Interbay’s neighborhood consists of the valley between Queen Anne Hill on the east and Magnolia on the west, plus filled-in areas of Smith Cove and Salmon Bay. The neighborhood is bounded on the north by Salmon Bay, part of the Lake Washington Ship Canal, on the south by what remains of Smith Cove, on the east by 15th Avenue W. and Elliott Avenue W., and on the west by Thorndyke, 20th and Gilman Avenues W. The Ballard Bridge crosses the ship canal from Interbay to Ballard.

Much of Interbay is taken up by BNSF Railway’s Balmer Yard. Interbay is also home to Fishermen’s Terminal on Salmon Bay and the Port of Seattle’s Piers 86, 90, and 91 on Smith Cove. Its main thoroughfares are Elliott Avenue W. (northwest- and southeast-bound) and 15th Avenue W. (north- and southbound).
Interbay is also home to a Washington Army National Guard armory, Interbay Stadium, the

Interbay P-Patch (a large community garden), and the Interbay Golf Course. There is a miscellany of light industrial, warehouse, wholesale, and retail businesses along 15th Avenue West, as well as a few professional offices and some housing. There continues to be a small shopping and dining neighborhood at West Dravus Street, the former Grand Boulevard. A bicycle and foot trail comes north from the Central Waterfront by Belltown through Myrtle Edwards Park, and continues through the pier facilities around Smith Cove and parallels the railway tracks on their west through Interbay. It ends on the west (Magnolia) side of the tracks on 20th Avenue West about three blocks south of Dravus.