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2109 W Raye Street, 
Seattle, WA 98199

$1,300,000

—

Bed

—

Bath

3,409

Sq Ft

Multi-Family

Active

Listed by

Michael Urquhart

, 

Ben Douglas

Paragon Real Estate Advisors

Last updated:

May 24, 2026, 11:06 AM

MLS#

2484217

Source:

NWMLS

About This Home

2109 W Raye Street

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.

Home Facts

Multi-Family

Built in 1955

Price Summary

1,300,000

$381 per Sq. Ft.

MLS #:

2484217

Last Updated:

May 24, 2026, 11:06 AM

Rooms & Interior

Interior

Living Area:

3,409 Sq. Ft.

Structure

Structure

Building Area:

3,409 Sq. Ft.

Year Built:

1955

Lot

Lot Size (Sq. Ft):

11,000

Finances & Disclosures

Finances

Price:

$1,300,000

Price per Sq. Ft:

$381 per Sq. Ft.

MLS Logo
Listings courtesy of Northwest MLS as distributed by MLS GRID. Based on information submitted to the MLS GRID as of May 27, 2026. 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. Listing information is provided for consumers' personal, non-commercial use, solely to identify prospective properties for potential purchase; all other use is strictly prohibited and may violate relevant federal and state law. Information deemed reliable but not guaranteed. Copyright © 2026 MLS GRID. All Rights Reserved.

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Contact an Agent

Yes, I would like more information. Please use and/or share my information with a Coldwell Banker ® affiliated agent to contact me about my real estate needs. By clicking Contact, I request to be contacted by phone or text message and consent to being contacted by automated means. I understand that my consent to receive calls or texts is not a condition of purchasing any property, goods, or services. Alternatively, I understand that I can access real estate services by email or I can contact the agent myself.

If a Coldwell Banker affiliated agent is not available in the area where I need assistance, I agree to be contacted by a real estate agent affiliated with another brand owned or licensed by Anywhere Real Estate (BHGRE®, CENTURY 21®, Corcoran®, ERA®, or Sotheby's International Realty®). I acknowledge that I have read and agree to the terms of use and privacy notice.