The Surf Apartments 3035 64th Ave SW 8 Unit Apartment Building $2,195,000 ($274,375/Unit) 4.95% Cap Rate Seattle, WA 98116

Paragon Real Estate Advisors is pleased to present the Surf Apartments, an 8 unit multifamily investment located at 3035 64th Ave SW in the heart of Alki, one of West Seattle’s most desirable and irreplaceable beachfront neighbor-hoods. Less than a block from the shoreline and surrounded by iconic restaurants, cafés, parks, and waterfront amenities, the property is ideally positioned to benefit from strong renter demand, exceptional walkability, and the ongoing popularity of the Alki Beach corridor. Opportunities to acquire apartments in Alki are extremely limited due to the area’s historically low transaction velocity, making Surf Apartments a rare chance to own a high demand coastal asset.
Built in 1957 and recently refreshed with extensive building updates, Surf Apartments features efficient one-bedroom layouts with well maintained and functional interiors. Several major building systems have been improved over the years including double paned windows, Hardie fiber cement siding, a new water main line, and recently replaced hot water tanks, with select units also receiving upgraded electrical panels and plumbing updates. Interiors remain clean and consistent with long term ownership, creating a clear opportunity for value through modern renovation.
With current rents below market for one-bedroom apartments in the Alki neighborhood, new ownership can increase revenue through completing interior up-grades and by renting out the existing storage units for additional income. The property includes common laundry with the ability to add a washer and dryer, individual tenant storage lockers, and is situated in a quiet residential pocket just steps from Seattle’s most popular beachfront.
With its unmatched location, long term tenant stability, and multiple paths to income enhancement, Surf Apartments offers a rare opportunity to acquire a well-maintained asset with significant operational upside and strong long-term value in one of Seattle’s highest demand coastal submarkets.