815 15th Ave E
Seattle, WA 98112
Multifamily Property For Sale · 6 Units

This boutique six-unit apartment building presents an attractive value-add investment opportunity with a desirable mix of unit layouts, including two 2-bedroom/2-bath units, one 2-bedroom/1-bath unit, and three studio and 1-bedroom units. The property offers five off-street parking stalls, on-site laundry and storage, and select in-unit washer/dryer setups, with potential to add additional hookups. Significant capital improvements have already been completed, including replacement of all in-unit and main electrical panels in 2025, updated wiring, and a roof upgrade during current ownership. Interiors feature updated flooring, modern cabinetry, quartz countertops, stainless steel appliances, contemporary lighting, and refreshed bathroom finishes, while several units offer additional upside through kitchen and bath enhancements and space-efficient reconfiguration.
Situated on a 6,070 SF lot zoned Neighborhood Residential (NR), the property also offers compelling long-term development potential under Seattle’s 2026 middle-housing reforms. Current NR standards provide for multiple redevelopment pathways, including townhomes, stacked flats, cottage housing, and small multiplexes, with opportunities for at least four units by right and additional density subject to applicable lot-area and affordability provisions. This creates a rare opportunity to acquire an income-producing asset with immediate value-add potential while retaining the flexibility to pursue a future ground-up redevelopment into for-sale townhomes or a higher-density rental project. Buyer to verify all development potential, zoning, unit counts, and applicable requirements.