Three-Story Apartment
2820 15TH, Seattle, WA 98119
Well-maintained three-story multifamily property with 19 apartment units and updated exterior, roof, and plumbing systems.
Type:Multi-family
Property size:
14,975 SFPrice / SF:
$267/SF- Added:
- Apr 18, 2026
- Days on Market:
- 80
- Last Refresh:
- Jul 6 at 3:17 am
Property Features for 2820 15TH
General Information
- Standard status
- Active
- Size
- 14,975 SF
- Property subtype
- Multi-family
Building Details
- Year Built
- 1969
Listing office Paragon Real Estate Advisors
Listing date Apr 18, 2026
Source Century21northhomes
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
- 19‑unit multifamily building (one 3BD/2BA, one 1BD+office/1BA, and 17 one‑bedroom/one‑bath units) totaling 14,975 rentable SF across 3 stories
- Year built: 1969; wood‑frame construction and three‑story layout
- Exterior updates include elastomeric waterproof paint applied to the rockcrete siding in 2016
- Roof replaced in 2019 and main water supply line replaced in 2019
- Main sewer drain line and underground cast iron plumbing replaced in 2023/2024
- First time marketed in 33 years; property maintained during current ownership
Overview
This three-story, wood-frame apartment building includes 19 one-bedroom, one-bath units, one one-bedroom with an office and one bath, and one three-bedroom, two-bath unit, totaling 14,975 rentable square feet. The property has been meticulously maintained during the current ownership and is being marketed for the first time in 33 years.
Maintenance and capital improvements include elastomeric waterproof paint applied to the rockcrete siding in 2016, a roof replacement in 2019 along with the main water supply line, and in 2023 and 2024 the main sewer drain line and underground cast iron plumbing were replaced. The building’s setting on a quiet residential street supports a day-to-day lifestyle appeal, and it offers convenient access to major public transportation routes. It is positioned near employment centers, dining, retail, and neighborhood amenities associated with Queen Anne, Ballard, Interbay, and Magnolia.
The unit mix includes both smaller one-bedroom layouts and a larger three-bedroom option, which can support tenant demand across different household needs. With a maintained exterior and updated water and sewer infrastructure, the property may appeal to buyers looking for a turn-key residential income asset with a defined in-place operating history.
Maintenance and capital improvements include elastomeric waterproof paint applied to the rockcrete siding in 2016, a roof replacement in 2019 along with the main water supply line, and in 2023 and 2024 the main sewer drain line and underground cast iron plumbing were replaced. The building’s setting on a quiet residential street supports a day-to-day lifestyle appeal, and it offers convenient access to major public transportation routes. It is positioned near employment centers, dining, retail, and neighborhood amenities associated with Queen Anne, Ballard, Interbay, and Magnolia.
The unit mix includes both smaller one-bedroom layouts and a larger three-bedroom option, which can support tenant demand across different household needs. With a maintained exterior and updated water and sewer infrastructure, the property may appeal to buyers looking for a turn-key residential income asset with a defined in-place operating history.
Local Financial Insights For Apartment 5plus
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 | $476.2k | $31.80 |
| − Vacancy | −$16.7k | −$1.11 |
| EGI | $459.5k | $30.69 |
| − OpEx | −$206.8k | −$13.81 |
| NOI | $252.7k | $16.88 |
14,975 SF · lease $31.80/SF/yr · vacancy 3.50% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$3.61M
$3.16M – $4.21M
NOI $252,746 @ 7.0% cap · market cap 6.32%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.51M
$3.94M – $5.26M
NOI $315,369 @ 7.0% cap · market cap 7.88%
Zoning and permitted uses should be independently verified with local authorities.
Location Intelligence
Current Use by Public Records
Apartment buildings
Location Insight
- Map
- Local Demand
- City
- Seattle
- County
- King
- State
- Washington
- Longitude
- -122.17802
- Latitude
- 47.506654
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - Well-maintained three-story multifamily property with 19 apartment units and updated exterior, roof, and plumbing systems.
Where is this apartment building located?
The property is located at 2820 15TH Seattle, WA.
What is the asking price?
The asking price for this property is $4,000,000.
What are key features of this property?
This property features: 19‑unit multifamily building (one 3BD/2BA, one 1BD+office/1BA, and 17 one‑bedroom/one‑bath units) totaling 14,975 rentable SF across 3 stories; Year built: 1969; wood‑frame construction and three‑story layout; Exterior updates include elastomeric waterproof paint applied to the rockcrete siding in 2016
