551 S Sullivan St

3
Baths
2,760 Sq. Ft.
$358 / Sq. Ft.
2,760
Sq. Ft.
$358
per Sq. Ft.

Description

New Price, $10,000 Buyer Bonus, Motivated Seller! Step into an exceptional income-producing property that blends comfortable living w/ cash flow. Current annual income is over $86,000 w/planned rent increase May 2026. This 2003 building is well-maintained, fully-fenced, & just minutes from the vibrant hubs of Georgetown & SoDo. It comprises of 3 units, 7 beds & 3 baths across 2,760 SF making it perfect for owner-occupant living while generating significant rental income. Main building hosts 2 spacious,...New Price, $10,000 Buyer Bonus, Motivated Seller! Step into an exceptional income-producing property that blends comfortable living w/ cash flow. Current annual income is over $86,000 w/planned rent increase May 2026. This 2003 building is well-maintained, fully-fenced, & just minutes from the vibrant hubs of Georgetown & SoDo. It comprises of 3 units, 7 beds & 3 baths across 2,760 SF making it perfect for owner-occupant living while generating significant rental income. Main building hosts 2 spacious, identical 3-bedroom light-filled flats, updated finishes, & plus charming 1-bed cottage (DADU). This property ensures peace of mind w/ newer systems, ample off-street parking, & extra upside via redevelopment. Don’t wait to secure this one!
  1. Listed by Autumn Allen • Inspire Realty

Property Details for 551 South Sullivan Street

Community Name
South Park
School District
Seattle
View
Territorial
Number of Assigned Spaces
3
Total Covered Parking
0
Entry Date
09-11-2025
Energy Source
Electric,Natural Gas
Sewer
Sewer Connected
LISTING UPDATED: 12/17/2025 01:13 PM

Property Details for 551 South Sullivan Street

StatusActive
MLS #2432505
Days on Market104
Cumulative Days on Market104
Taxes$6,664 / year
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built2003
Lot Size0.10 AC / 4,500 SF
CountyKing County

