$2,750,000

Property Description

The Portage Bay Plaza located at 3261 Fuhrman Ave E, presents a rare opportunity to invest in the extremely well-located north end of Portage Bay between the Eastlake and Montlake neighborhoods. The property offers large floor plans with a mix of seven 1-bedroom / 1-bath units and two 2-bedroom / 1.5-bath units, plus ample off-street parking. Wood-frame construction with a well-maintained brick exterior gives the building genuine mid-century character, while private decks with views of the Bay set it apart from typical residences in the neighbor-hood. Sitting on a large 9,220 SF parcel zoned LR3 (M), the property also carries long-term redevelopment optionality for townhomes or a larger apartment project. Current ownership has well maintained the property with meaningful recent capital improvements, while a new owner has an attractive opportunity to increase income by bringing on professional management and completing interior renovations. The majority of units feature hardwood or LVP flooring, with recent upgrades including updated cabinetry, quartz countertops, stainless-steel appliances, and mod-ern lighting. This leaves a clear and straightforward path to increasing value: finish the renovation program in the units that have not yet been updated, push parking income toward market, and add in-unit laundry to more units, which ownership has already proven out by converting one unit during their hold.

Property Facts & Features

Property Type

Multi Family

Status

Active

Listed

Aug 11, 2026

Price per Sq Ft

$407/sqft

ZIP Code

98102

Heating

Baseboard

Construction

Brick, Wood, Brick, Wood

Property Tax (2026)

$29,608/yr

Assessed Value

$2,844,000

Last Sold

$2,947,000 · Jun 15, 2017

Neighborhood

Portage Bay

County

King

School District

Seattle Public Schools

Estimated Value

Automated estimate. Not an appraisal.

Features & Amenities

Location

Lat 47.65070 · Lng -122.32093