2109 W Raye St

Seattle, WA 98199

$1,300,000
Price
9
Beds
7
Baths
3,409 Sq. Ft.
$381 / Sq. Ft.
3,409
Sq. Ft.
$381
per Sq. Ft.
Get preapproved with Rocket Mortgage1
a front view of a house with a yard and garage
a car parked on the side of the road
an aerial view of a house with outdoor space
a view of a chairs and table in a patio
a view of a garage with a sitting area
a room with a table chairs workspace and a window
a living room with furniture and a flat screen tv
a living room with furniture and a flat screen tv
a kitchen with a stove and a white refrigerator
Listing provided courtesy of Paragon Real Estate Advisors
Source: Northwest MLS

Description

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...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.
  1. Listed by Michael Urquhart • Paragon Real Estate Advisors
  2. Listed by Ben Douglas • Paragon Real Estate Advisors

Property Details for 2109 West Raye Street

Community Name
Magnolia
School District
Seattle
Total Covered Parking
2
Entry Date
02-24-2026
Energy Source
Electric
Sewer
Sewer Connected
LISTING UPDATED: 02/25/2026 10:28 AM

Property Details for 2109 West Raye Street

StatusActive
MLS #2484217
Days on Market34
Cumulative Days on Market34
Taxes$16,857 / year
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1955
Lot Size0.25 AC / 11,000 SF
CountyKing County
Get preapproved with Rocket Mortgage1

Location

Listing Courtesy of Paragon Real Estate Advisors
Add your commute

Building Information for 2109 West Raye Street

Stories2Residences7Year Built1955Building Size-Lot Size0.25 AC / 11,000 SF

Payment Calculator

Get preapproved with
OriginPoint Mortgage or Rocket Mortgage1

$7,714 per month

30 year fixed, 6.11% Interest

Principal and Interest

$6,309

Property Taxes

$1,405

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Know your buying power with a preapproval and custom rate in minutes

Rocket Mortgage1

Property Information for 2109 West Raye Street

Summary
Location and General Information
  • Style: 55 - 5-9 Units
  • Area: 700 - Queen Anne/Magnolia
  • 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.
  • Leased Items: None
  • Property Sub Type: MULT
  • View: No
  • Waterfront: No
Taxes and HOA Information
  • Tax Year: 2025
Parking
  • Garage Spaces: 0.0
  • Number of Carport Spaces: 2.0
  • Carport: No
  • Open Parking: No
Interior and Exterior Features
Bathroom Information
  • Full Baths Upper: 0
  • Three Quarter Baths Upper: 0
  • Half Baths Upper: 0
  • Main Level Bathrooms: 0
Bedroom Information
  • Bedrooms Upper: 0
Interior Features
  • Fireplaces Total: 0
  • Floor Covering: Vinyl, Carpet
  • Cooling: No
  • Cooling: None
  • Fireplace: No
  • Heating: Yes
  • Heating: Baseboard
Exterior Features
  • Exterior: Cement Planked, Wood Products
  • Roof: Flat
Property
Utilities
  • Water/Sewer/Garbage: 13064
  • Power Production Type: Electric
Property and Assessments
  • New Construction YN: No
  • Zoning Jurisdiction: City
  • Foundation: Poured Concrete
  • Zoning Remarks: Multi-Family
  • First Right Of Refusal: false
  • Possible Use: Multi-Family
  • MLS Square Footage Source: Public Records
  • Preliminary Title Ordered: Yes
  • Senior Community: No
  • Special Listing Conditions: None
  • Photos Count: 9
Lot Information
  • Lot Size Source: LR3 (M)
  • Parcel Number Free Text: 2771600270
  • Calculated Square Footage: 3409
  • Structure Type: Multi Family
  • Square Footage Finished: 0
  • Square Footage Unfinished: 0
  • Building Area Total: 3409.0
  • Building Area Units: Square Feet
  • Property Type: Residential Income
  • Elevation Units: Feet
  • Irrigation Water Rights: No
Multi Family
Building Details
  • Total Uncovered Parking: 0
  • Number of Stories in Building: 2
  • Vacancy Rate: 5
  • Number Of Units Total: 7
  • Units Below Grade: false
  • Units In Building Total: 7
Financing / Income and Expenses
  • Electric Expense: $0
  • Total Expenses: 55000
  • Gross Adjusted Income: 138469
  • Gross Rent Multiplier: 8.92
  • Gross Scheduled Income: $145,756
  • Insurance Expense: $7,000
  • Net Operating Income: $83,468
  • Other Expenses: $18,079
  • Total Monthly Income: 12146
  • Fuel Expense: $0
Unit 1
  • Name Unit 1: 1
  • Washer/Dryer Unit 1: false
  • Range/Oven Unit 1: true
  • Refrigerator Unit 1: true
  • Dishwasher Unit 1: false
  • Square Feet Unit 1: 800
  • Rent Unit 1: $1,950.00
  • Bedrooms Unit 1: 2
  • Fireplaces Unit 1: 0
  • Bathrooms Unit 1: 1
Unit 2
  • Name Unit 2: 2
  • Washer/Dryer Unit 2: false
  • Range/Oven Unit 2: true
  • Refrigerator Unit 2: true
  • Dishwasher Unit 2: false
  • Square Feet Unit 2: 385
  • Rent Unit 2: $1,400.00
  • Bedrooms Unit 2: 1
  • Fireplaces Unit 2: 0
  • Bathrooms Unit 2: 1
Unit 3
  • Name Unit 3: 3
  • Washer/Dryer Unit 3: false
  • Range/Oven Unit 3: true
  • Refrigerator Unit 3: true
  • Dishwasher Unit 3: false
  • Square Feet Unit 3: 385
  • Rent Unit 3: $1,400.00
  • Bedrooms Unit 3: 1
  • Fireplaces Unit 3: 0
  • Bathrooms Unit 3: 1
Unit 4
  • Name Unit 4: 4
  • Washer/Dryer Unit 4: false
  • Range/Oven Unit 4: true
  • Refrigerator Unit 4: true
  • Dishwasher Unit 4: false
  • Square Feet Unit 4: 385
  • Rent Unit 4: $1,400.00
  • Bedrooms Unit 4: 1
  • Fireplaces Unit 4: 0
  • Bathrooms Unit 4: 1
Unit 5
  • Name Unit 5: 5
  • Washer/Dryer Unit 5: false
  • Range/Oven Unit 5: true
  • Refrigerator Unit 5: true
  • Dishwasher Unit 5: false
  • Square Feet Unit 5: 385
  • Rent Unit 5: $1,400.00
  • Bedrooms Unit 5: 1
  • Fireplaces Unit 5: 0
  • Bathrooms Unit 5: 1
Unit 6
  • Name Unit 6: 6
  • Washer/Dryer Unit 6: false
  • Range/Oven Unit 6: true
  • Refrigerator Unit 6: true
  • Dishwasher Unit 6: false
  • Square Feet Unit 6: 385
  • Rent Unit 6: $1,400.00
  • Bedrooms Unit 6: 1
  • Fireplaces Unit 6: 0
  • Bathrooms Unit 6: 1
Unit 7
  • Name Unit 7: 7
  • Washer/Dryer Unit 7: true
  • Range/Oven Unit 7: true
  • Refrigerator Unit 7: true
  • Dishwasher Unit 7: false
  • Square Feet Unit 7: 684
  • Rent Unit 7: $1,850.00
  • Bedrooms Unit 7: 2
  • Fireplaces Unit 7: 0
  • Bathrooms Unit 7: 1
Rental
Rent Information
  • Occupant Type: Tenant
  • Leasable Area: 3409.0

