3261 Fuhrman Avenue E, Seattle, WA 98102
- $2,750,000
- 6,765
- SqFt
Listing courtesy of Westlake Associates, Inc..
- List Price
- $2,750,000
- Status
- ACTIVE
- MLS#
- 2568199
- Days on Market
- 0
- Style
- 55 - 5-9 Units
- Finished SqFt
- 6,765
- Area Total SqFt
- 6765
- Annual Tax Ammount
- 29608
- Lot Size (sq ft)
- 9,220
- Sewer
- Sewer Connected
Property Description
The Portage Bay Plaza located at 3261 Fuhrman Ave E, presents a rare opportunity to invest in the extremely well-located north end of Portage Bay between the Eastlake and Montlake neighborhoods. The property offers large floor plans with a mix of seven 1-bedroom / 1-bath units and two 2-bedroom / 1.5-bath units, plus ample off-street parking. Wood-frame construction with a well-maintained brick exterior gives the building genuine mid-century character, while private decks with views of the Bay set it apart from typical residences in the neighbor-hood. Sitting on a large 9,220 SF parcel zoned LR3 (M), the property also carries long-term redevelopment optionality for townhomes or a larger apartment project. Current ownership has well maintained the property with meaningful recent capital improvements, while a new owner has an attractive opportunity to increase income by bringing on professional management and completing interior renovations. The majority of units feature hardwood or LVP flooring, with recent upgrades including updated cabinetry, quartz countertops, stainless-steel appliances, and mod-ern lighting. This leaves a clear and straightforward path to increasing value: finish the renovation program in the units that have not yet been updated, push parking income toward market, and add in-unit laundry to more units, which ownership has already proven out by converting one unit during their hold.
Additional Information
- List Date
- 2026-08-12 18:13:14
- Community
- Portage Bay
- Net Operating Income
- $114,857
- Gross Adjusted Income
- $206,171
- Gross Scheduled Income
- $215,111
- Total Monthly Income
- $17,926
- Insurance Expenses
- $9,026
- Water/Sewer/Garbage Expenses
- $17,955
- Gross Rent Multiplier
- 12.78
- Total Expenses
- $91,314
- Cap Rate
- 4.18
- Vacancy Rate
- 5
- Total Number of Units
- 9
- Unit Name
- 3261
- Potential Terms
- Cash, Conventional
- Year Built
- 1952
- View
- Bay, Partial, Territorial
- Roof
- Flat
- Site Features
- Patio
- Other Expenses
- 34725
- Energy Source
- Electric
- School District
- Seattle
- Total Monthly Income
- $17,926
- Gross Scheduled Income
- $215,111
- Vacancy Rate
- 5
- Gross Adjusted Income
- $206,171
- Tax Year
- 2026
- Insurance Expense
- $9,026
- W/S/G Expenses
- $17,955
- Total Expenses
- $91,314
- Net Operating Income
- $114,857
- Gross Rent Multiplier
- 12.78
- Cap Rate
- 4.18
Based on information submitted to the MLS GRID as of . All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.IDX information is provided exclusively for consumers’ personal noncommercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.