554 Prospect St

Seattle, WA 98109

$1,950,000
Price
8
Beds
8
Baths
5,656 Sq. Ft.
$345 / Sq. Ft.
5,656
Sq. Ft.
$345
per Sq. Ft.
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Listing provided courtesy of Windermere Real Estate Midtown

Description

Lower Queen Anne/Uptown: the best/closest neighborhood to downtown Seattle. Great for an owner-operator or remote owner, 554 Prospect is a rarely available, purpose-built and recently renovated, 5-unit workhorse. The location is unparalleled: a burgeoning neighborhood with easy access to a myriad of coffee, bars, restaurants, shopping & entertainment. The 2013-studs-out-renovation includes one studio, two 2-bedrooms, and two 2-bedroom + den homes (convert & use the dens as bedrooms?). Private storage...Lower Queen Anne/Uptown: the best/closest neighborhood to downtown Seattle. Great for an owner-operator or remote owner, 554 Prospect is a rarely available, purpose-built and recently renovated, 5-unit workhorse. The location is unparalleled: a burgeoning neighborhood with easy access to a myriad of coffee, bars, restaurants, shopping & entertainment. The 2013-studs-out-renovation includes one studio, two 2-bedrooms, and two 2-bedroom + den homes (convert & use the dens as bedrooms?). Private storage units (all homes) & in-unit laundry (4 homes). Seattle Center, Climate Pledge, South Lake Union, and the top of Queen Anne are moments away. With an 84 ("Very Walkable") Walkscore, 554 Prospect is a great addition (or start) to your portfolio.
  1. Listed by Michael O Doyle • Windermere Real Estate Midtown
  2. Listed by Harold Berry • Windermere Real Estate Midtown

Property Details for 554 Prospect Street

Community Name
Queen Anne
School District
Seattle
View
Territorial
Number of Assigned Spaces
0
Total Covered Parking
0
Entry Date
01-05-2026
Energy Source
Electric,Natural Gas
Sewer
Sewer Connected
LISTING UPDATED: 01/08/2026 01:58 PM

Property Details for 554 Prospect Street

StatusActive
MLS #2462772
Days on Market4
Cumulative Days on Market4
Taxes$13,807 / year
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1909
Lot Size0.09 AC / 3,813 SF
CountyKing County

Location

Listing Courtesy of Windermere Real Estate Midtown
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Building Information for 554 Prospect Street

