Emma Lazo

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Listing provided courtesy of Paragon Real Estate AdvisorsNWMLSas Distributed by MLSGrid- MLS# NWM2536841MLS Provider

2109 W Raye StreetSeattle, WA 98199

Multi-Family · 9 Beds · 3,409 Sq. ft. | 0.25 Acres
$1,300,000 Active

2109 W Raye Street Overview

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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.

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2109 W Raye Street Facts & Features

  • Type Multi-Family
  • Sq. ft. 3,409
  • Price/Sq.ft. $381
  • Lot 0.25 Acres

Details

General

Association/HOA

  • Association Fee: $0.00

School Information

  • School District: Seattle

Income/Expenses

  • Other Expense: 18079
  • Electric Expense: 0
  • Fuel Expense: 0
  • Gross Scheduled Income: 145756
  • Insurance Expense: 7000
  • Net Operating Income: 83468
  • Total Expenses: 55000
  • Total Monthly Income: 12146
  • Water/Sewer/Garbage: 13064

Building Information

  • New Construction: No
  • Year Built: 1955

Location/Region

  • Country: US
  • County Or Parish: King
  • MLS Area Major: 700 - Queen Anne/Magnolia
  • Subdivision Name: Magnolia

Tax Information

  • Tax Annual Amount: $16,857.00
  • Tax Year: 2025

General Information

  • Listing Terms: Cash
  • Parcel Number: 2771600270
  • Possible Use: Multi-Family
  • Property Sub Type: Multi Family
  • Property Type: Residential Income
  • Senior Community: No
  • Special Listing Conditions: None

Interior

Parking Information

  • Garage Spaces: 0

Beds/Baths

  • Bedrooms Upper: 0

Building Interior

  • Building Area Total: 3409
  • Building Area Units: Square Feet
  • Calculated Square Footage: 3409
  • Square Footage Finished: 0
  • Square Footage Unfinished: 0

General Information

  • Cooling: No
  • Fireplace: No
  • Fireplaces Total: 0
  • Flooring: Vinyl, Carpet
  • Foundation Details: Poured Concrete
  • Heating: Yes
  • Leasable Area: 3409
  • Living Area: 0
  • Main Level Bathrooms: 0
  • Power Production Type: Electric
  • Stories Total: 2

Exterior

Parking Information

  • Open Parking: No
  • Parking Total: 2
  • Parking Uncovered Total: 0

Lot Information

  • Irrigation Water Rights: No
  • Lot Size Acres: 0.2525
  • Lot Size Square Feet: 11000
  • Lot Size Units: Square Feet
  • Elevation Units: Feet

Waterfront/View

  • View: No
  • Waterfront: No

Building Exterior/Construction

  • Roof: Flat
  • Structure Type: Multi Family

General Information

  • Carport Spaces: 2
  • Carport: No
  • Covered Spaces: 2
  • Exterior Features: Cement Planked, Wood Products
  • Number Of Units Total: 7
  • Sewer: Sewer Connected

Unit Information

Unit 2 Details

  • Actual Rent: 1400
  • Beds Total: 1
  • Baths Total: 1

Unit 3 Details

  • Actual Rent: 1400
  • Beds Total: 1
  • Baths Total: 1

Unit 4 Details

  • Actual Rent: 1400
  • Beds Total: 1
  • Baths Total: 1

Unit 5 Details

  • Actual Rent: 1400
  • Beds Total: 1
  • Baths Total: 1

Unit 6 Details

  • Actual Rent: 1400
  • Beds Total: 1
  • Baths Total: 1

Unit 7 Details

  • Actual Rent: 1850
  • Beds Total: 2
  • Baths Total: 1

Unit 1 Details

  • Actual Rent: 1950
  • Beds Total: 2
  • Baths Total: 1

2109 W Raye Street Neighborhood

Community

98199 (Seattle) Demographics

39
Median Age
4,121
Population Density (per sq. mile)
80%
College Educated
$134,709
Estimated Median Income
6,249
Estimated Total Home Owners
4,047
Estimated Total Renters
61% / 39%
Estimated Owner / Renter Divide
2
Estimated Average Household Size
Community data courtesy of LiveBy, Inc.

Schools

School data courtesy of LiveBy, Inc. School ratings are based on a scale of 1-5, with 5 being the highest rating and 1 being the lowest rating.

2109 W Raye Street Monthly Cost

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* All calculations are estimates and provided by Reliance Network, for informational purposes only. Actual amounts may vary. ** Assumes 6.50% APR, 20% down payment, and conventional 30-year fixed rate first mortgage. Rates cited are for instructional purposes only; current rates are subject to change at any time without notice. You should not make any decisions based simply on the information provided. Additional required amounts such as taxes, insurance, homeowner association dues, assessments, mortgage insurance premiums, flood insurance or other such required payments should also be considered. Contact your mortgage company for current rates and additional information. Any mortgage broker or insurance agent that may appear is independent and is not affiliated with, endorsed by, or provided by the MLS.

2109 W Raye Street Market Data

Based on the last 30 days in this zip code

$1,342,947
Average List Price
$623
Average Price per Square Foot
24
Properties Sold
48
Average Days on Market
117
Properties for Sale
Calculations provided by Reliance Network

2109 W Raye Street History

Date Event Value Agent
6/8/2026Source: NWMLS Added to Database
June 08, 2026