3238 15th Ave W | Seattle, WA 98119
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3238 15th Ave W
Seattle, WA 98119
Dravus Apartments · Multifamily Property For Sale · 6 Units
Executive Summary
Lee & Associates NW Multifamily Team is pleased to present the exclusive listing of the Dravus Apartments, a six-unit apartment building in West Queen Anne. Centrally positioned between Ballard, Fremont, South Lake Union and Downtown Seattle, Dravus offers its residents convenient proximity to local amenities and major employers such as Meta, Google, Expedia, and others.
The property features an attractive unit mix consisting of two 1-bedroom, four 2-bedroom units, and featuring a spacious average of 735sf. The building also boasts personal deck space, and an abundance of parking with 11 total spots both above and below the building.
By updating the units and modernizing the systems and amenities, investors are poised to realize a near 39% potential rental upside. Dravus Apartments makes an excellent investment for investors who are looking to secure a prime location and maximize their returns through a strategic value-add play.
One of Seattle’s “Seven Hills,” the Queen Anne neighborhood is known for its largely residential atmosphere, with stately historic mansions, Victorian homes and iconic craftsman houses creating a distinct architectural style. Queen Anne Avenue North, running atop the hill serves as the corridor through the main business district for the neighborhood. Just below Queen Anne is Space Needle, Pacific Science Center, and the Climate Pledge Arena.
Dravus Apartments, located in West Queen Anne, provides tenants with ease of access to major employment hubs and amenities. Surrounded by tech powerhouses such as Meta, Amazon and Google, Dravus residents can enjoy proximity to their workplace. Grocery, shops, local eateries and entertainment are close by including along Westlake Avenue and easy access to the heart of Fremont, top of Queen Anne and the vibrant Uptown neighborhood. Steps away, many of locals and visitors take advantage of the urban loop trail along the Lake Union. A 10-minute drive or short ride on public transit will take tenants to all the major employment centers in South Lake Union, Downtown and Fremont.
Dravus apartments attracts tenants who are looking for high-quality of life with convenient access to vibrant city living.
The property features an attractive unit mix consisting of two 1-bedroom, four 2-bedroom units, and featuring a spacious average of 735sf. The building also boasts personal deck space, and an abundance of parking with 11 total spots both above and below the building.
By updating the units and modernizing the systems and amenities, investors are poised to realize a near 39% potential rental upside. Dravus Apartments makes an excellent investment for investors who are looking to secure a prime location and maximize their returns through a strategic value-add play.
One of Seattle’s “Seven Hills,” the Queen Anne neighborhood is known for its largely residential atmosphere, with stately historic mansions, Victorian homes and iconic craftsman houses creating a distinct architectural style. Queen Anne Avenue North, running atop the hill serves as the corridor through the main business district for the neighborhood. Just below Queen Anne is Space Needle, Pacific Science Center, and the Climate Pledge Arena.
Dravus Apartments, located in West Queen Anne, provides tenants with ease of access to major employment hubs and amenities. Surrounded by tech powerhouses such as Meta, Amazon and Google, Dravus residents can enjoy proximity to their workplace. Grocery, shops, local eateries and entertainment are close by including along Westlake Avenue and easy access to the heart of Fremont, top of Queen Anne and the vibrant Uptown neighborhood. Steps away, many of locals and visitors take advantage of the urban loop trail along the Lake Union. A 10-minute drive or short ride on public transit will take tenants to all the major employment centers in South Lake Union, Downtown and Fremont.
Dravus apartments attracts tenants who are looking for high-quality of life with convenient access to vibrant city living.
PROPERTY FACTS Under Contract
| Price Per Unit | $275,000 | Apartment Style | Low Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 5.30% | Lot Size | 0.13 AC |
| No. Units | 6 | Building Size | 4,410 SF |
| Property Type | Multifamily | No. Stories | 3 |
| Property Subtype | Apartment | Year Built | 1967 |
| Price Per Unit | $275,000 |
| Sale Type | Investment |
| Cap Rate | 5.30% |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.13 AC |
| Building Size | 4,410 SF |
| No. Stories | 3 |
| Year Built | 1967 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 2 | - | 525 |
| 2+1 | 4 | - | 840 |
PROPERTY TAXES
| Parcel Number | 277060-3570 | Improvements Assessment | $772,300 |
| Land Assessment | $988,700 | Total Assessment | $1,761,000 |
PROPERTY TAXES
Parcel Number
277060-3570
Land Assessment
$988,700
Improvements Assessment
$772,300
Total Assessment
$1,761,000
zoning
| Zoning Code | NC3-55(M) |
| NC3-55(M) |
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