2820 15th Avenue, Seattle, WA 98119

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Listing Firm: Paragon Real Estate Advisors (206-623-8880). Listings with the three tree icon are courtesy of NWMLS.

2820 15th Avenue

Seattle, WA 98119

LISTING #2527028

REQUEST DETAILS SCHEDULE A SHOWING

$4,000,000

STATUS Active

YEAR BUILT 1969

PROPERTY TYPE Residential Income

ABOUT THIS PROPERTY

The property consists of 19 one-bedroom / one-bathroom units, one one-bedroom + office / one-bathroom, and one three-bedroom / two-bathroom unit, totaling 14,975 rentable square feet across three stories of wood-frame construction. The property has been meticulously maintained during the current ownership and this is the first time the property has been marketed in 33 years. Current rents average below market across the portfolio, with one-bedroom units running approximately 6% below comparable market rents and the three-bedroom unit carrying meaningful additional upside. An investor operating the building at market rents and fully charging for parking and storage will bring the proforma cap rate to 7.0% with minimal capital needed. The building has been meticulously maintained throughout the current ownership. In 2016, elastomeric waterproof paint was applied to the rockcrete siding, the roof was replaced in 2019 along with the main water supply line, and in 2023/2024 the main sewer drain line and underground cast iron plumbing was replaced. Interbay 21 Apartments offers convenient access to major public transportation routes while being in close proximity to the employment centers, dining, retail, and neighborhood amenities of Queen Anne, Ballard, Interbay, and Magnolia. The building’s location on a quiet residential street provides a strong lifestyle appeal for its tenants and will be highly desirable for future tenants as well.

PROPERTY DETAILS

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Location Information

County King

Community Seattle

Latitude 47.645614

Longitude -122.375791

Directions Continue onto Elliot Ave W towards Ballard. Continue onto 15th Ave W. Turn right onto W Armour St. Turn left. Destination will be on the left.

Subdivision Name Interbay

Interior Features

Has Fireplace No

Number of Fireplaces 0

Heating Wall Furnace

Cooling None

Floors Laminate, Carpet

Exterior Features

Style 10+ Units

Is New Construction Yes

Exterior Stucco

Foundation Poured Concrete

Roof Flat

Water Source Public

Septic or Sewer Sewer Connected

Covered Spaces 0

Power Production Type Electric

Parking Spaces 20

Lot Size in Acres 0.3891

Lot Size in Sq. Ft. 16,950

Building Total Area 14975 Square Feet

Has Waterfront No

Has View No

School

High School District Seattle

Additional Information

Possession Closing

Property Type Residential Income

Property Subtype Multi Family

Structure Type Multi Family

Year Built 1969

Status Active

Tax Year 2026

Tax Amount $52,945

Lot Acres Source Public Records

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