Parkwood Homes with 56 - 10+ Units Style

Welcome to Parkwood, a charming neighborhood nestled in the heart of Seattle, Washington. Known for its tranquil atmosphere and vibrant community spirit, Parkwood offers residents a perfect blend of suburban serenity and urban convenience. This delightful area is characterized by tree-lined streets, lush parks, and a welcoming sense of belonging that makes it an ideal place to call home.

Parkwood is home to a diverse array of housing options, with a focus on multi-unit residences ranging from 56 to over 10 units. These thoughtfully designed homes cater to a variety of lifestyles, whether you’re a young professional seeking a dynamic living space or a family looking for a warm community to grow in. The architecture reflects a harmonious mix of modern design and classic charm, ensuring that each building complements the neighborhood’s aesthetic while providing ample comfort and functionality.

Residents of Parkwood enjoy easy access to a plethora of amenities. The neighborhood is conveniently located near shopping centers, local eateries, and recreational facilities, making daily errands a breeze. Families will appreciate the proximity to well-regarded schools and parks, where children can play and families can gather for picnics or outdoor activities.

Moreover, Parkwood’s strategic location allows for quick commutes to downtown Seattle and other key areas, making it an attractive option for those who work in the city but prefer a quieter home environment. With its strong sense of community and diverse housing options, Parkwood is not just a place to live; it’s a place to thrive. Come discover the charm of Parkwood – your new 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 courtesy of Paragon Real Estate Advisors.

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