2109 W Raye Street, Seattle, WA 98199 (MLS # 2484217)

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Listing provided courtesy of Northwest MLS; Paragon Real Estate Advisors

PRICE $1,300,000
BEDS 0
BATHS 0
HOME SIZE 3,409 sqft
LOT SIZE 10,999 sqft
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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.

LAST UPDATED 2/24/2026 TRACT Magnolia
YEAR BUILT 1955 COMMUNITY Magnolia
COUNTY King STATUS Active
PROPERTY TYPE(S) Multi Family


ADDITIONAL DETAILS
AIR None
AREA 700 - Queen Anne/Magnolia
CONSTRUCTION Cement Siding, Wood Siding
HEAT Baseboard, Electric
LOT 0.2525 acre(s)
MLS STATUS Active
STORIES 2
STYLE 55 - 5-9 Units
SUBDIVISION Magnolia
TAXES 16857
UTILITIES Sewer Connected
ZONING Multi-Family

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Properties with the Logo icon are courtesy of Northwest MLS.

Listings courtesy of Northwest MLS as distributed by MLS GRID. Based on information submitted to the MLS GRID as of 2/24/26 8:43 PM PST. All data is obtained from various sources and may not have been verified by broker or MLS GRID. IDX information is provided exclusively for consumers’ personal noncommercial use, that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.

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