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 perfect blend of suburban tranquility and urban convenience, making it an ideal location for families, young professionals, and anyone seeking a sense of community. Parkwood boasts tree-lined streets, lush green parks, and a variety of amenities that cater to all lifestyles.

One of the standout features of Parkwood is its diverse housing options, particularly the homes that range from 56 to 10+ units. These multi-family residences provide an excellent opportunity for those looking to invest in property or find a spacious home with the potential for rental income. The architectural styles in the area vary, showcasing a mix of modern designs and classic Seattle charm, ensuring that there's something for everyone.

Residents of Parkwood enjoy easy access to nearby parks, recreational facilities, and vibrant local shops. The community is well-connected to Seattle’s public transportation system, making it a breeze to explore the city’s many attractions, from the iconic Space Needle to the bustling Pike Place Market. Additionally, the neighborhood is in close proximity to top-rated schools, making it an ideal place for families with children.

With its friendly atmosphere, convenient location, and appealing housing options, Parkwood is more than just a neighborhood; it's a community where you can truly feel at home. Whether you’re looking to buy, rent, or invest, Parkwood offers a unique opportunity to be part of a thriving Seattle community. Come and discover the charm of Parkwood today!

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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