6550 Greeenwood Avenue N, Seattle, WA 98103 (MLS # 2596693)
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Listing provided courtesy of Northwest MLS; Blake Investment Advisors
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$233K per Unit in "A" Location! | The Phinney Apartments is a 12-unit value-add apartment investment opportunity that will be delivered 75% vacant at closing, providing a rare opportunity for a new investor to sidestep many of Seattle's stringent landlord-tenant regulations and immediately begin renovations on day one. The property is located in the heart of highly desirable Phinney Ridge, just steps from popular neighborhood restaurants and establishments including Red Mill Burgers, El Chupacabra, ThaiKu, Ridgewood Bottle & Tap, GH Pasta & Pizza, and convenient Metro bus service. Supported by a comprehensive renovation budget found in the marketing brochure, a new investor has the potential to achieve a 22.21% leveraged IRR upon sale at the end of Year 3. The unit mix consists of nine one-bedroom units averaging 585 square feet, two two-bedroom units averaging 750 square feet, and one three-bedroom, one-bathroom unit with an additional office, totaling approximately 860 square feet. Each apartment features original 1960's finishes with real hardwood floors underneath the carpeted living spaces. Units 12 & 6 feature in-unit fireplaces. Property amenities include an on-site common laundry room, 12 covered carport parking stalls, and 12 individual storage lockers. The property also features a dedicated maintenance room currently being utilized for owner storage, along with an approximately 400-square-foot bonus room. Come tour!
| LAST UPDATED | 10/21/2026 | TRACT | Phinney Ridge |
|---|---|---|---|
| YEAR BUILT | 1961 | COMMUNITY | Phinney Ridge |
| COUNTY | King | STATUS | Active |
| PROPERTY TYPE(S) | Multi Family |
| ADDITIONAL DETAILS | |
| AIR | None |
|---|---|
| AREA | 705 - Ballard/Greenlake |
| CONSTRUCTION | Brick |
| HEAT | Baseboard, Electric |
| LOT | 6652 sq ft |
| MLS STATUS | Active |
| STORIES | 3 |
| STYLE | 56 - 10+ Units |
| SUBDIVISION | Phinney Ridge |
| TAXES | 38142 |
| UTILITIES | Sewer Connected |
| WATER | Public |
| ZONING | Multi-Family |
TOTAL MONTHLY PAYMENT
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Properties with the 
icon are courtesy of Northwest MLS.
Listings courtesy of Northwest MLS as distributed by MLS GRID. Based on information submitted to the MLS GRID as of 10/21/26 3:04 PM PDT. All data is obtained from various sources and may not have been verified by broker or MLS GRID. IDX information is provided exclusively for consumers’ personal noncommercial use, that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
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