Parkwood Homes with 56 - 10+ Units Style

Parkwood Homes with 56 - 10+ Units Style

Welcome to Parkwood, a hidden gem nestled in the vibrant city of Seattle, Washington. This charming neighborhood offers a unique blend of suburban tranquility and urban convenience, making it an ideal place for families, professionals, and anyone seeking a welcoming community atmosphere.

Parkwood is characterized by its picturesque tree-lined streets and beautifully maintained homes, with a variety of architectural styles that range from classic mid-century designs to contemporary builds. The neighborhood boasts a diverse selection of homes, including multi-family units with 56 to over 10 units, providing ample opportunities for both homeowners and investors looking to capitalize on the thriving Seattle real estate market.

Residents of Parkwood enjoy easy access to a wealth of local amenities. The nearby parks offer serene green spaces for outdoor activities, picnics, and leisurely strolls, while the local shops and restaurants cater to every taste, from cozy cafés to eclectic eateries. Families will appreciate the proximity to well-regarded schools and community centers that foster a strong sense of belonging.

Public transportation options are readily available, connecting Parkwood to the heart of Seattle and beyond, making it a convenient location for commuters. Whether you’re exploring the bustling Pike Place Market or enjoying a day at the waterfront, living in Parkwood means you’re never far from the action.

If you’re looking for a vibrant neighborhood that balances community charm with urban accessibility, Parkwood is the perfect place to call home. Discover the potential of this wonderful area and make your mark in one of Seattle’s most desirable neighborhoods!

Newest Parkwood Homes with 56 - 10+ Units Style

$2,450,000
2555010 MLS ⋅ ACTIVE Status
The property sits in one of North Seattle’s fastest-improving rental corridors. The location is further supported by Sound Transit’s new Shoreline South/148th light rail station and direct bus access to downtown Seattle. The offering represents an operational value-add opportunity. The asset is in good physical condition, bolstered by recent capital improvements including a new TPO membrane roof (2023), upgraded electrical panels (2024), and replaced window panes (2025). With the option to upgrade units on turnover and capture premium rents as leases roll, and with scheduled rents below market and no utility bill-back currently in place, a new ownership group can grow income through natural lease turnover, selective unit upgrades, and the implementation of a utility recapture program, meaningfully lifting NOI. At market operations, the offering achieves a 7.4% cap rate and a 9.7% cash-on-cash return, giving new ownership strong performance upside as rents are brought up to market. At just $238 per square foot and $175,000 per door, the property presents an exceptional basis for a 1980s-built asset, well below recent comparable sales in the area. Current in-place rents average $1,205 for the eleven one-bedroom units and $1,617 for the three two-bedroom units, while comparable properties in the area are achieving approximately $1,550 and $1,875.

712 N 143rd Street, Seattle

Listing courtesy of Paragon Real Estate Advisors.

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