$1,050,000

Property Description

Perched high above the street, in one of Seattle's most reliably rented neighborhoods, this triplex provides a genuine sense of privacy and security to tenants, a sought-after respite increasingly rare in urban Seattle. These features, plus four parking stalls on a private dead-end alley, in-unit laundry, and northwest facing decks translate directly into tenant stability.All three units are currently occupied. Financials include a normalized cap rate on actual rents. The normalized figure removes one-time repairs, costs not inherited by a new owner. The vacancy reserve is a conservative underwriting cushion, not a reflection of this property's rental history.Unit 1 produces strong income today with fireplace, full appliances, and a private deck. Units 2 & 3 rents are below Interbay market rate for in-unit laundry 1BRs, offering a clear path to a higher cap rate and upside potential without capital investment.Solidly built, this triplex features a standing metal roof, copper plumbing, and fresh exterior paint. Added storage in the 330 SF flexible basement. Native landscaping keeps grounds simple to maintain with minimal costs. Fix up interiors on your timeline and collect strong rents in the meantime. Zoned LR1(M) on a 6,000 SF lot with alley access along a corridor that attracts density & long-term investment. This Interbay triplex offers a stable, fully occupied diamond-in-the rough asset with clear upside potential & multiple paths to improved returns.

Property Facts & Features

Property Type

Multi Family

Status

Active

Listed

Jul 8, 2026

Price per Sq Ft

$338/sqft

ZIP Code

98119

Heating

Baseboard

Construction

Wood, Wood

Property Tax (2026)

$15,095/yr

Assessed Value

$1,443,000

Last Sold

$170,000 · Dec 30, 1986

Neighborhood

Queen Anne

County

King

School District

Seattle Public Schools

Features & Amenities

Location

Lat 47.65148 · Lng -122.37456