2109 W Raye StreetSeattle, WA 98199
Listing courtesy of Michael Urquhart of Paragon Real Estate Advisors
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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.
| 3 days ago | Listing updated with changes from the MLS® | |
| 4 days ago | Listing first seen on site |
Listing courtesy of Michael Urquhart of Paragon Real Estate Advisors
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Last checked: 2026-02-28 03:30 AM PST
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