Portage Bay Homes under $500,000

Welcome to Portage Bay, a hidden gem nestled in the heart of Seattle, Washington. This vibrant neighborhood is known for its picturesque waterfront views, friendly community vibe, and rich cultural history. With its charming homes and lush greenery, Portage Bay offers a serene escape from the hustle and bustle of city life, all while being conveniently located just minutes from downtown Seattle.

One of the most appealing aspects of Portage Bay is its diverse housing market, with options for every budget. For those seeking affordable living in this desirable area, there are homes available for under $500,000. These properties often feature unique architectural styles, from cozy bungalows to modern townhouses, making it easy to find a place that feels like home. With thoughtful renovations and upgrades, many of these homes boast contemporary amenities while retaining their historic charm.

Living in Portage Bay means enjoying a plethora of outdoor activities. Residents can take advantage of the scenic waterfront, perfect for kayaking or paddleboarding, while the nearby parks offer ample green space for picnics and leisurely strolls. The neighborhood also boasts a variety of local shops, cafes, and restaurants, ensuring that you’ll always have something to explore just around the corner.

Whether you’re a first-time homebuyer or looking to downsize, Portage Bay's welcoming atmosphere and affordable housing options make it an ideal place to settle down. Experience the best of Seattle living in this enchanting neighborhood, where community spirit meets natural beauty. Come discover your new home in Portage Bay!

Newest Portage Bay Homes under $500,000

$469,000

2 Beds ⋅ 1 Baths ⋅ 2592215 MLS ⋅ ACTIVE Status

Midcentury charm meets waterfront living with pretty Portage Bay views and serene garden outlooks. Originally built for the 1962 World’s Fair, this beautifully updated unit blends timeless design with modern comfort. The open, light-filled layout showcases fresh paint, warm hardwood floors, expansive windows, and seamless indoor-outdoor flow to a private deck—perfect for morning coffee or sunset dining. The refreshed kitchen features sleek quartz countertops, stylish backsplash, and new appliances, all opening effortlessly to the main living spaces for easy entertaining. A cozy wood-burning fireplace anchors the living room, while two bright bedrooms and an updated bath offer comfortable retreats. Additional highlights include an in-unit washer/dryer, covered parking, and dedicated storage. Enjoy community waterfront amenities with docks for paddleboarding or kayaking, plus storage. Pet-friendly, well-managed, and just minutes to downtown, SLU, UW, as well as I-5 and 520 for easy commuting.

2524 Boyer Avenue E Unit #446, Seattle

Listing Broker: Windermere Real Estate Midtown; Tamara P. Canero; 206-527-5445; tcanero@windermere.com

3121 Franklin Avenue E Unit #23, Seattle

$339,900

1 Beds ⋅ 1 Baths ⋅ 2588772 MLS ⋅ ACTIVE Status

Prepare to be swooned! Welcome to the Ives - a boutique vintage building steps from the best of Eastlake and Portage Bay. Irreplaceable period details make each day in this sunny corner residence feel special, from original leaded-glass windows, multiple built-ins & nooks, and hardwood floors rich with patina. Ultra-rare and super coveted private 1 car garage with electricity is one of only 3 available in the building, and is individually titled. Remodeled kitchen and bathroom bring modern day creature comforts and amenities alongside the classic charm. Epicenter location provides seamless access to multiple commuter routes & excellent proximity to UW and South Lake Union. Secure lobby entry, full-size storage unit, community laundry room, bike storage and pet friendly.

3121 Franklin Avenue E Unit #23, Seattle

Listing Broker: John L. Scott, Inc; Nick Gerisilo; 206-372-0218; info@HappyHomeTeam.com

$275,000

1 Baths ⋅ 2586791 MLS ⋅ ACTIVE Status

Welcome to The Ives, a 1928 Seattle classic at the crossroads of Eastlake & Portage Bay. This spacious corner studio is bright and utterly charming with an abundance of period details; coved ceilings, built-ins, hardwood floors and leaded glass French doors concealing a space saving Murphy bed. A walk in closet large enough to double as home office space, an inviting living room, separate dining area and a remodeled kitchen. A canvas of greenery beyond large windows for peace and privacy in a pet friendly building with a secured storage space, shared laundry and bike room. Stellar location allowing for easy access to neighborhood cafes, Lake Union’s waterfront as well as UW, Capitol Hill, South Lake Union and Downtown. Quintessential Seattle city living!

3121 Franklin Avenue E Unit #2, Seattle

Listing Broker: Lake & Company; Demetra Apostolou; 206-909-3482; demetra@lakere.com

$275,000

1 Baths ⋅ 2560151 MLS ⋅ ACTIVE Status

Vintage corner-unit condo at the historic 1928 Ives building perfectly blends period romance with modern city convenience. A formal entry and dedicated dining area lead into a bright living space featuring gleaming hardwood floors, while leaded glass French doors elegantly frame the room. Large unique iron picture windows frame beautiful maple trees outside and flood the rooms with beautiful natural light from two directions, highlighting original mahogany woodwork, coved ceilings, graceful arches and built-ins. The thoughtfully modernized open kitchen features an island, quartz countertops, stainless steel appliances and a built-in breakfast nook, while the bathroom showcases classic octagon tile floors. Set in a secure, pet-friendly building with shared laundry, bonus secure storage and bike room, this home places you close to Lake Union waterfront recreation, neighborhood cafes, and the Burke-Gilman Trail. With quick access to Interstate 5, Capitol Hill, South Lake Union, UW, and downtown, this home offers an unforgettable mix of historic character and effortless Seattle living.

3121 Franklin Avenue E Unit #1, Seattle

Listing Broker: Redfin; Patrick Beringer; 206-310-4742; patrick.beringer@redfin.com

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Portage Bay Homes under $500,000

Newest Portage Bay Homes under $500,000

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