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 a tapestry of community spirit, lush greenery, and convenient urban living, making it an ideal place for families, professionals, and anyone looking to embrace the Pacific Northwest lifestyle.

Parkwood is characterized by its diverse architectural styles, with homes ranging from cozy bungalows to modern townhouses, featuring 56 or more units. This unique blend of housing options caters to various lifestyles and preferences, ensuring that everyone can find their perfect fit. The community is designed with comfort and convenience in mind, offering spacious layouts, contemporary finishes, and ample amenities that create a welcoming atmosphere.

As you stroll through the tree-lined streets of Parkwood, you'll discover a wealth of local parks and recreational spaces. Whether you're enjoying a weekend picnic, jogging along scenic trails, or letting the kids play at one of the neighborhood playgrounds, the natural beauty of the area is always within reach. The vibrant community spirit is evident in the local events and gatherings, fostering connections among residents and creating a true sense of belonging.

In addition to its picturesque surroundings, Parkwood boasts easy access to Seattle's bustling urban core. With a variety of shopping, dining, and entertainment options just a short drive or public transit ride away, you can enjoy the best of both worlds—tranquil suburban living with the excitement of city life at your fingertips.

Discover the charm of Parkwood, where community, comfort, and convenience come together to create a truly exceptional living experience in Seattle.

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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