
Seattle, WA 98119
This Queen Anne Triplex represents a Strong Value Opportunity, listed at $1,250,000—positioned above the $1,136,411 Fair Market Value. While priced at a premium, the property offers significant upside through its LR1(M) Zoning and potential for a basement ADU or townhouse development. Featuring a Condition Rating of 5, this asset requires modernization, yet provides a rare, long-term hold in a high-demand rental market. This is an ideal acquisition for Buy-and-Hold Investors seeking value-add potential or Owner-Occupants looking to leverage rental income in a prime Seattle location.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 2551 13th Avenue W Subject 0 bd · 0 ba · 2,720 sqft · $418 | $1,250,000* List Price | 0 | 0 | 2,720 | $418 | - |
A 2258 14th Avenue W Active 0 bd · 0 ba · 2,800 sqft · $348 · 0.1 mi | $975,000 List Price | 0 | 0 | 2,800 | $348 | 0.1 mi |
* Subject property listed price vs sold prices of comps.
Property is extensive renovation needed.
The property was built in 1963 (>30 years old) and is on the market for the first time in over 30 years, indicating no recent major renovations. It is explicitly marketed as a 'value-add' opportunity requiring updates, and features dated systems like electric baseboard heating.
Situated in the highly desirable Queen Anne neighborhood, the property offers excellent proximity to major employment hubs like South Lake Union and the Seattle CBD, ensuring consistently high rental demand.
The LR1(M) zoning and 5,000 sqft lot provide substantial upside, including the potential to add a basement unit or construct a new townhouse on the west side of the property.
The property features a diverse mix of one, two, and three-bedroom units, each with private west-facing decks and dedicated on-site parking, appealing to a wide range of tenant profiles.
Being on the market for the first time in over 30 years, the 1963-built structure likely requires significant capital investment and modernization to achieve current market rental rates.
While the zoning allows for expansion, the feasibility of adding units or building townhouses is subject to complex city permitting and buyer verification, which may delay immediate returns.
The Queen Anne Triplex is located in one of the most sought out rental markets of the Greater Seattle area due to Upper Queen Anne’s prominent history, central location, and excellent place to live. Built in 1963, the building totals 2,720 square feet on a 5,000 square foot LR1(M) zoned lot. The building is the first time on the market in over 30 years. The unit mix consists of one three-bedroom unit approximately 1,360 square feet, one two bedroom unit approximately 760 square feet, and one one bedroom unit approximately 600 square feet, each featuring private, west facing decks. The property has three on-site parking stalls, shared laundry, 3 individual water heaters and storage for tenants. Zoning allows to add a unit in basement or build townhouse on west side of the property – buyer to verify The subject property is the perfect opportunity for an investor who wants a value-add opportunity or for an owner occupant who wants to live at the property in an excellent neighborhood just a short walking distance to all major bus lines. The property is located near Seattle Pacific University and is just minutes away from the University of Washington, Seattle Central Business District, South Lake Union and Ballard.
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 0.0 | 0.0 |
| Baths | 0.0 | 0.0 |
| Square foot | 2,720 | 5,554.5 |
| Lot Size | 5,000 | 10,915.5 |
| Price | $1.25M | $2.88M |
| Price per sq ft | $460 | $491 |
| Built year | 1963 | 1961 |
| HOA | $0 | $0 |
| Days on market | 26 | 124 |
Sep 28, 2026
$1,250,000
Initial Listing