1425 Palm Ave SW - Palm Ave Apartments 5 Unit Apartment Building Offered at $2,353,497 CAD at a 3.35% Cap Rate Seattle, WA 98116

Paragon Real Estate Advisors is pleased to present an exceptional multifamily investment opportunity in the highly desirable North Admiral neighborhood of West Seattle. Situated in a quiet residential setting just minutes from Alki Beach, the property benefits from strong tenant demand driven by its coastal proximity, neighborhood charm, and convenient access to shops, dining, and transit. Opportunities to acquire assets in this pocket are limited due to very limited supply making this offering a compelling chance to secure a well-located property in one of West Seattle’s most sought-after submarkets. The seller is open to seller financing for qualified buyers.
The offering consists of a five-unit multifamily property comprised entirely of one-bedroom/one-bathroom units, with updates completed over the years and Elliott Bay views from the upper units. The property offers potential to add an additional unit with a private entrance, creating further income upside (Buyer to Verify). Adjacent to the building is a 2,100 square foot flat lot that is well suited for townhouse-style development, with upper-floor views enhancing the site’s long-term redevelopment or expansion potential.
Currently, two of the five units have been renovated, while the remaining units present a clear value-add opportunity through cosmetic upgrades, allowing new ownership to push rents toward market levels. The property is well maintained and features original hardwood floors, abundant storage, recently resealed back decks, updated electrical systems with full rewiring, copper plumbing, five individual gas furnaces, and on-site coin-operated laundry, providing a strong foundation for stable operations and future improvements.
With its prime North Admiral location, redevelopment and expansion potential, strong physical fundamentals, and multiple avenues for revenue growth, this offering represents a rare opportunity to acquire a well-positioned asset with both immediate income upside and long-term value creation in one of West Seattle’s most enduring rental markets.