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Magnolia 7 Unit 2109 W Raye St 7 Unit Apartment Building $1,300,000 ($185,714/Unit) Seattle, WA 98199
Investment Highlights
- Massive Value-Add Opportunity, in-place rents are 48% below market
- Views of Elliott Bay
- Minutes from Magnolia Village retail, dining, and services
- Irreplaceable Land & Zoning, Oversized 11,000 SF lot
- Territorial views of Interbay and Queen Anne
Executive Summary
Paragon Real Estate Advisors is pleased to present the opportunity to acquire 2109 W Raye Street, a 7-unit apartment building (6 units + 1 non-conforming unit) 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. Contact listing agent for more details.
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. Contact listing agent for more details.
Property Facts
| Price | $1,300,000 | Building Class | C |
| Price Per Unit | $185,714 | Lot Size | 0.25 AC |
| Sale Type | Investment | Building Size | 3,409 SF |
| No. Units | 7 | No. Stories | 1 |
| Property Type | Multifamily | Year Built | 1955 |
| Property Subtype | Apartment | Parking Ratio | 2.35/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | LR3 (M) | ||
| Price | $1,300,000 |
| Price Per Unit | $185,714 |
| Sale Type | Investment |
| No. Units | 7 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.25 AC |
| Building Size | 3,409 SF |
| No. Stories | 1 |
| Year Built | 1955 |
| Parking Ratio | 2.35/1,000 SF |
| Zoning | LR3 (M) |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 5 | $922.50 | 385 |
| 2+1 | 2 | $1,073 | 684 - 800 |
1 1
Bike Score®
Biker's Paradise (90)
Property Taxes
| Parcel Number | 277160-0270 | Improvements Assessment | $1,000 |
| Land Assessment | $1,683,000 | Total Assessment | $1,684,000 |
Property Taxes
Parcel Number
277160-0270
Land Assessment
$1,683,000
Improvements Assessment
$1,000
Total Assessment
$1,684,000
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