SOLD JUL 27, 2026

Listed by Michael Urquhart • Paragon Real Estate Advisors. Bought with TEC Real Estate Inc.

Sold on jul 2026

$800,000

•

7 ba

•

3,409

sq ft

2109 W Raye St, Seattle, WA 98199

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.

Multi-familyProperty Type

1955Year Built

0.25 acresLot Size

$235Price/Sq.Ft.

2 spacesParking

Listed by Michael Urquhart • Paragon Real Estate Advisors

Listed by Brian Platt • Paragon Real Estate Advisors

Bought with Chris Soon • TEC Real Estate Inc.

Redfin checked: 3 minutes ago

•Source:NWMLS as Distributed by MLS Grid #2536841

Redfin Estimate

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Market trends in Interbay, WA

Last updated September 2026

Buyer's Market

Seller's Market

Seller's market

Sale-to-list price

102.0%

+1.1% MoM

Median sale price

$1.0M

$0 MoM

Avg. days on market

0 days MoM

Recently sold homes

2 MoM

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Sale and tax history for 2109 W Raye St

Sale History
Tax History

Year

Property tax

Land + Additions

Assessment*

2026

$18,130 (+7.6%)

$1,683,000 + $1,000

$1,684,000

2025

$16,857 (+2.8%)

$1,683,000 + $1,000

$1,684,000

2024

$16,393 (+3.6%)

$1,683,000 + $1,000

$1,684,000

2023

$15,825 (−7.2%)

$1,683,000 + $1,000

$1,684,000

2022

$17,055 (−4.5%)

$1,815,000 + $1,000

$1,816,000

2021

$17,861 (+10.8%)

$1,815,000 + $1,000

$1,816,000

2020

$16,126 (+11.2%)

$1,815,000 + $1,000

$1,816,000

2019

$14,500 (+4.1%)

$1,650,000 + $1,000

$1,651,000

2018

$13,932 (+28.0%)

$1,650,000 + $1,000

$1,651,000

2017

$10,886 (−3.1%)

$1,375,000 + $1,000

$1,376,000

2016

$11,233 (+13.5%)

$1,100,000 + $1,000

$1,101,000

2015

$9,901 (−3.6%)

$1,100,000 + $1,000

$1,101,000

2014

$10,275 (−1.4%)

$990,000 + $1,000

$991,000

2013

$10,420 (−11.2%)

$935,000 + $1,000

$936,000

2012

$11,730 (−3.7%)

$935,000 + $1,000

$936,000

2011

$12,180 (+7.1%)

$1,210,000 + $1,000

$1,211,000

2010

$11,372 (+18.1%)

$1,210,000 + $1,000

$1,211,000

2009

$9,630

$1,155,000 + $1,000

$1,156,000

Public record

Beds

—

Baths

—

Stories

Lot width

—

Lot depth

—

Lot size

0.25 Acres

Year renovated

1988

Sq. Ft.

3,409

Year built

1955

Style

Multi-Family (5+ Unit)

County

King County

APN

277160 0270

Parking Spaces

—

Basement

—

Accessible

—

HOA Dues

—

Garage

—

Features

—

Last updated by owner on Sep 4, 2026.

Property details

Parking

Parking Information
Covered Spaces: 2
Carport Spaces: 2

Interior

Heating & Cooling
Has Heating
Heating Information: Baseboard
Cooling Information: None

Interior Features
Flooring: Vinyl, Carpet

Multi-Family Financial Information
Insurance Expense: $7,000
Other Expense: $18,079
Net Operating Income: $83,468
Gross Adjusted Income: 138469
Gross Scheduled Income: $145,756
Total Monthly Income: 12146
Gross Rent Multiplier: 8.92
Total Expenses: 55000

Multi-Unit Information
Units Below Grade: false
Units In Building Total: 7
Vacancy Rate: 5
# of Units (Total): 7

Unit Type 1 Information
Unit Name: 1
# of Bathrooms: 1
# of Bedrooms: 2
Fireplaces: 0
Range/Oven: true
Washer/Dryer: false
Refrigerator: true
Dishwasher: false
Unit Sq. Ft.: 800
Actual Rent: $1,950

Unit Type 2 Information
Unit Name: 2
# of Bathrooms: 1
# of Bedrooms: 1
Fireplaces: 0
Range/Oven: true
Washer/Dryer: false
Refrigerator: true
Dishwasher: false
Unit Sq. Ft.: 385
Actual Rent: $1,400

Unit Type 3 Information
Unit Name: 3
# of Bathrooms: 1
# of Bedrooms: 1
Fireplaces: 0
Range/Oven: true
Washer/Dryer: false
Refrigerator: true
Dishwasher: false
Unit Sq. Ft.: 385
Actual Rent: $1,400

Unit Type 4 Information
Unit Name: 4
# of Bathrooms: 1
# of Bedrooms: 1
Fireplaces: 0
Range/Oven: true
Washer/Dryer: false
Refrigerator: true
Dishwasher: false
Unit Sq. Ft.: 385
Actual Rent: $1,400

Unit Type 5 Information
Unit Name: 5
# of Bathrooms: 1
# of Bedrooms: 1
Fireplaces: 0
Range/Oven: true
Washer/Dryer: false
Refrigerator: true
Dishwasher: false
Unit Sq. Ft.: 385
Actual Rent: $1,400

