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 delightful blend of suburban tranquility and urban convenience, making it an ideal place for families, professionals, and anyone seeking a welcoming community.

Parkwood is characterized by its lush greenery and well-maintained parks, providing residents with ample opportunities for outdoor activities. The neighborhood boasts a variety of recreational spaces, including playgrounds, walking trails, and picnic areas, perfect for weekend family outings or leisurely strolls with friends. The strong sense of community is palpable, with local events and gatherings that foster connections among neighbors.

One of Parkwood's standout features is its diverse housing options, particularly the homes featuring 56 to 10+ units. These residences are designed to accommodate a range of lifestyles, from spacious townhomes ideal for families to modern apartment complexes that cater to young professionals and empty nesters. Many of these homes offer contemporary finishes, open floor plans, and access to communal amenities such as fitness centers and rooftop terraces, enhancing the living experience.

Conveniently located near major transportation routes, Parkwood provides easy access to Seattle's bustling downtown, renowned dining, shopping, and cultural attractions. The neighborhood is also served by excellent schools, making it an attractive choice for families looking to settle down in a supportive environment.

If you're searching for a vibrant community with a rich sense of belonging, Parkwood awaits you with open arms. Discover your new home in this lovely Seattle neighborhood today!

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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