Property Details
1425 Palm Avenue SW
Seattle, WA 98116
$1,700,000
Active
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Property Overview
The offering consists of a five-unit multifamily property comprised entirely of one-bedroom/one-bathroom units, with updates completed over the years and Elliott Bay views from the upper units. The property offers potential to add an additional unit with a private entrance, creating further income upside (Buyer to Verify). Adjacent to the building is a 2,100 square foot flat lot that is well suited for townhouse-style development, with upper-floor views enhancing the site’s long-term redevelopment or expansion potential. Currently, two of the five units have been renovated, while the remaining units present a clear value-add opportunity through cosmetic upgrades, allowing new ownership to push rents toward market levels. The property is well maintained and features original hardwood floors, abundant storage, recently resealed back decks, updated electrical systems with full rewiring, copper plumbing, five individual gas furnaces, and on-site coin-operated laundry, providing a strong foundation for stable operations and future improvements.
Property Details
Property Information
Property Type
Residential Income
Subtype
Multi Family
Status
Active
County
King
Neighborhood
North Admiral
Listed
Jan 21, 2026
Financial Summary
Cap Rate
3.35%
Net Operating Income
$56,938
Gross Scheduled Income
$103,768
Gross Rent Multiplier
16.38
Total Expenses
$41,642
Vacancy Rate
5.0%
Building & Use
Building Sq Ft
4,243
Leasable Area
4,243 sqft
Total Units
5
Lot Size
6,451 sqft
Year Built
1913
Exterior & Lot
Lot Size
0.15 sqft
Year Built
1913
Exterior Materials
Wood
Sewer
Sewer Connected
Exterior Features
Wood
Location
City
Seattle
County
King
Coordinates
47.59098, -122.38474
Additional Information
Tax Year
2025
Annual Taxes
$14,469
Possession
Array
Based on information submitted to the MLS GRID as of April 25, 2026 5:11 PM. 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.
IDX information is provided exclusively for consumers’ personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Copyright 2026 NWMLS. All rights reserved.
IDX information is provided exclusively for consumers’ personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Copyright 2026 NWMLS. All rights reserved.
