- Property Type: multifamily,land
Description
49,991 SF of Land | Four Parcels | 14 Residential Units | Offered at $7,754,000
An opportunity to acquire four residential investment properties in Seattle’s Ravenna and University District area, offering existing rental income and potential for future redevelopment.
Together, the properties encompass 49,991 square feet of land with five existing buildings, 14 residential units, and additional parking income. The four parcels are available together or individually, offering flexibility for investors and developers.
An Established Investment with Future Potential
Held by the same family for generations, these properties combine an established residential rental portfolio with a substantial landholding in one of Seattle’s established neighborhoods.
The existing improvements include an eight-unit multifamily property, a triplex, a single-family residence, and a duplex.
The properties are located near the University of Washington, UW Medical Center, University Village, and the Burke-Gilman Trail. Their wooded surroundings provide a quieter residential setting while remaining close to major educational, medical, shopping, and recreational destinations.
Multifamily Zoning and Redevelopment Opportunities
The portfolio includes two parcels identified as LR3 (M) and two parcels identified as LR1 (M) in the offering materials.
These Lowrise multifamily zoning classifications provide a starting point for evaluating future residential development opportunities, including townhouses, rowhouses, and other multifamily housing types where permitted.
Investors may evaluate the properties for continued rental operations, phased improvements, or future redevelopment. Any proposed development is subject to current zoning regulations, site conditions, and applicable city approvals.
Existing Residential Income
The portfolio currently contains 14 residential units across five buildings, with additional income from parking.
According to the offering materials, annual gross scheduled income is $226,830, with reported net operating income of $70,130.92 after the stated vacancy allowance and operating expenses.
The existing buildings offer investors an opportunity to evaluate rental income alongside the properties’ underlying land value and longer term development potential.
Four Distinct Properties
2216 NE 46th St
An eight-unit multifamily investment consisting of a six-unit apartment building and an adjoining duplex on a 10,300-square-foot parcel zoned LR3 (M).
2226 NE 46th St
A three-unit residential property on a 7,150-square-foot lot with LR3 (M) zoning. The property includes two one-bedroom units and one one-bedroom plus den unit.
2230 NE 46th St
A single-family residence with three bedrooms and 1.75 bathrooms on a substantial 14,338-square-foot parcel zoned LR1 (M).
4511 Ravenna Ave NE
A duplex featuring two one-bedroom residences on an 18,203-square-foot lot with LR1 (M) zoning.
A Strategic Location Near the University of Washington
Located near the University District and Ravenna neighborhoods, the portfolio benefits from proximity to the University of Washington campus, UW Medical Center, University Village, and the Burke-Gilman Trail.
This established location offers convenient access to some of Northeast Seattle’s major employment, education, shopping, and recreational destinations.
Request Property Details
The four parcels are offered together for $7,754,000 and may also be purchased individually.
For offering information, property tours, rent roll details, or development inquiries, contact:
Lauren Hendricks
Windermere Midtown Commercial
(206) 999-9161
LaurenHendricks@windermere.com
Details
- Building Size (SF): 12,836 SqFt
- Lot Size (Acres or SF): 49,991 SqFt
- Year Built: 1906 to 1950, varies by building
- Zoning: LR1 (M) and LR3 (M)
- Property Taxes: $81,917.18 (2026)
- Neighborhood: Ravenna / University District