Bought with: TEC Real Estate Inc.
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2109 W Raye ST Seattle, WA 98199
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Key Details
Sold Price $800,000
Property Type Multi-Family
Sub Type Multi Family
Listing Status Sold
Purchase Type For Sale
Square Footage 3,409 sqft
Price per Sqft $234
Subdivision Magnolia
MLS Listing ID 2536841
Sold Date 07/27/26
Style 55 - 5-9 Units
Bedrooms 9
Year Built 1955
Annual Tax Amount $16,857
Lot Size 0.253 Acres
Property Sub-Type Multi Family
Property Description
7-unit apartment building (6 units + 1 non-conforming) located in Seattle's highly desirable Magnolia neighborhood. The property sits on an oversized 11,000 square foot LR3 (M) zoned lot, offering investors a rare combination of significant operational upside, long-term redevelopment optionality, and premium location fundamentals. The asset is currently 48% below market rents and 76% below renovated market rents, creating immediate and meaningful upside through a systematic renovation and lease-up strategy. Investors can capitalize on strong in-place demand while preserving future development flexibility under favorable zoning. Additionally, four adjacent properties are also available for sale, providing a compelling assemblage opportunity for developers or long-term holders seeking scale.
Location
State WA
County King
Area 700 - Queen Anne/Magnolia
Interior
Flooring Vinyl, Carpet
Fireplace false
Exterior
Exterior Feature Cement Planked, Wood Products
View Y/N No
Roof Type Flat
Building
Sewer Sewer Connected
New Construction No
Schools
School District Seattle
Others
Senior Community No
Acceptable Financing Cash
Listing Terms Cash
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