Bay Ridge Court 804 James St 51 Unité Immeuble d’appartements 13 627 685 $ CAD (267 210 $ CAD/Unité) 5,51% Taux de capitalisation Seattle, WA 98104

Paragon Real Estate Advisors is pleased to present Bay Ridge Court, a rare high-rise zoned multifamily asset located on a prominent corner lot in Seattle’s First Hill neighborhood. Situated on an expansive 28,800-square-foot parcel with HR (M) zoning, the property offers investors a compelling combination of in-place cash flow today and significant redevelopment potential for a future 200+ unit high-density residential project. Few opportunities in the urban core provide this level of scale, zoning flexibility, and transit-oriented positioning with such close proximity to Downtown Seattle.
Bay Ridge Court currently operates as a stabilized 51-unit multifamily property (52 units per King County records, including a manager’s office) comprised of three, reinforced concrete buildings. The unit mix is well diversified with 1 studio unit, 21 one-bedroom, and 29 two-bedroom residences, supporting consistent market-rate tenancy and durable demand. Many units have received interior upgrades including updated cabinetry, hardwood or LVP flooring, and a mix of Formica, Granite and Quartz countertops. Other capital improvements include two new 91-gallon water tanks for Central Hot Water installed in 2018 and new Comcast internet cable installed throughout the property in 2024. The building also operates on a Central Boiler System for heat.
The 51 residential units offer an investor/developer the opportunity to purchase a property with a steady income stream while simultaneously having the option to advance entitlement, design, or long-term redevelopment planning, creating a strong land-banking strategy with downside protection. From a development perspective, the property’s corner-lot configuration, large lot size, and high-rise zoning designation position it as an exceptional assemblage-free redevelopment opportunity. The HR (M) zoning allows for substantial vertical density and mixed-use flexibility, making the site attractive for developers seeking scale in a supply-constrained, transit-rich submarket.
The location further enhances the asset’s appeal. Bay Ridge sits within immediate walking distance to major bus corridors and the Downtown Seattle Light Rail Station, offering direct connectivity throughout the city. Residents benefit from proximity to First Hill’s employment centers, hospitals, dining, grocery options, and neighborhood services—factors that continue to drive long-term demand and support future absorption for higher-density development.
Bay Ridge Court is available to purchase individually. The property is also part of a three-property portfolio sale that may also be acquired together. See listings for the Pacific and Belvedere Apartments for more information.