Location

Listing Courtesy of Inspire Realty
Add your commute

Building Information for 551 South Sullivan Street

Stories2Residences3Year Built2003Building Size-Lot Size0.10 AC / 4,500 SF

Payment Calculator

$5,437 per month

30 year fixed, 6.28% Interest

Principal and Interest

$4,882

Property Taxes

$555

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 551 South Sullivan Street

Summary
Location and General Information
  • Style: 53 - Tri-plex
  • Site Features: Fenced-Partially, High Speed Internet
  • Area: 140 - West Seattle
  • Effective Year Built Source: Public Records
  • Directions: Heading E on Cloverdale, then take a L of 5th Ave S, then R on S Sullivan St. Nice Private dead end street.
  • Leased Items: None
  • Property Sub Type: MULT
  • View: Yes
  • Waterfront: No
Taxes and HOA Information
  • Tax Year: 2025
Parking
  • Number of Carport Spaces: 0.0
  • Carport: No
  • Open Parking Spaces: 3.0
  • Open Parking: Yes
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: Ceramic Tile, Vinyl, Vinyl Plank, Carpet
  • Cooling: No
  • Cooling: None
  • Fireplace: No
  • Heating: Yes
  • Heating: Forced Air, Wall Unit(s)
  • FIRPTA: No
Exterior Features
  • Exterior: Cement Planked
  • Roof: Composition
  • Security Features: Partially Fenced
Property
Utilities
  • Water Source: Public
  • Water/Sewer/Garbage: 7195
  • Power Production Type: Electric, Natural Gas
Property and Assessments
  • New Construction YN: No
  • Zoning Jurisdiction: City
  • MLS Square Footage Source: Public Record
  • Preliminary Title Ordered: Yes
  • Senior Community: No
  • Special Listing Conditions: None
  • Year Built Effective: 2022
  • Photos Count: 24
Lot Information
  • Lot Details: Adjacent to Public Land, Alley, Corner Lot, Curbs, Dead End Street, Paved, Secluded, Sidewalk
  • Lot Size Source: Public Record
  • Parcel Number Free Text: 7883600710
  • Building Condition: Remodeled
  • Calculated Square Footage: 2760
  • Structure Type: Triplex
  • Square Footage Finished: 0
  • Square Footage Unfinished: 0
  • Building Area Total: 2760.0
  • Building Area Units: Square Feet
  • Property Type: Residential Income
  • Elevation Units: Feet
  • Irrigation Water Rights: No
Multi Family
Building Details
  • Number of Uncovered Spaces: 3
  • Number of Stories in Building: 2
  • Vacancy Rate: 0
  • Number Of Units Total: 3
  • Units Below Grade: false
  • Units In Building Total: 3
Financing / Income and Expenses
  • Electric Expense: $0
  • Total Expenses: 16240
  • Gross Adjusted Income: 86952
  • Gross Rent Multiplier: 11.49
  • Gross Scheduled Income: $86,952
  • Insurance Expense: $2,381
  • Net Operating Income: $70,775
  • Other Expenses: $0
  • Total Monthly Income: 7246
  • Fuel Expense: $0
Unit 1
  • Name Unit 1: A
  • Washer/Dryer Unit 1: true
  • Range/Oven Unit 1: true
  • Refrigerator Unit 1: true
  • Dishwasher Unit 1: true
  • Square Feet Unit 1: 1200
  • Rent Unit 1: $3,087.00
  • Bedrooms Unit 1: 3
  • Fireplaces Unit 1: 0
  • Bathrooms Unit 1: 1
Unit 2
  • Name Unit 2: B
  • Washer/Dryer Unit 2: true
  • Range/Oven Unit 2: true
  • Refrigerator Unit 2: true
  • Dishwasher Unit 2: true
  • Square Feet Unit 2: 1200
  • Rent Unit 2: $2,572.00
  • Bedrooms Unit 2: 3
  • Fireplaces Unit 2: 0
  • Bathrooms Unit 2: 1
Unit 3
  • Name Unit 3: C
  • Washer/Dryer Unit 3: true
  • Range/Oven Unit 3: true
  • Refrigerator Unit 3: true
  • Dishwasher Unit 3: true
  • Square Feet Unit 3: 360
  • Rent Unit 3: $1,587.00
  • Bedrooms Unit 3: 1
  • Fireplaces Unit 3: 0
  • Bathrooms Unit 3: 1
Rental
Rent Information
  • Occupant Type: Tenant
  • Leasable Area: 2760.0

Property History for 551 South Sullivan Street

DateEvent & SourcePriceAppreciation
Dec 17, 2025

Price Change

NWMLS #2432505

$988,000—
Nov 6, 2025

Price Change

NWMLS #2432505

$998,900—
Oct 24, 2025

Price Change

NWMLS #2432505

$1,090,000—
Sep 11, 2025

Listed (Active)

NWMLS #2432505

$1,100,000—
Jun 30, 2022

Sold

NWMLS #1938040

$975,000—
Jun 27, 2022

Sold (Public Record)

Public Record #1493020441

$989,000

+18.0% / yr

May 23, 2022

Pending

NWMLS #1938040

—
May 20, 2022

Listed (Active)

NWMLS #1938040

$975,000—
Oct 21, 2011

Sold (Public Record)

Public Record #318807476

$169,000

-15.1% / yr

Jul 31, 2006

Sold

NWMLS #26039934

$397,500—
Jul 27, 2006

Sold (Public Record)

Public Record #199677734

$397,500

+2.1% / yr

Jun 30, 2006

Pending

NWMLS #26039934

—
Mar 27, 2006

Listed (Active)

NWMLS #26039934

$405,000—
Apr 25, 2005

Sold

NWMLS #24130675

$387,000—
Apr 12, 2005

Sold (Public Record)

