  • Cooling features: Ductless

Interior Area

  • Total structure area: 864
  • Total interior livable area: 864 sqft

Kitchen With Eating Space

  • Level: Main

Living Room

  • Level: Main

Master Bedroom

  • Level: Second

Other

  • Level: Main

Utility Room

  • Level: Main

Property

Details

  • Parcel number: 4450500661
  • Zoning: R10
  • Special condition: Standard

Features

  • Levels: Two
  • Stories: 2
  • Entry location: Main
  • Patio & porch: Fireplace
  • Topography of land: Level
  • Residential vegetation: Fruit Trees,Garden Space

Lot

  • Lot size: 0.59 Acres
  • Features: Deck,Fenced-Partially,Green House,Outbuildings

Parking

  • Parking features: Driveway,Off Street

Climate Risk is Financial Risk

Every home has a financial story beyond the listing price. Below, you’ll see the climate risks that could affect this property — and in Bills & Affordability, how those risks may influence repairs, insurance, utilities, and long-term value.

Biggest Threats for This Home

  • Coastal Flooding
    Coastal FloodingRelatively High
  • Earthquake
    EarthquakeRelatively High
  • Heat Wave
    Heat WaveModerate
  • Inland Flooding
    Inland FloodingModerate

How This Home’s Risks Compare

Coastal Flooding
Earthquake
Heat Wave
Inland Flooding

FEMA Declared Disasters in Pierce County and Washington

Fire
Flood
Mud Landslide
Severe Storm
Straight Line Winds
Winter Storm

Understanding the Costs

Financial advisors generally recommend spending no more than 30% of your gross household income on housing costs. In practice, many households stretch to 35% or beyond — especially in high-cost markets.

Estimated Costs Today

MonthlyAnnual
Mortgage $1,562$18,744
Home Insurance *$93$1,116
Property Taxes $207$2,484
Electricity $149$1,793
Total$2,011$24,132
*Does not include cost of any FAIR Plan premiums

Income You'd Need if You Spent...

35% on housing$68,948/yr
40% on housing$60,330/yr
45% on housing$53,626/yr

Washington FAIR Plan Programs

Washington FAIR Plan

Covered
WildfireWildfire
Add-on available
HailHail
WindWind
Visit Website →
Current Policies
Residential: 306Commercial: 55
Total Premiums$858,000
Total Exposure$176.33M

How Costs Could Change Over Time

Climate risk is quickly impacting all of the major home ownership costs. Adjust the growth rates and percentage of income spent on housing below to see how your housing costs could change over the next 10 years — and what income you'd need to keep up.

Insurance Growth Rate5-year average: 9.9%
9.9%
0%30.0%
Electricity Growth Rate10-year average: 3.0%
3.0%
0%15.0%
Property Taxes Growth Rate2-year average: 1.6%
1.6%
0%15.0%
Income Spent on Housing
30%
30%45%

Comparing Against the Market

Price Per Sq Ft

$358This listing

vs Other Active Listings

Avg $/sqft

ZIP 98349$224
Pierce County$262

vs Homes Sold Last Month

Median $/sqft

ZIP 98349$281
Pierce County$312

Current Market Trends

Median Price Per Square Foot

The median price per square foot of homes sold in this area each month. Compare this to this listing's price per square foot to gauge whether the home is priced in line with recent sales.

Historicals for This Listing

Zestimate History ($/sqft)

Price History

DateEventPrice
2026-02-19Listed for sale$317,000
2024-04-04Sold$225,000
2024-03-05Pending sale$225,000
2024-03-01Listed for sale$225,000

For Sale by Agent

AgentChristopher Floyd
BrokerageMorrison House Sotheby's Intl

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