Seller's Agent in 2026
Michael Urquhart
Paragon Real Estate Advisors
(206) 812-9123
1 in this area
88 Total Sales
2109 W Raye St Seattle, WA 98199
Southeast Magnolia Neighborhood
9
Beds
7
Baths
--
Sq Ft
0.25
Acres Lot
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.
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Home Values in the Area
Average Home Value in this Area
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 |
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 |
|---|---|---|---|---|
| 2025 | $18,130 | $1,684,000 | $1,683,000 | $1,000 |
| 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 |
Source: Public Records
Agents Affiliated with this Home
-
Michael Urquhart
-
Ben Douglas
Seller Co-Listing Agent in 2026
Ben Douglas
Paragon Real Estate Advisors
(206) 623-8880
1 in this area
35 Total Sales
Map
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