Stories2Residences5Year Built1909Building Size-Lot Size0.09 AC / 3,813 SF

Payment Calculator

$10,655 per month

30 year fixed, 6.15% Interest

Principal and Interest

$9,504

Property Taxes

$1,151

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 554 Prospect Street

Summary
Location and General Information
  • Style: 55 - 5-9 Units
  • Area: 700 - Queen Anne/Magnolia
  • Block: 54
  • Elementary School: Buyer To Verify
  • Middle Or Junior School: Buyer To Verify
  • High School: Buyer To Verify
  • Effective Year Built Source: See Remarks
  • Directions: From I-5, take exit 167 toward Mercer St. Continue on Mercer, turn right on 5th Ave N, then left on Taylor Ave N. Turn right on Prospect St. 554 Prospect is on the left in Queen Anne.
  • 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: 0.0
  • Open Parking: No
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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, Engineered Hardwood, Vinyl, Carpet
  • Amenities: Basement,Storage
  • Cooling: No
  • Cooling: None
  • Fireplace: No
  • Heating: Yes
  • Heating: Forced Air
  • FIRPTA: No
Exterior Features
  • Exterior: Wood Products
  • Roof: Composition
Property
Utilities
  • Water Source: Public
  • Water/Sewer/Garbage: 8804
  • Power Company: Seattle City Light
  • Sewer Company: SPU
  • Water Company: SPU
  • Power Production Type: Electric, Natural Gas
Property and Assessments
  • New Construction YN: No
  • Zoning Jurisdiction: City
  • Foundation: Poured Concrete
  • Zoning Remarks: Multi-Family
  • Construction Methods: Standard Frame
  • First Right Of Refusal: false
  • Possible Use: Multi-Family
  • MLS Square Footage Source: Realist
  • Preliminary Title Ordered: Yes
  • Senior Community: No
  • Special Listing Conditions: None
  • Year Built Effective: 2013
  • Photos Count: 23
Lot Information
  • Lot Details: Curbs, Paved, Sidewalk
  • Lot Number: 8
  • Lot Size Source: Realist
  • Parcel Number Free Text: 5457801955
  • Calculated Square Footage: 5656
  • Structure Type: Multi Family
  • Square Footage Finished: 0
  • Square Footage Unfinished: 0
  • Building Area Total: 5656.0
  • Building Area Units: Square Feet
  • Property Type: Residential Income
  • Elevation Units: Feet
  • Irrigation Water Rights: No
Multi Family
Building Details
  • Number of Uncovered Spaces: 0
  • Number of Stories in Building: 2
  • Vacancy Rate: 3
  • Number Of Units Total: 5
  • Units Below Grade: true
  • Units In Building Total: 5
Financing / Income and Expenses
  • Electric Expense: $0
  • Total Expenses: 41999
  • Gross Adjusted Income: 147828
  • Gross Rent Multiplier: 12.79
  • Gross Scheduled Income: $152,400
  • Insurance Expense: $3,750
  • Net Operating Income: $110,475
  • Other Expenses: $15,638
  • Total Monthly Income: 12900
  • Fuel Expense: $0
Unit 1
  • Name Unit 1: Studio
  • Washer/Dryer Unit 1: false
  • Range/Oven Unit 1: true
  • Refrigerator Unit 1: true
  • Dishwasher Unit 1: true
  • Square Feet Unit 1: 617
  • Rent Unit 1: $1,550.00
  • Bathrooms Unit 1: 1
Unit 2
  • Name Unit 2: 2
  • Washer/Dryer Unit 2: true
  • Range/Oven Unit 2: true
  • Refrigerator Unit 2: true
  • Dishwasher Unit 2: true
  • Square Feet Unit 2: 830
  • Rent Unit 2: $2,750.00
  • Bedrooms Unit 2: 2
  • Bathrooms Unit 2: 2
Unit 3
  • Name Unit 3: 3
  • Washer/Dryer Unit 3: true
  • Range/Oven Unit 3: true
  • Refrigerator Unit 3: true
  • Dishwasher Unit 3: true
  • Square Feet Unit 3: 850
  • Rent Unit 3: $2,825.00
  • Bedrooms Unit 3: 2
  • Bathrooms Unit 3: 2
Unit 4
  • Name Unit 4: 4
  • Washer/Dryer Unit 4: true
  • Range/Oven Unit 4: true
  • Refrigerator Unit 4: true
  • Dishwasher Unit 4: true
  • Square Feet Unit 4: 830
  • Rent Unit 4: $2,750.00
  • Bedrooms Unit 4: 2
  • Bathrooms Unit 4: 2
Unit 5
  • Name Unit 5: 5
  • Washer/Dryer Unit 5: true
  • Range/Oven Unit 5: true
  • Refrigerator Unit 5: true
  • Dishwasher Unit 5: true
  • Square Feet Unit 5: 850
  • Rent Unit 5: $2,825.00
  • Bedrooms Unit 5: 2
  • Bathrooms Unit 5: 2
Rental
Rent Information
  • Occupant Type: Tenant
  • Leasable Area: 3977.0

Property History for 554 Prospect Street

DateEvent & SourcePriceAppreciation
Jan 5, 2026

Listed (Active)

NWMLS #2462772

$1,950,000—
Jan 2, 2004

Sold (Public Record)

Public Record #128736392

$651,000—
DateEvent & SourcePrice
01/05/2026

Listed (Active)

NWMLS #2462772

$1,950,000
01/02/2004

Sold (Public Record)

Public Record #128736392

$651,000

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

Public Records for 554 Prospect Street

Taxable ValueLand$819,700Additions$590,300Total$1,410,000
Tax Record2024$14,715 ($1,226 / month)
Home Facts
Total Finished SqFt3,640 SqFtAbove Ground SqFt3,640 SqFtStories2Lot Size3,813 SqFtStyleMulti-Family Dwelling (2-4)Year Built1909Year Renovated1988ZoningLR3 (M)CountyKINGAPN545780-1955

Schools near 554 Prospect Street

This home is within Seattle Public Schools.
Rating
School
Type
Grades
Distance
Hay Elementary School
Public - K to 5
Mcclure Middle School
Public - 6 to 8
Lincoln High School
Public - 9 to 12
The Center School
Public - 9 to 12
Rating
School
Distance
Hay Elementary School
PublicK to 5

Mcclure Middle School
Public6 to 8

Lincoln High School
Public9 to 12

The Center 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.

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More information about 554 Prospect Street, Seattle, WA 98109

554 Prospect Street is a multi-family home for sale in Seattle, WA 98109. This property was listed for sale on January 5, 2026 by Windermere Real Estate Midtown, it's currently listed at $1,950,000. It has been on the market for a total of 4 days and was last sold on January 2, 2004. This listing's school district is Seattle Public Schools. Nearby schools include Hay Elementary School, Mcclure Middle School and Lincoln High School. 554 Prospect Street is a 8-bed, 8-bath, 5,656 sqft multi-family home built in 1909.

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 Windermere Real Estate Midtown

Properties displayed may be listed or sold by various participants in the MLS. Based on information submitted to the MLS GRID as of 01/09/2026 04:35 AM. 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.