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Seattle Multifamily Investment Opportunity

8821 35th Ave SW, Seattle, WA 98126

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For Sale

$1,050,000

Five-unit property with value-add potential in Seattle.

Property size:

3,180 SF

Price / SF:

$330/SF

HighLights

Value‑add investment opportunity through operational improvements and unit renovations.
Seller financing available with attractive terms (25% down, 5% interest‑only for five years).
Immediate upside by implementing utility bill‑back system and charging for storage/parking.
Future development potential due to Seattle One Plan upzone (proposed LR3 zoning).
Clear path to increased rents by completing unit renovations and bringing rents to market levels.
Five‑unit property with a mix including two 1‑bedroom/1‑bathroom units.

We can help!

Listing Contact

BRIAN PLATT

For Sale

$1,050,000

Five-unit property with value-add potential in Seattle.

Property size:

3,180 SF

Price / SF:

$330/SF

Added:: May 6, 2025
Days on Market:: 406
Last Refresh:: Mar 16 at 9:09 am

Property Features for 8821 35th Ave SW

General Information

Standard status: Active
Size: 3,180 SF

Building Details

Year Built: 1957

We can help!

Listing Contact

BRIAN PLATT

Listing agent BRIAN PLATT

Listing office PARAGON REAL ESTATE ADVISORS

Listing date May 6, 2025

Source Corcoran

Displayed information is deemed reliable but is not guaranteed and should be independently verified.

All listing content including descriptions, pricing, images are the copyrighted material of PARAGON REAL ESTATE ADVISORS

HighLights

Value‑add investment opportunity through operational improvements and unit renovations.
Seller financing available with attractive terms (25% down, 5% interest‑only for five years).
Immediate upside by implementing utility bill‑back system and charging for storage/parking.
Future development potential due to Seattle One Plan upzone (proposed LR3 zoning).
Clear path to increased rents by completing unit renovations and bringing rents to market levels.
Five‑unit property with a mix including two 1‑bedroom/1‑bathroom units.

Overview

This well-located 5-unit property presents a value-add investment opportunity through operational improvements and unit renovations. A new owner can increase value by implementing a utility bill-back system for water, sewer, and garbage, and by charging for storage and reserved off-street parking. Completing full unit renovations and raising rents to market levels offers a way to reposition the asset and enhance long-term returns. The unit mix includes two 1-bedroom/1-bathroom units. The property is part of phase 2 of the Seattle One Plan upzone. The proposed zoning is LR3, creating future development potential. The property size is 3180 square feet.

Local Financial Insights For Apartment 5plus

Simulate Cap Rate and NOI

NOI Build-Up

Component	$	$/SF
Gross rent	$101.1k	$31.80
− Vacancy	−$3.5k	−$1.11
EGI	$97.6k	$30.69
− OpEx	−$43.9k	−$13.81
NOI	$53.7k	$16.88

3,180 SF · lease $31.80/SF/yr · vacancy 3.50% · expense 45.00%

Alternative Uses

Best Use

Apartment 5plus

$766.7K

$670.9K – $894.5K (±1% cap)

NOI $53,672 @ 7.0% cap · market cap 5.11%

Second Best

—

no second resolved use

Theoretical Best

Office A

$956.7K

$837.1K – $1.12M (±1% cap)

NOI $66,970 @ 7.0% cap · market cap 6.38%

Zoning and permitted uses should be independently verified with local authorities.

Property Profile Location Intelligence

Current Use by Public Records

Apartment buildings

Suggested Use

Location Insight

Map
Local Demand

City: Seattle
County: King
State: Washington
Longitude: -122.377
Latitude: 47.524

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For sale
Apartment buildings
WA
Seattle
98126
8821 35th Ave SW

What type of property is this?

Apartment building - Five-unit property with value-add potential in Seattle.

Where is this apartment building located?

The property is located at 8821 35th Ave SW Seattle, WA.

What is the asking price?

The asking price for this property is $1,050,000.

What are key features of this property?

This property features: Value‑add investment opportunity through operational improvements and unit renovations.; Seller financing available with attractive terms (25% down, 5% interest‑only for five years).; Immediate upside by implementing utility bill‑back system and charging for storage/parking.

8821 35th Ave SW, Seattle, WA 98126

Five-unit property with value-add potential in Seattle.

Property Features for 8821 35th Ave SW

General Information

Building Details

We can help!

HighLights

Overview

Local Financial Insights For Apartment 5plus

Simulate Cap Rate and NOI

Alternative Uses

Current Use by Public Records

Suggested Use

Location Insight

Nearby Similar for Sale

South Park Industrial Flex Property

Perched Triplex with Private Parking

Warehouse/Flex Building in Georgetown

Seattle Industrial Building For Sale

Seattle Industrial Building For Sale

Mixed-Use Building Near Lake Washington

Seattle Retail/Warehouse Opportunity on Arterial

West Seattle Investment Opportunity

Upper Queen Anne Office Building

Ballard Avenue Retail Investment

Updated Property with Detached Warehouse

White Center Redevelopment Opportunity

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