Belvedere Apartments 3425 14th Ave W 19 Unit Apartment Building $4,395,000 ($231,316/Unit) 4.51% Cap Rate Seattle, WA 98119

Paragon Real Estate Advisors is pleased to present the Belvedere Apartments, a well-located multifamily investment positioned in Seattle’s Queen Anne / Interbay corridor with expansive views overlooking Interbay, Magnolia, and Fishermen’s Terminal. The property offers investors the rare opportunity to acquire an asset in one of Seattle’s most upscale neighborhoods.
Belvedere Apartments is a 19-unit multifamily property constructed in 1989 and situated on a 9,000-square-foot lot zoned LR3 RC (M). The unit mix consists of a combination of large studio units and large one-bedroom residences with an average unit size of approximately 646 square feet. The unit configuration supports consistent long term tenants while allowing for continued rent growth. A majority of the units have received interior updates including refreshed cabinetry, LVP flooring, and a mix of Formica, granite, and quartz countertops.
The building has benefited from capital improvements over the year including the installation of a new TPO roof in 2025. Other building systems include copper plumbing, GE electrical panels, and double-pane aluminum windows. Additional amenities such as secured covered garage parking, a secured entry intercom system, in-unit water tanks, on-site laundry, and basement storage units further enhance tenant appeal and contribute to operational stability. There is also potential to add in-unit washers and dryers (subject to buyer verification), offering an additional avenue for future rental income creation.
The location remains a key driver of demand. Belvedere Apartments offers convenient access to major public transportation routes while being in close proximity to the employment centers, dining, retail, and neighborhood amenities of Queen Anne, Interbay, and Magnolia. The building’s location on a quiet residential street provides a strong lifestyle appeal for its tenants and will be highly desirable for future tenants as well. The Belvedere Apartments represents an attractive opportunity to acquire a well-maintained multi-family asset in an excellent location.
Belvedere Apartments is available to purchase individually; The property is also part of a three-property portfolio sale that may also be acquired together. See listings for the Pacific Apartments and the Bay Ridge Apartments for more information.