$1,300,000
Est. $6,526/mo2109 W Raye Street, Seattle, WA 98199
• Listed 2026-06-08•29 days on market
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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.
Listed by Michael Urquhart • Paragon Real Estate Advisors
Listing updated: June 9, 2026 at 11:58am
RexMont checked: moments ago
Source: NWMLS as Distributed by MLS Grid #2536841
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2109 W Raye Street, Seattle, WA 98199
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Seattle is a seller's market.
Inventory is low and competition is high. Sellers have more negotiating power.
Offer insight: Well-priced homes draw multiple offers; others sell close to asking.
List to sale price: Sale-vs-list ratio data not available for this area.
Time on market: The average home goes pending in around 12 days.
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Distance
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Over list
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Days on market
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Distance
Closed sales from MLS GRID / NWMLS within the past 6 months, matched on property type and within 1 mile. Comps approximate.
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Ask a RexMont agentMarket data from MLS GRID / NWMLS · Updated Jul 2026
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