2820 15th Avenue W, Seattle, WA 98119

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2820 15th Avenue W, Seattle, WA 98119

$4,000,000 (Active)

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Listed by: Ben Douglas - Paragon Real Estate Advisors

$$4,000,000

Active

est.$4,000,000/month.

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beds. baths. 16,950 Sqft.

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Mortgage Broker

John Juge
Highlands Residential Mortgage
jjuge@highlandsmortgage.com
(425) 275-1640
NMLS# 114272

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or Call Now: (425) 275-1640

2820 15th Avenue W, Seattle, WA 98119

$4,000,000

Active

est.$4,000,000/month.

Start My Approval

beds baths 16,950 Sq.ft.

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Property details for 2820 15th Avenue W, Seattle, WA 98119

The property consists of 19 one-bedroom / one-bathroom units, one one-bedroom + office / one-bathroom, and one three-bedroom / two-bathroom unit, totaling 14,975 rentable square feet across three stories of wood-frame construction. The property has been meticulously maintained during the current ownership and this is the first time the property has been marketed in 33 years. Current rents average below market across the portfolio, with one-bedroom units running approximately 6% below comparable market rents and the three-bedroom unit carrying meaningful additional upside. An investor operating the building at market rents and fully charging for parking and storage will bring the proforma cap rate to 7.0% with minimal capital needed. The building has been meticulously maintained throughout the current ownership. In 2016, elastomeric waterproof paint was applied to the rockcrete siding, the roof was replaced in 2019 along with the main water supply line, and in 2023/2024 the main sewer drain line and underground cast iron plumbing was replaced. Interbay 21 Apartments offers convenient access to major public transportation routes while being in close proximity to the employment centers, dining, retail, and neighborhood amenities of Queen Anne, Ballard, Interbay, and Magnolia. The building’s location on a quiet residential street provides a strong lifestyle appeal for its tenants and will be highly desirable for future tenants as well.

Broker details: Paragon Real Estate Advisors

Listed by: Ben Douglas
Co-listing Broker: Paragon Real Estate Advisors
Co-listing Agent: Michael Urquhart

Property Description

MLS Information

Listing: 2527028
Listing Last Modified: 2026-05-27

Property Details

Standard Status: Active
MLS Status: Active
Built in: 1969
Subdivision: Interbay

Geographic Data

County: King
MLS Area: Interbay
Directions: Continue onto Elliot Ave W towards Ballard. Continue onto 15th Ave W. Turn right onto W Armour St. Turn left. Destination will be on the left.

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