This street was established in 1926 as part of North Beach, an Addition to the City of Seattle. As the advertisement below indicates, the addition features excellent views of Puget Sound. I assume Neptune being the Roman god of the sea was the inspiration behind the name.

North Beach Ad, Seattle Star, September 17 1925
Advertisement for the North Beach Addition in the September 17, 1925, issue of The Seattle Star

NW Neptune Place begins at NW Blue Ridge Drive and NW 100th Street and goes around 650 feet southeast to NW 98th Street and 24th Avenue NW.

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