About this home

The Portage Bay Plaza located at 3261 Fuhrman Ave E, presents a rare opportunity to invest in the extremely well-located north end of Portage Bay between the Eastlake and Montlake neighborhoods. The property offers large floor plans with a mix of seven 1-bedroom / 1-bath units and two 2-bedroom / 1.5-bath units, plus ample off-street parking. Wood-frame construction with a well-maintained brick exterior gives the building genuine mid-century character, while private decks with views of the Bay set it apart from typical residences in the neighbor-hood. Sitting on a large 9,220 SF parcel zoned LR3 (M), the property also carries long-term redevelopment optionality for townhomes or a larger apartment project. Current ownership has well maintained the property with meaningful recent capital improvements, while a new owner has an attractive opportunity to increase income by bringing on professional management and completing interior renovations. The majority of units feature hardwood or LVP flooring, with recent upgrades including updated cabinetry, quartz countertops, stainless-steel appliances, and mod-ern lighting. This leaves a clear and straightforward path to increasing value: finish the renovation program in the units that have not yet been updated, push parking income toward market, and add in-unit laundry to more units, which ownership has already proven out by converting one unit during their hold.

Around this home

Property details

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Source: Walk Score®, Bike Score® and Transit Score® are provided by Walk Score (walkscore.com), a third-party service. This is not Northwest MLS listing data.

• Adams Elementary School

  Public · Grades K-5 · 3.7 mi · State rank 75 of 1,160
  10/10
• Aki Kurose Middle School

  Public · Grades 6-8 · 7.4 mi · State rank 240 of 534
  6/10
• Alan T. Sugiyama High School

  Public · Grades 9-12 · 8.9 mi
  —

Schools shown are the nearest public Elementary, Middle, and High school for this property and may not be the assigned schools. Verify attendance boundaries with the district before purchasing.

Source: RexMont estimate, not Northwest MLS listing data. Interest rates from Freddie Mac's Primary Mortgage Market Survey via FRED (Federal Reserve Bank of St. Louis). Property tax and HOA dues from the NWMLS listing where provided, otherwise estimated; insurance estimated at 0.3% of price per year.

Estimate only. Actual payment depends on credit, lender, and program. PMI not included for down payments below 20%.

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Market pulse

Seattle is a balanced market.

Supply and demand are roughly in balance. Neither side has a clear edge.

• Offer insight: Homes typically sell with one offer near asking price.

• List to sale price: The average home sells for about 1% below list price.

• Time on market: The average home goes pending in around 51 days.

Market data from MLS GRID / NWMLS · Updated Sep 2026