Parkwood Homes with 56 - 10+ Units Style

Welcome to Parkwood, a hidden gem nestled in the vibrant city of Seattle, Washington. This charming neighborhood is characterized by its picturesque tree-lined streets, friendly community atmosphere, and proximity to the heart of the city. Parkwood is perfect for those seeking a blend of urban convenience and suburban tranquility, making it an ideal location for families, professionals, and retirees alike.

The homes in Parkwood are a delightful mix of styles, with a focus on properties featuring 56 to 10+ units. These multifamily residences are designed to accommodate a variety of lifestyles, offering spacious layouts and modern amenities. Whether you’re looking for a cozy apartment or a larger unit to share with family or friends, Parkwood has something to suit everyone’s needs. The architectural diversity in the area adds to its charm, with well-maintained buildings that reflect the rich history of Seattle.

Living in Parkwood means you’re just a stone’s throw away from some of Seattle’s best attractions. Enjoy the lush parks, local cafes, and eclectic shops that give this neighborhood its unique character. The community is well-connected, with convenient access to public transportation and major highways, making it easy to explore all that Seattle has to offer.

As you consider your next home, let Parkwood’s inviting charm and vibrant community spirit draw you in. Experience the perfect balance of comfort and convenience in this delightful Seattle neighborhood, where your dream home awaits!

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 Broker: Paragon Real Estate Advisors; Michael Urquhart; 206-812-9123; michael@paragonrea.com

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