Portage Bay Triplex
Multifamily | 3 Units | $458,333/unit
Marketing description
Portage Bay Triplex offers a rare opportunity to own a fully renovated, owner-occupiable property in a prime Seattle location between Portage Bay and Eastlake, combining urban convenience with a residential feel. This 3,850 SF triplex features three spacious 2BR/1BA units (~1,425 SF, 1,200 SF, 995 SF) with strong layouts and livability. Property functions as a triplex but is legally a duplex, the third unit may not meet legal requirements per city records (buyer to verify). Ideal for owner-occupants seeking an alternative to single-family housing—live in one unit while rental income from the others helps offset expenses. Extensively updated in 2012 with new electrical, plumbing, and roof, plus consistent interior finishes throughout, delivering a clean, turnkey asset with minimal immediate capital needs. Retains vintage character not often found in newer construction. Property includes two electric parking stalls and large storage area with potential for added utility. Outdoor space with planter beds offers flexibility for additional amenities. Strong in-place condition with future upside in a highly desirable, centrally located neighborhood. Overall, the Portage Bay Triplex offers a combination of location, unit quality, and flexibility that is increasingly difficult to find in the Seattle market. Whether approached as an owner-occupant opportunity or a long-term hold, the asset provides a strong foundation for both lifestyle and investment performance.
Investment highlights
• 3,850 net rentable square feet
• Three spacious 2-bed, 1-bath units
• Units: 1,425, 1,200, 995 SF
• Ideal first-floor owner-occupant unit
• Walkable neighborhood, strong location
• Interiors renovated to solid 2012 standard
• Fully rewired electrical system
• Fully updated plumbing throughout
• New roof installed in 2012
• New Juliet railings installed
• Two electric car garages
• Large storage between garages
• Space for hot tub or dog run
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