Renovated 9-Unit Apartment
3046 Avalon Way Seattle, WA 98126
3046 Avalon Way, Seattle, WA, 98126
$2,325,000
Pending
For Sale
$2,325,000
Pending
Turnkey West Seattle apartment building with income upside and redevelopment potential.
Property Size5,164 SF
Days on Market483
Property Features for 3046 Avalon Way
General Information
- Standard status
- Pending
- Size
- 5,164 SF
- Property subtype
- Commercial
Building Details
- Year Built
- 1978
Listing agency
PARAGON REAL ESTATE ADVISORS
(206) 623-8880
Listed by
RYAN ILES
Source
Corcoran
Added: Mar 27, 2025 Updated: Jul 6 at 7:43AM Checked: Jul 22 at 7:35AM
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
Investment Insights
Based on property information with market context.
The West 9 is a fully renovated 9-unit apartment building situated at the entrance to West Seattle. The property contains all 1-bedroom, 1-bathroom units, each equipped with a washer and dryer and a private patio or balcony. Unit updates include new flooring, cabinets, quartz counters, stainless steel appliances, and fixtures. Exterior updates feature new exterior paint, windows and sliders, frosted balcony panels, landscaping, signage, and a secure cluster mailbox. The building has a total size of 5164 square feet. This location provides access to West Seattle's amenities and is a short distance from Downtown Seattle. The property presents an opportunity to purchase a stabilized asset with income upside and future redevelopment potential in a Seattle neighborhood.
Key Highlights
- Fully renovated and turnkey 9‑unit apartment building.
- All units are 1BD/1BTH with W/D and private patio or balcony.
- Located at the gateway to West Seattle, offering excellent access to amenities.
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 | $164.2k | $31.80 |
| − Vacancy | −$5.7k | −$1.11 |
| EGI | $158.5k | $30.69 |
| − OpEx | −$71.3k | −$13.81 |
| NOI | $87.2k | $16.88 |
5,164 SF · lease $31.80/SF/yr · vacancy 3.50% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.25M
$1.09M – $1.45M
NOI $87,157 @ 7.0% cap · market cap 3.75%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.55M
$1.36M – $1.81M
NOI $108,752 @ 7.0% cap · market cap 4.68%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - Turnkey West Seattle apartment building with income upside and redevelopment potential.
Where is this apartment building located?
The property is located at 3046 Avalon Way Seattle, WA.
What is the asking price?
The asking price for this property is $2,325,000.
What are key features of this property?
This property features: Fully renovated and turnkey 9‑unit apartment building.; All units are 1BD/1BTH with W/D and private patio or balcony.; Located at the gateway to West Seattle, offering excellent access to amenities.
