2109 W Raye St Seattle, WA 98199
Southeast Magnolia NeighborhoodEstimated payment $8,102/month
Highlights
- No HOA
- Baseboard Heating
- Carpet
- Mcclure Middle School Rated A-
About This Home
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.
Source: Northwest Multiple Listing Service (NWMLS)
MLS#: 2484217
Property Details
Home Type
- Multi-Family
Est. Annual Taxes
- $16,857
Year Built
- Built in 1955
Parking
- 2 Covered Spaces
Home Design
- Flat Roof Shape
- Poured Concrete
- Cement Board or Planked
- Wood Composite
Interior Spaces
- 3,409 Sq Ft Home
- 2-Story Property
Flooring
- Carpet
- Vinyl
Bedrooms and Bathrooms
- 9 Bedrooms
- 7 Bathrooms
Additional Features
- 0.25 Acre Lot
- Baseboard Heating
Community Details
- No Home Owners Association
- Magnolia Subdivision
Listing and Financial Details
- Assessor Parcel Number 2771600270
Map
Home Values in the Area
Average Home Value in this Area
Tax History
| Year | Tax Paid | Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. | Land | Improvement |
|---|---|---|---|---|
| 2024 | $16,857 | $1,684,000 | $1,683,000 | $1,000 |
| 2023 | $15,825 | $1,684,000 | $1,683,000 | $1,000 |
| 2022 | $17,055 | $1,816,000 | $1,815,000 | $1,000 |
| 2021 | $17,861 | $1,816,000 | $1,815,000 | $1,000 |
| 2020 | $16,126 | $1,816,000 | $1,815,000 | $1,000 |
| 2018 | $13,932 | $1,651,000 | $1,650,000 | $1,000 |
| 2017 | $10,886 | $1,376,000 | $1,375,000 | $1,000 |
| 2016 | $11,234 | $1,101,000 | $1,100,000 | $1,000 |
| 2015 | $9,901 | $1,101,000 | $1,100,000 | $1,000 |
| 2014 | -- | $991,000 | $990,000 | $1,000 |
| 2013 | -- | $936,000 | $935,000 | $1,000 |
Property History
| Date | Event | Price | List to Sale | Price per Sq Ft |
|---|---|---|---|---|
| 02/24/2026 02/24/26 | For Sale | $1,300,000 | -- | $381 / Sq Ft |
Source: Northwest Multiple Listing Service (NWMLS)
MLS Number: 2484217
Disclaimer: Certain information contained herein is derived from information provided by parties other than Homes.com. All information provided is deemed reliable, but is not guaranteed to be accurate and should be independently verified.
All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. Listing information is provided by the Northwest Multiple Listing Service (NWMLS). Property information is based on available data that may include MLS information, county records, and other sources. Listings marked with the 3 tree icon and provided by NWMLS. All properties are subject to prior sale or withdrawal. IDX information is provided exclusively for consumers’ personal noncommercial use, that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing, that the data is deemed reliable but is not guaranteed by MLS GRID. ©2026 NWMLS.
Based on information submitted to the MLS GRID
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Ask me questions while you tour the home.