$4,000,000
 $21,473 est/mo Sourced by Back At You

2820 15th Avenue,Seattle, WA 98119

Seattle, WA 98119

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Description

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.

Details

MLS #2527028
Listing TypeFor Sale
Sub-TypeResale
StatusPending
Year1969
Days On Site120
Listing Provided ByParagon Real Estate Advisors | Ben Douglas

Features

SQ Feet14,975
Story(s)4
Units21
ZoningMulti-Family
Acreage0.39

Taxes

Property52945

Area Information

StateWA
CountyKing
CitySeattle
Zip Code98119
Area700 Queen Anne | Magnolia
Community NameInterbay
Listing VS Median (in Interbay)
Price:
$4,000,000
low | high
Med:
$1,922,500
100% of Average
sqft:
14,975
low | high
Med:
4,691
100% of Average
$ / sqft:
$267
low | high
Med:
$400
2% of Average
On site:
120
low | high
Med:
42
100% of Average
Sourced by Back At You

Market Activity 98119

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Learn More About This Property

StateWA
CountyKing
CitySeattle
Zip Code98119
Area700 Queen Anne | Magnolia
Community NameInterbay
Listing VS Median (in Interbay)
Price:
$4,000,000
low | high
Med:
$1,922,500
100% of Average
sqft:
14,975
low | high
Med:
4,691
100% of Average
$ / sqft:
$267
low | high
Med:
$400
2% of Average
On site:
120
low | high
Med:
42
100% of Average
Sourced by Back At You
Nearby Listings (Within 1/2 mile)
Price: $3M - $5M
sqft: 11,000 - 18,500
Nearby Listings Property ImageNearby Listings Details
3232 15th Avenue Property Photo 1
$4,300,000
3232 15th Avenue
Seattle, WA 98119
2600 -2626 Thorndyke Avenue Property Photo 1
$6,225,000
2600 -2626 Thorndyke Avenue
Seattle, WA 98119
Listing Updated: September 10, 2026 at 7:35:53 AM PDT