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$1,300,000 Just Listed

  • For Sale
  • Active
  • Multi-Family
  • Updated 2 hours ago

Listed by Michael Urquhart | Paragon Real Estate Advisors | (206) 623-8880 and Ben Douglas | Paragon Real Estate Advisors | (206) 623-8880

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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.

Full Property Details for 2109 W Raye St

General

  • Price: $1,300,000
  • Taxes: $16,857 (2025)
  • Status: Active
  • Type: Multi-Family
  • Source: NWMLS
  • MLS ID: 2484217
  • Updated: Today (2/24/2026)
  • Added to Site: Today

Interior

  • Flooring: Vinyl, Carpet

Parking

  • Carport Spaces: 2
  • Covered Spaces: 2

Location

  • Area: 700 - Queen Anne/Magnolia
  • County: King
  • Subdivision: Magnolia
  • Driving Directions: From I5 take exit for NE 80th. Left on 15th ave NW right on W Dravus. Left on 20th. Straight on Thorndyke. Property is on the left.

School Information

  • High School District: Seattle

Heating & Cooling

  • Cooling Type: None
  • Heating Type: Baseboard

Utilities

  • Sewer: Sewer Connected

Structural Information

  • Structure Type: Multi Family
  • Exterior Const.: Cement Planked, Wood Products
  • Foundation: Poured Concrete
  • Roof: Flat
  • Stories in Building: 2
  • Square Feet: 3,409
  • Year Built: 1955

Unit Information

  • Units in Building: 7

Lot Features

  • Lot Size (Acres): 0.2525
  • Lot Size (Sq. Ft.): 11,000
  • Lot Size Source: LR3 (M)
  • Zoning: Multi-Family

Financial Considerations

  • Tax Amount: $16,857
  • Tax Year: 2025
  • Terms: Cash

Disclosures and Reports

  • Special Conditions: None
  • Property ID: 2771600270

Listed by Michael Urquhart | Paragon Real Estate Advisors | (206) 623-8880 and Ben Douglas | Paragon Real Estate Advisors | (206) 623-8880

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NMLS#: 1598647

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Schools serving 2109 W Raye St

School District:Seattle School District
NameGradesDistance
Magnolia Elementary School
2418 24th Avenue West, Seattle, WA 98199
PK-50.3 mi
Mcclure Middle School
1915 1st Avenue West, Seattle, WA 98119
6-81.2 mi
Ballard High School
1418 Northwest 65th Street, Seattle, WA 98117
9-122.4 mi
Disclaimer: School attendance boundaries provided by Pitney Bowes and are for reference only. Contact the school directly to verify enrollment eligibility.

Price & Sales History for 2109 W Raye St Get Price Alerts and Save Property

Date
Details
Price
Change
Source
2/24/2026
Listed
$1,300,000
73.33%
MLS
6/14/1989
Sold
$750,000
—
Public Record
Get Price Alerts and Save Property
Disclaimer: Historical sales information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.

Tax History for 2109 W Raye St

Year
Property Taxes
Change
Tax Assessment
Change
2024
$16,393
—
$1,684,000
-7%
2024
$16,393
4%
$1,816,000
—
2022
$15,825
-11%
$1,816,000
—
2021
$17,861
11%
$1,816,000
10%
2020
$16,126
11%
$1,651,000
—
2019
$14,500
4%
$1,651,000
20%
2018
$13,932
28%
$1,376,000
25%
2017
$10,886
-3%
$1,101,000
—
2016
$11,234
13%
$1,101,000
11%
2015
$9,901
-4%
$991,000
6%
2014
$10,276
—
$936,000
—
View All
Disclaimer: Historical tax information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.

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Listed by Michael Urquhart | Paragon Real Estate Advisors | (206) 623-8880 and Ben Douglas | Paragon Real Estate Advisors | (206) 623-8880

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2109 W Raye Street, Seattle, WA 98199 (MLS# 2484217) is a Multi-Family property with 7 units containing 0 bedrooms and 0 full bathrooms. 2109 W Raye Street is currently listed for $1,300,000 and was received on February 24, 2026. Want to learn more about 2109 W Raye Street? Do you have questions about finding other Multi-Family real estate for sale in Broadway? You can browse all Broadway real estate or contact a Coldwell Banker agent to request more information.

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