Updated Magnolia Triplex with
2215 West Raye Street Seattle, WA 98199
2215 West Raye Street, Seattle, WA, 98199
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For Sale
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Meticulously updated triplex with oversized 2BR layouts, fireplaces, private laundry, and dedicated parking.
Property Size3,683 SF
Price / SF$366.55
Days on Market66
Property Features for 2215 West Raye Street
General Information
- Standard status
- Active
- Size
- 3,683 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1965
Listing agency
Westlake Associates, Inc.
Listed by
Curran Hagstrom · License #WA103072
Source
Crexi
Added: May 18 Updated: Jul 22 at 5:49AM Checked: Jul 22 at 5:49AM
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 Westlake Associates, Inc.
Investment Insights
Based on property information with market context.
Located at the end of a quiet Magnolia cul-de-sac, this updated triplex at 2215 W Raye St offers expansive two-bedroom floorplans and panoramic Seattle-area views. Built in 1965, the property has received extensive upgrades including copper plumbing supply lines, double-pane vinyl windows, new exterior paint, and renovated interiors with luxury vinyl plank flooring, updated tile work, and upgraded appliances.
The building includes one 2BR/1BA unit and two 2BR/1.5BA units, each with features designed for comfortable day-to-day living. Residents enjoy fireplaces, formal dining rooms, private in-unit laundry, and large covered view decks. The upper two units offer sweeping Elliott Bay, Seattle skyline, and Mount Rainier views.
On-site parking includes four dedicated stalls plus an attached two-car garage. The property is moments from Bayview Park and Downtown Magnolia’s shops and restaurants, with convenient access to Downtown Seattle, South Lake Union, Queen Anne, Fremont, and Ballard.
The building includes one 2BR/1BA unit and two 2BR/1.5BA units, each with features designed for comfortable day-to-day living. Residents enjoy fireplaces, formal dining rooms, private in-unit laundry, and large covered view decks. The upper two units offer sweeping Elliott Bay, Seattle skyline, and Mount Rainier views.
On-site parking includes four dedicated stalls plus an attached two-car garage. The property is moments from Bayview Park and Downtown Magnolia’s shops and restaurants, with convenient access to Downtown Seattle, South Lake Union, Queen Anne, Fremont, and Ballard.
Key Highlights
- Triplex built in 1965 featuring one 2BR/1BA unit (~1,195 SF) and two 2BR/1.5BA units (each ~1,244 SF)
- Panoramic views from the upper two units, including Elliott Bay, Seattle skyline, and Mount Rainier
- Major updates include copper plumbing supply lines, double‑pane vinyl windows, and new exterior paint
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $99.4k | $27.00 |
| − Vacancy | −$4.5k | −$1.22 |
| EGI | $95.0k | $25.79 |
| − OpEx | −$28.5k | −$7.74 |
| NOI | $66.5k | $18.05 |
3,683 SF · lease $27.00/SF/yr · vacancy 4.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$949.7K
$831.0K – $1.11M
NOI $66,476 @ 7.0% cap · market cap 4.92%
Second Best
Apartment 5plus
$888.0K
$777.0K – $1.04M
NOI $62,161 @ 7.0% cap · market cap 4.60%
Theoretical Best
Office A
$1.11M
$969.5K – $1.29M
NOI $77,563 @ 7.0% cap · market cap 5.75%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Triplex - Meticulously updated triplex with oversized 2BR layouts, fireplaces, private laundry, and dedicated parking.
Where is this triplex located?
The property is located at 2215 West Raye Street Seattle, WA.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: Triplex built in 1965 featuring one 2BR/1BA unit (~1,195 SF) and two 2BR/1.5BA units (each ~1,244 SF); Panoramic views from the upper two units, including Elliott Bay, Seattle skyline, and Mount Rainier; Major updates include copper plumbing supply lines, double‑pane vinyl windows, and new exterior paint
