Property Details

2109 W Raye St

Seattle, WA 98199

$1,300,000

Available

CBA# 709095 courtesy of CBA Listing firm: Paragon Real Estate Advisors

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Commercial

Property Type

3,409

Bldg Sq Ft

Units

5.00%

Cap Rate

1955

Year Built

Property Overview

7-unit apartment building (6 units + 1 non-conforming) located in Seattle’s highly desirable Magnolia neighborhood. The property sits on an oversized 11,000 square foot LR3 (M) zoned lot, offering investors a rare combination of significant operational upside, long-term redevelopment optionality, and premium location fundamentals. The asset is currently 48% below market rents and 76% below renovated market rents, creating immediate and meaningful upside through a systematic renovation and lease-up strategy. Investors can capitalize on strong in-place demand while preserving future development flexibility under favorable zoning. Additionally, four adjacent properties are also available for sale, providing a compelling assemblage opportunity for developers or long-term holders seeking scale.