Parkwood Homes with 56 - 10+ Units Style

Welcome to Parkwood, a vibrant neighborhood nestled in the heart of Seattle, Washington. Known for its lush greenery and family-friendly atmosphere, Parkwood offers a unique blend of suburban charm and urban convenience. This welcoming community is characterized by its beautifully maintained parks, tree-lined streets, and a strong sense of camaraderie among residents.

Parkwood is perfect for those seeking a peaceful retreat without sacrificing access to the bustling city life. With its proximity to downtown Seattle, residents can enjoy a plethora of dining, shopping, and entertainment options just a short drive away. The neighborhood is also well-connected by public transportation, making it easy to explore the wider King County area.

Homes in Parkwood range from cozy single-family residences to larger multi-unit properties, catering to a diverse array of lifestyles and preferences. With options that include 56 to 10+ unit styles, there’s something for everyone, whether you’re a first-time homebuyer, a growing family, or an investor looking for rental opportunities. The architectural styles are varied, with many homes featuring modern amenities while still preserving the charm of traditional designs.

Families will appreciate the excellent schools and recreational facilities nearby, as well as the abundance of parks that provide ample opportunities for outdoor activities. Whether you enjoy leisurely strolls, weekend picnics, or community events, Parkwood has it all.

Discover the warmth and allure of Parkwood, where you can find your dream home in a neighborhood that truly feels like family. Welcome to your new beginning!

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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