Property Details
2440 Alki Avenue SW
Seattle, WA 98116
$6,500,000
Pending
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Property Overview
Rare opportunity to acquire the Alki Surf Apartments, a trophy waterfront asset in the heart of West Seattle's iconic Alki Beach – one of Seattle's most coveted waterfront corridors with unobstruted west facing views of Puget Sound. First time on the market since the asset was originally developed in 1984. 10 large residential units including (6) 2 bed/2 bath units and (4) 3 bed/2 bath units all with private west-facing balconies. This opportunity offers immediate upside with minimal capital investment. In place rents are approximately 20% below market with additional income growth available through the optimization of utility reimbursement and parking income. Recent Capital Improvements include: New Roof, New Windows, Exterior Paint, New Decks and New Gutters. Must see!
Property Details
Property Information
Property Type
Residential Income
Subtype
Multi Family
Status
Pending
County
King
Neighborhood
Alki
Listed
Feb 24, 2026
Financial Summary
Cap Rate
4.21%
Net Operating Income
$273,444
Gross Scheduled Income
$415,435
Gross Rent Multiplier
15.60
Total Expenses
$125,374
Vacancy Rate
4.0%
Building & Use
Leasable Area
15,300 sqft
Total Units
10
Year Built
1984
Exterior & Lot
Lot Size
0.22 sqft
Year Built
1984
Exterior Materials
Stucco
Sewer
Sewer Connected
Exterior Features
Stucco
Location
City
Seattle
County
King
Coordinates
47.58153, -122.40414
Additional Information
Tax Year
2025
Annual Taxes
$45,450
Possession
Array
Based on information submitted to the MLS GRID as of April 27, 2026 6:30 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.
