West Seattle 5 8821 35th Ave SW 5 Unit Apartment Building $1,050,000 ($210,000/Unit) 4.81% Cap Rate Seattle, WA 98126

Paragon Real Estate Advisors is pleased to present the exclusive listing of the West Seattle 5. Seller financing is available with attractive terms: 25% down payment and 5% interest-only payments for five years.
This well-located 5-unit property offers a compelling value-add investment opportunity through both operational improvements and unit renovations. A new owner can unlock immediate upside by implementing a utility bill-back system for water, sewer, and garbage, as well as charging for storage and reserved off-street parking. Additionally, completing full unit renovations and bringing rents up to market levels provides a clear path to repositioning the asset and enhancing long-term returns. The property is part of phase 2 of the Seattle One Plan upzone. The proposed zoning is LR3 which creates future development potential.
The unit mix includes two 1-bedroom/1-bathroom units and three 2-bedroom/1-bathroom units, all in classic, well-maintained condition. The property also features an owned, coin-operated common laundry area (one washer and dryer), five tenant storage units, and five off-street parking spaces accessible via the alley.
Located in the desirable Fauntleroy neighborhood of West Seattle, the West Seattle 5 benefits from close proximity to Lincoln Park and the Fauntleroy Ferry Terminal, offering direct access to Vashon Island and Southworth. Residents enjoy a unique blend of urban convenience and suburban tranquility, nearby parks, and Westwood Village Shopping Center just a few blocks away. The property is also well-connected by public transit, with multiple bus lines providing easy access to downtown Seattle and surrounding neighborhoods.