Property Details
3438 14th Avenue W
Seattle, WA 98119
$1,150,000
Active
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Property Overview
Perched high above the street, in one of Seattle's most reliably rented neighborhoods, this triplex provides a genuine sense of privacy and security to tenants, a sought-after respite increasingly rare in urban Seattle. These features, plus four parking stalls on a private dead-end alley, in-unit laundry, and northwest facing decks translate directly into tenant stability.All three units are currently occupied. Financials include a normalized cap rate on actual rents. The normalized figure removes one-time repairs, costs not inherited by a new owner. The vacancy reserve is a conservative underwriting cushion, not a reflection of this property's rental history.Unit 1 produces strong income today with fireplace, full appliances, and a private deck. Units 2 & 3 rents are below Interbay market rate for in-unit laundry 1BRs, offering a clear path to a higher cap rate and upside potential without capital investment.Solidly built, this triplex features a standing metal roof, copper plumbing, and fresh exterior paint. Added storage in the 330 SF flexible basement. Native landscaping keeps grounds simple to maintain with minimal costs. Fix up interiors on your timeline and collect strong rents in the meantime.Zoned LR1(M) on a 6,000 SF lot with alley access along a corridor that attracts density & long-term investment. This Interbay triplex offers a stable, fully occupied diamond-in-the rough asset with clear upside potential & multiple paths to improved returns.
Property Details
Property Information
Property Type
Residential Income
Subtype
Multi Family
Status
Active
County
King
Neighborhood
Interbay
Listed
Jul 9, 2026
Original Price
$1,200,000
Structure Type
Triplex
Parcel Number
2770604580
Tax & HOA
Annual Property Tax
$14,430 (2026)
Est. Monthly Tax
$1,203/mo
Financial Summary
Cap Rate
3.81%
Net Operating Income
$43,769
Gross Scheduled Income
$71,400
Gross Rent Multiplier
16.11
Total Expenses
$23,347
Vacancy Rate
6.0%
Building & Use
Building Sq Ft
3,110
Leasable Area
2,780 sqft
Total Units
3
Zoning
See Remarks
Possible Use
See Remarks
Lot Size
5,998 sqft
Year Built
1963
Exterior & Lot
Lot Size
0.14 sqft
Year Built
1963
Exterior Materials
Wood
Sewer
Sewer Connected
Water Source
Public
Lot Features
Alley, Curbs, Paved, Sidewalk
Exterior Features
Wood
Community & Access
Directions
From 15th Ave W head east on W Dravus, north on 14th W a couple of blocks, apartment is on the east side of the street.
Location
City
Seattle
County
King
Coordinates
47.65146, -122.37452
Additional Information
Tax Year
2026
Annual Taxes
$14,430
Possession
Array
Based on information submitted to the MLS GRID as of August 11, 2026 3:00 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.
