Property Details
2020 Eastlake Avenue E
Seattle, WA 98102
$1,475,000
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Property Overview
Rare development opportunity for Townhome Builder or Value-Add Investor in the heart of the South Lake Union/Eastlake corridor. Prime lot offers sweeping, protected views of Lake Union, the Seattle Skyline, and the Olympic Mountains. Able to accommodate 4-5 new townhomes. Two larger townhomes could be built off the alley & three smaller ones facing Lake Union (or vice versa). Avg unit size = 1,793 sq ft. The property currently houses a very clean, well-maintained, solid income producing 4-plex generating healthy returns while you navigate the permitting process. Landlord has never increased rent on a tenant. Zero vacancy. Outstanding tenants. Rents below market rate. Each unit features 1 bed/1 bath, fireplace, washer/dryer, dishwasher, hardwood flooring, parking. Large living rm could easily accomodate a 2nd bdrm in each unit. View photos shot from future 3rd -4th floor/roof top deck of this Bldg. Located on bus line & w/in walking distance to Amazon, Google, and the life sciences hub. 5 off-street parking spaces in rear. Zoned LR2(M), allowing for up to 4 stories with rooftop decks. Ideal opportunity for investor, builder or owner/occupant!
Property Details
Property Information
Property Type
Residential Income
Subtype
Multi Family
Status
Active
County
King
Neighborhood
Eastlake
Listed
Feb 17, 2026
Original Price
$1,600,000
Financial Summary
Cap Rate
4.56%
Net Operating Income
$67,315
Gross Scheduled Income
$87,300
Gross Rent Multiplier
16.89
Total Expenses
$19,984
Building & Use
Building Sq Ft
3,000
Leasable Area
3,000 sqft
Total Units
4
Zoning
Multi-Family
Possible Use
Multi-Family
Lot Size
5,127 sqft
Year Built
1987
Exterior & Lot
Lot Size
0.12 sqft
Year Built
1987
Exterior Materials
Brick
Sewer
Sewer Connected
Water Source
Public
Lot Features
Alley, Curbs, Paved, Sidewalk
Exterior Features
Brick
Location
City
Seattle
County
King
Coordinates
47.63744, -122.32554
Additional Information
Tax Year
2025
Annual Taxes
$13,690
Possession
Array
Based on information submitted to the MLS GRID as of April 25, 2026 5:10 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.
