Property Details

2215 W Raye Street
Seattle, WA 98199
$1,350,000
MLS# 2525633 courtesy of NWMLS Listing firm: Westlake Associates, Inc.

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2215 W Raye Street , Seattle, WA 98199, Seattle

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Multi-Family
Property Type
3,683
Bldg Sq Ft
3
Units
5.00%
Cap Rate
1965
Year Built

Property Overview

Premier Magnolia Triplex Featuring Expansive 2BR Floorplans & Iconic Seattle Views Located at the end of a quiet Magnolia cul-de-sac, 2215 W Raye St presents a rare opportunity to acquire a meticulously maintained and extensively updated triplex featuring oversized two-bedroom floor-plans, sweeping Elliott Bay and city views, and strong in-place cash flow. Originally built in 1965, the property has benefited from major upgrades including copper plumbing supply lines, double-pane vinyl windows, new exterior paint, and renovated unit interiors featuring luxury vinyl plank flooring, updated tile work, and upgraded appliances. The property consists of one 2BR/1BA unit totaling approximately 1,195 SF and two spacious 2BR/1.5BA units averaging approximately 1,244 SF. Each residence offers fireplaces, formal dining rooms, large covered view decks, private in-unit laundry, and highly functional layouts that create a true single-family home feel. The upper two units enjoy panoramic Elliott Bay, Seattle skyline, and Mount Rainier views. The property also offers four dedicated parking stalls plus an attached two-car garage and is ideally located just moments from Bayview Park, Downtown Magnolia’s shops and restaurants, and convenient access to Downtown Seattle, South Lake Union, Queen Anne, Fremont, and Ballard.

Property Details

Property Information

Property Type Residential Income
Subtype Multi Family
Status Active
County King
Neighborhood Magnolia
Listed May 18, 2026

Financial Summary

Cap Rate 5.00%
Net Operating Income $67,483
Gross Scheduled Income $107,976
Gross Rent Multiplier 12.50
Total Expenses $36,174
Vacancy Rate 4.0%

Building & Use

Building Sq Ft 3,683
Leasable Area 3,683 sqft
Total Units 3
Zoning Multi-Family
Possible Use Multi-Family
Lot Size 5,001 sqft
Year Built 1965

Exterior & Lot

Lot Size 0.11 sqft
Year Built 1965
Garage 2 spaces
Exterior Materials Wood
Sewer Sewer Connected
Lot Features Dead End Street, Paved
Exterior Features Wood

Location

City Seattle
County King
Coordinates 47.64270, -122.38550

Additional Information

Tax Year 2026
Annual Taxes $16,301
Possession Array
Listed By
Curran C. Hagstrom
Westlake Associates, Inc.

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