2109 W Raye Street, Seattle, WA 98199

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.

Listing Status:

Active

Data Last Updated:

April 2, 2026 at 2:22PM

Listing Office:

Paragon Real Estate Advisors : 206-623-8880

Listing Agent:

Michael Urquhart : 206-623-8880

MLS ID:

2484217

Interior

• Flooring: VinylCarpet
• A/C: None
• Heating: Baseboard
• Fireplace: Fireplaces: 0

Exterior

• General: Cement PlankedWood Products
• Parking: Parking spaces: 0

Construction

• Roofing: Flat
• General: 55 - 5-9 UnitsPoured Concrete

Location

• HOA Amenities: 0.0
• Originating MLS: nwmls
• School District: Seattle
• County: King

Lot

• Zoning: 2771600270

Utilities

• Sewer: Sewer Connected

Financial

• Source: nwmls