Offering • Madison Valley, Seattle

One corner of Madison Valley. Two ways to win.

Renovate and reposition the existing units to today’s market, or clear the site and build the modern version of the townhome rows standing next door. Either path starts with the same thing: a full-scale corner LR3 site two miles from downtown, in Seattle's "Little France."

201 & 205 26TH AVE E / SEATTLE, WA 98112

Aerial view of the property with its approximate lot line outlined in orange, Lake Washington and the 520 bridge beyond — Lot line approximate. Buyer to verify.

The two plays

Equal paths. Pick your lane.

This offering is built for two buyers, and neither one is the headline act. Run your numbers on whichever side is yours.

The investor play

Renovate & rent

For the value-add income buyer

The renovation math is straightforward: in as-is condition, the six two-bedroom units command market rents of $12,150 per month, a 4.75% cap rate at the list price. Renovated, the same units achieve $2,300 to $2,700 each, lifting income to $14,300 per month and the cap rate above 6%. The asset arrives occupied and income-producing on day one, and month-to-month tenancies leave you in full control of renovation pacing and re-leasing.

As-is market rents $12,150 / mo
Renovated (pro forma) $14,300 / mo
Cap rate, as-is to renovated 4.75% to 6.04%
Rent roll On request

Income at market rents, expenses per owner estimate, July 2026; expenses held flat between scenarios. Unit mix, achievable rents, and tenancy terms to be verified by buyer; rent roll available to qualified buyers.

The developer play

Raze & build new

For the townhome builder

The exit is visible from the property line: newer townhome rows already stand on the adjacent parcels, and the shoring wall from the neighboring development is already in place. Clear a site with no demolition complexity, put the corner lot's generous width and dual frontage to work on a high-density program, and let in-place holding income carry design and permitting.

Zoning Lowrise 3 (LR3)
Preliminary capacity ~8 homes
Central Seattle townhome median ~$949K
Holding income during predev In place

Capacity estimate is preliminary and unconfirmed. Buyer to verify through independent feasibility, survey, and land use analysis.

Site fundamentals

LR3

Seattle's most flexible lowrise zone

~2 mi

To downtown Seattle

Walk Score, Madison Valley

9,600

SF corner lot across two tax parcels

Elevated corner view of 201 and 205 26th Ave E, decks facing the street and Puget Sound on the horizon

Property overview

What you are buying

Offering price: $1,999,950
Address: 201 & 205 26th Ave E
Neighborhood: Madison Valley
Zoning: Lowrise 3 (LR3)
Existing use: Multifamily rental, 6 units
Tenancies: Month-to-month
Frontage: 26th Ave E & E John St; corner lot
Parcels & site area: Two parcels; 9,600 SF

Offered as-is, where-is, subject to existing tenancies. All information approximate; buyer to verify to their own satisfaction.

Market snapshot • June 2026

The spread that powers both plays

Detached prices push buyers and renters toward attached housing. That gap shows up as townhome absorption for the builder and rent depth for the investor, on the same block.

~$1.15M

Central Seattle median residential

NWMLS, Jun-2026

~$949K

Central Seattle townhome median

NWMLS, Jun-2026

$1.5M+

Detached homes, immediate vicinity

Published reports, 2026

Median days on market, Seattle

NWMLS InfoSparks, Jun-2026

Figures are approximate market indications from published sources, not appraisals, and must be independently verified by the buyer.

Location

Two miles from downtown,
connected three ways

Link light rail at Capitol Hill

Capitol Hill Station is a short transit or bike ride away, with one-seat service to downtown Seattle, the University of Washington, and Sea-Tac Airport.

RapidRide G on Madison

The region's premier bus rapid transit line runs along E Madison a short walk north, linking Madison Valley to First Hill's medical campuses and downtown with service so frequent that schedules are unnecessary.

Walk Score 90

The E Madison corridor's "Little France" dining village, PCC Community Markets, and the 230-acre Washington Park Arboretum sit within a fifteen-minute walk of the site.

Sales process

Offered at $1,999,950. Get the full memorandum.

The complete offering memorandum covers interim income, market data, lot line exhibits, and offer guidelines. Tours are available by appointment; the property is tenant occupied, so please do not walk the site unannounced.

Request the full OM Call 206.673.3419