About this home

Rare Vashon investment and development opportunity! This established 5-unit multifamily property offers immediate income with future upside. The versatile mix includes a studio, two 2BR/1BA and two 3BR/1BA apartments with a history of strong occupancy. Current rents have intentionally been maintained below estimated fair-market levels, offering potential for increased rental income over time. Most units include a private washer & dryer and four units include fireplaces. The building has a newly installed roof, a significant infrastructure upgrade. The .75-acre R12-zoned parcel includes 6 water shares—an exceptional asset for future possibilities. Even more compelling, two contiguous R12SO-zoned parcels are also available, together offering 6 additional water shares. Acquisition of all three properties creates a rare assemblage opportunity with 12 total water shares, existing multifamily income and significant potential for a larger development vision. Explore the possibilities while benefiting from income already in place. Buyer to verify zoning, water availability, development potential and all intended uses. Please respect tenant privacy; no interior access without confirmed appointment.

Exterior features

Schools

Property details

Heating

Baseboard, Wall Furnace

Cooling

None

Flooring

Laminate, Vinyl Plank, Carpet

Lot

Dead End Street

Water source

Public

Sewer

Sewer Connected

Costs

Annual taxes

$12,001 (2025)

Location

Vashon, WA 98070