Property Details
2109 W Raye Street
Seattle, WA 98199
$1,300,000
Active
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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.
Property Details
Property Information
Property Type
Residential Income
Subtype
Multi Family
Status
Active
County
King
Neighborhood
Magnolia
Listed
Jun 8, 2026
Structure Type
Multi Family
Parcel Number
2771600270
Tax & HOA
Annual Property Tax
$16,857 (2025)
Est. Monthly Tax
$1,405/mo
Financial Summary
Cap Rate
6.03%
Net Operating Income
$83,468
Gross Scheduled Income
$145,756
Gross Rent Multiplier
8.92
Total Expenses
$55,000
Vacancy Rate
5.0%
Building & Use
Building Sq Ft
3,409
Leasable Area
3,409 sqft
Total Units
7
Zoning
Multi-Family
Possible Use
Multi-Family
Lot Size
10,999 sqft
Year Built
1955
Exterior & Lot
Lot Size
0.25 sqft
Year Built
1955
Exterior Materials
Cement Plank, Wood
Sewer
Sewer Connected
Exterior Features
Cement Planked, Wood Products
Community & Access
Directions
From I5 take exit for NE 80th. Left on 15th ave NW right on W Dravus. Left on 20th. Straight on Thorndyke. Property is on the left.
Location
City
Seattle
County
King
Coordinates
47.64270, -122.38370
Additional Information
Tax Year
2025
Annual Taxes
$16,857
Possession
Array
Based on information submitted to the MLS GRID as of June 9, 2026 3:15 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.