Property History for 2109 West Raye Street

DateEvent & SourcePriceAppreciation
Feb 24, 2026

Listed (Active)

NWMLS #2484217

$1,300,000—
DateEvent & SourcePrice
02/24/2026

Listed (Active)

NWMLS #2484217

$1,300,000

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 2109 West Raye Street

Taxable ValueLand$1,683,000Additions$1,000Total$1,684,000
Tax Record2024$16,857 ($1,405 / month)
Home Facts
Total Finished SqFt2,676 SqFtAbove Ground SqFt2,676 SqFtStories1Lot Size11,000 SqFtStyleMulti-Family Dwelling (2-4)Year Built1955Year Renovated1988ZoningLR3 (M)CountyKINGAPN277160-0270

Schools near 2109 West Raye Street

This home is within Seattle Public Schools.
Rating
School
Type
Grades
Distance
Magnolia Elementary School
Public - K to 5
McClure Middle School
Public - 6 to 8
Ballard High School
Public - 9 to 12
Residential Consortium
Public - PK to 12
Rating
School
Distance
Magnolia Elementary School
PublicK to 5

McClure Middle School
Public6 to 8

Ballard High School
Public9 to 12

Residential Consortium
PublicPK to 12

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

Similar Homes

Similar Sold Homes

Explore Nearby Homes

More information about 2109 West Raye Street, Seattle, WA 98199

2109 West Raye Street is a multi-family home for sale in Seattle, WA 98199. This property was listed for sale on February 24, 2026 by Paragon Real Estate Advisors, it's currently listed at $1,300,000. This listing's school district is Seattle Public Schools. Nearby schools include Magnolia Elementary School, McClure Middle School and Ballard High School. 2109 West Raye Street is a 9-bed, 7-bath, 3,409 sqft multi-family home built in 1955.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass, Inc., its subsidiaries, affiliates and their agents and associated third parties expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. Offers of compensation are subject to change at the discretion of the seller. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Paragon Real Estate Advisors

Based on information submitted to the MLS GRID as of 02/25/2026 10:28 AM. 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. Properties displayed may be listed or sold by various participants in the MLS. IDX information is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The data is deemed reliable but is not guaranteed by MLS GRID. Use of the MLS GRID data may be subject to an end user license agreement prescribed by the applicable MLS of the Member Participant, if any, and as amended from time to time.