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 known for its tranquil atmosphere, friendly community, and lush greenery, making it an ideal place for families and individuals alike. Parkwood boasts a unique blend of urban convenience and suburban serenity, providing residents with easy access to the bustling city life while offering a peaceful retreat at home.

The homes in Parkwood are diverse, featuring a captivating mix of architectural styles that cater to various tastes. Whether you’re drawn to classic mid-century designs or contemporary builds, the neighborhood showcases properties with 56 to 10+ units that perfectly embody the spirit of community living. These homes are often surrounded by beautifully landscaped gardens and parks, creating a picturesque backdrop for everyday life.

Residents can enjoy leisurely strolls through the tree-lined streets, where you’ll find friendly neighbors and a welcoming atmosphere. Parkwood is also conveniently located near excellent schools, shopping centers, and recreational facilities, ensuring that everything you need is just a stone’s throw away. For those who love the outdoors, nearby parks and green spaces provide ample opportunities for hiking, picnicking, and enjoying nature.

In Parkwood, you’re not just buying a home; you’re investing in a lifestyle. Experience the warmth of this close-knit community and the charm of its beautiful homes. Come explore Parkwood, where comfort and convenience meet in perfect harmony!

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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