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Listed by:Lee & Associates Commercial RE • Dea Sumantri
$2,400,000
Est. payment /mo
13 Beds
8 Baths
6,960 Sqft Lot
New
3510 W Elmore ST Seattle, WA 98199
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Key Details
Property Type Multi-Family
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
Subdivision Magnolia
MLS Listing ID 2537323
Style 55 - 5-9 Units
Bedrooms 13
Year Built 1968
Annual Tax Amount $22,734
Lot Size 6,960 Sqft
Property Sub-Type Multi Family
Property Description
We are pleased to present Twin Cedars Apartments, an 8-unit apartment built in 1968 in Seattle's coveted Magnolia neighborhood, within steps of Discovery Park. The building offers 31BD averaging 732SF and 5 2BD averaging 967SF, with efficient floor plans. With 2BD units comprising 63% of the building, the unit mix is squarely aligned with the unit type that drives the strongest tenant demand and longest retention across Seattle's rental market. _of the 8 units have been updated with stone countertops and LVP flooring, delivering a modernized interior foundation. Roof replaced and cedar siding resided in 2020 keep the exterior in sound condition, and a newly improved bike storage room adds a practical amenity that current ownership has not yet monetized. Parking income similarly remains uncaptured, giving a new owner immediate, low-effort revenue opportunities from day one. Twin Cedars operates with discipline already in place. RUBS and pet rent keep utility costs off the owner's bottom line, and a stable, long-tenured tenant base reflects both the building's quality and the neighborhood's enduring appeal. With in-place rents close to market, the clearest path to income growth is the addition of in-unit laundry upon turnover. Comparable Magnolia buildings demonstrate rental premiums of 15% or more from this single upgrade, and combined with parking and bike storage activation, the income levers are identified, accessible, and ready for a new owner to execute.
Location
State WA
County King
Area 700 - Queen Anne/Magnolia
Interior
Flooring Vinyl Plank
Fireplace false
Exterior
Exterior Feature Wood
Amenities Available Deck
View Y/N Yes
View Territorial
Roof Type Composition,Flat,Torch Down
Building
Lot Description Alley, Dead End Street, Paved
Sewer Sewer Connected
Water Public
New Construction No
Schools
School District Seattle
Others
Senior Community No
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
Virtual Tour https://buildout.com/website/1646887-sale
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