Public Record #157323956

$387,000

+16.6% / yr

Feb 25, 2005

Pending

NWMLS #24130675

—
Sep 19, 2004

Listed (Active)

NWMLS #24130675

$429,000—
May 27, 2003

Sold (Public Record)

Public Record #113109778

$289,900—
May 27, 2003

Sold

NWMLS #23043954

$289,900—
May 10, 2003

Pending

NWMLS #23043954

—
Mar 31, 2003

Listed (Active)

NWMLS #23043954

$289,900—
DateEvent & SourcePrice
12/17/2025

Price Change

NWMLS #2432505

$988,000
11/06/2025

Price Change

NWMLS #2432505

$998,900
10/24/2025

Price Change

NWMLS #2432505

$1,090,000
09/11/2025

Listed (Active)

NWMLS #2432505

$1,100,000
06/30/2022

Sold

NWMLS #1938040

$975,000
06/27/2022

Sold (Public Record)

Public Record #1493020441

$989,000

+18.0% / yr

05/23/2022

Pending

NWMLS #1938040

—
05/20/2022

Listed (Active)

NWMLS #1938040

$975,000
10/21/2011

Sold (Public Record)

Public Record #318807476

$169,000

-15.1% / yr

07/31/2006

Sold

NWMLS #26039934

$397,500
07/27/2006

Sold (Public Record)

Public Record #199677734

$397,500

+2.1% / yr

06/30/2006

Pending

NWMLS #26039934

—
03/27/2006

Listed (Active)

NWMLS #26039934

$405,000
04/25/2005

Sold

NWMLS #24130675

$387,000
04/12/2005

Sold (Public Record)

Public Record #157323956

$387,000

+16.6% / yr

02/25/2005

Pending

NWMLS #24130675

—
09/19/2004

Listed (Active)

NWMLS #24130675

$429,000
05/27/2003

Sold (Public Record)

Public Record #113109778

$289,900
05/27/2003

Sold

NWMLS #23043954

$289,900
05/10/2003

Pending

NWMLS #23043954

—
03/31/2003

Listed (Active)

NWMLS #23043954

$289,900

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

Public Records for 551 South Sullivan Street

Taxable ValueLand$390,000Additions$348,000Total$738,000
Tax Record2024$6,654 ($555 / month)
Home Facts
Baths3Total Finished SqFt2,400 SqFtAbove Ground SqFt2,400 SqFtStories2Lot Size4,500 SqFtStyleDuplexYear Built2003ZoningLR3 (M)CountyKINGAPN788360-0710

Schools near 551 South Sullivan Street

This home is within Seattle Public Schools.
Rating
School
Type
Grades
Distance
Public - PK to 5
Public - 6 to 8
Public - 9 to 12
Public - 9 to 12
Rating
School
Distance
Concord Elementary School
PublicPK to 5

Denny Middle School
Public6 to 8

Chief Sealth High School
Public9 to 12

Cleveland High School
Public9 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

551 South Sullivan Street is a multi-family home for sale in Seattle, WA 98108. This property was listed for sale on September 11, 2025 by Inspire Realty, it's currently listed at $988,000. It has been on the market for a total of 104 days and was last sold on June 30, 2022. This listing's school district is Seattle Public Schools. Nearby schools include Concord Elementary School, Denny Middle School and Chief Sealth High School. 551 South Sullivan Street is a 7-bed, 3-bath, 2,760 sqft multi-family home built in 2003.

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 Inspire Realty

Properties displayed may be listed or sold by various participants in the MLS. Based on information submitted to the MLS GRID as of 12/24/2025 10:06 PM. All data is obtained from various sources and may not have been verified by broker orMLS GRID. Supplied Open House Information is subject to change without notice. All informationshould be independently reviewed and verified for accuracy. Properties may or may not be listed bythe office/agent presenting the information.