Log In/Sign Up
Your email has been sent.
2215 W Raye St
Seattle, WA 98199
Magnolia Triplex · Multifamily Property For Sale
·
3 Units
Investment Highlights
- Iconic Seattle Views
- Fireplaces, In-Unit W/D, Formal Dining Rooms, & Large Covered View Decks
- Large Two-Bedroom Units
Executive Summary
Premier Magnolia Triplex Featuring Expansive 3BR 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 three-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 3BR/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.
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 three-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 3BR/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 Facts Under Contract
| Price Per Unit | $450,000 | Apartment Style | Low-Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 5% | Lot Size | 0.11 AC |
| Gross Rent Multiplier | 12.5 | Building Size | 3,683 SF |
| No. Units | 3 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1965 |
| Property Subtype | Apartment | Parking Ratio | 2/1,000 SF |
| Zoning | LR1 (M) | ||
| Price Per Unit | $450,000 |
| Sale Type | Investment |
| Cap Rate | 5% |
| Gross Rent Multiplier | 12.5 |
| No. Units | 3 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.11 AC |
| Building Size | 3,683 SF |
| No. Stories | 2 |
| Year Built | 1965 |
| Parking Ratio | 2/1,000 SF |
| Zoning | LR1 (M) |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 3+2 | 2 | $3,002 | 1,244 |
| 2+1 | 1 | $2,500 | 1,195 |
Property Taxes
| Parcel Number | 277160-0415 | Improvements Assessment | $509,000 |
| Land Assessment | $1,057,000 | Total Assessment | $1,566,000 |
Property Taxes
Parcel Number
277160-0415
Land Assessment
$1,057,000
Improvements Assessment
$509,000
Total Assessment
$1,566,000
1 of 11
Videos
Matterport 3D Exterior
Matterport 3D Tour
Photos
Street View
Street
Map