Unit Type 6 Information
Unit Name: 6
# of Bathrooms: 1
# of Bedrooms: 1
Fireplaces: 0
Range/Oven: true
Washer/Dryer: false
Refrigerator: true
Dishwasher: false
Unit Sq. Ft.: 385
Actual Rent: $1,400

Unit Type 7 Information
Unit Name: 7
# of Bathrooms: 1
# of Bedrooms: 2
Fireplaces: 0
Range/Oven: true
Washer/Dryer: true
Refrigerator: true
Dishwasher: false
Unit Sq. Ft.: 684
Actual Rent: $1,850

Exterior

Building Information
Construction Materials: Cement Plank, Wood
Roof: Flat

Exterior Features
Exterior Features: Cement Planked, Wood Products

Property Information
Energy Source: Electric
Style Code: 55 - 5-9 Units
Property Type: Residential Income
Property Sub Type: Multi Family

Land Information
Possible Use: Multi-Family

Lot Information
MLS Lot Size Source: LR3 (M)
Zoning Jurisdiction: City
Lot Size Units: Square Feet
Lot Size Acres: 0.2525
Elevation Units: Feet

Financial

Tax Information
Tax Annual Amount: $16,857
Tax Year: 2025

Financial Information
Listing Terms: Cash
Buyer Financing: Conventional

Utilities

Utility Information
Sewer: Sewer Connected
Water Sewer Garbage: 13064

Location

School Information
High School District: Seattle

Location Information
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.

Public facts

Beds: —
Baths: —
Sq. Ft.: 3,409
Stories: 1.0
Lot Size: 0.25 acres
Style: Multi-Family (5+ Unit)
Year Built: 1955
Year Renovated: 1988
County: King County
APN: 277160 0270

Home facts updated by county records on Sep 4, 2026

Other

Listing Information
Buyer Brokerage Compensation: 1.5
Buyer Brokerage Compensation Type: %
Mls Status: Sold

Listing Date Information
On Market Date: Monday, June 8, 2026

Green Information
Power Production Type: Electric

Home Information
Calculated Square Footage: 3409
MLS Square Footage Source: Public Records
Building Area Total: 3409
Building Area Units: Square Feet
Foundation Details: Poured Concrete
Structure Type: Multi Family
Stories Total: 2

Around this home

Schools

Magnolia Elementary School

Public K-5 • Assigned • 0.3mi

7/10

McClure Middle School

Public 6-8 • Assigned • 1.2mi

8/10

Ballard High School

Public 9-12 • Assigned • 2.4mi

9/10

Provided by GreatSchools

Local insights from Redfin agents

Seattle is known for its iconic waterfront, vibrant neighborhoods, and amazing dining! I love Pike Place Market, Discovery Park, and Ballard's shops and restaurants. From Queen Anne's historic homes to Capitol Hill's modern condos, each neighborhood...
1 week ago • Seattle
Shauna Rumel
Redfin agent
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Climate risks

1/10 Flood Factor

Minimal risk of a flood reaching the building in the next 30 years

1/10 Fire Factor

Unlikely to be in a wildfire in next 30 years

3/10 Heat Factor

7 days above 86° expected this year, 15 days in 30 years

1/10 Wind Factor

Minimal risk of severe winds over next 30 years

7/10 Air Factor

11 unhealthy days expected this year, 12 days in 30 years

Provided by First Street

Historical weather

Seattle, WA • 98199

Average low and high temperatures (°F)

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Sun exposure

53/ 100

Moderate sunlight

Sunscore

There appears to be some shading by surrounding buildings, terrain, and vegetation.

7.9 hrs

1.8 hrs

JuneDecember

Provided by Shadowmap

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Home values near 2109 W Raye St

Data from public records.

Address	Redfin Estimate
2562 Thorndyke Avenue West #34, Seattle, WA 3 Beds \| 2 Baths \| 1221 Sq. Ft.	$473,664
2562 Thorndyke Avenue West #406, Seattle, WA 2 Beds \| 1.5 Baths \| 930 Sq. Ft.	$339,427

Address	Redfin Estimate
2562 Thorndyke Avenue West #101, Seattle, WA 2 Beds \| 1.5 Baths \| 930 Sq. Ft.	$342,991
2559 21st Avenue West #DEVR, Seattle, WA - Beds \| - Baths \| - Sq. Ft.	$564,097

Address	Redfin Estimate
2562 Thorndyke Avenue West #42, Seattle, WA 2 Beds \| 2 Baths \| 952 Sq. Ft.	$383,127
2559 21st Avenue West, Seattle, WA - Beds \| - Baths \| 5589 Sq. Ft.	$510,957

Property information provided by NWMLS as Distributed by MLS Grid when last listed in 2026. This data may not match . Learn more.

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About this home

Redfin Estimate

Market trends in Interbay, WA

Homeowner tools

Sale and tax history for 2109 W Raye St

Public record

Property details

Around this home

Schools

Local insights from Redfin agents

Climate risks

Historical weather

Sun exposure

Is this your home?

Nearby similar homes

New listings for sale in 98199

Home values near 2109 W Raye St

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