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2600 Thorndyke Avenue W, Seattle
$2,800,000
2593827 MLS ⋅ ACTIVE Status
This well located 22-unit apartment building sits on a 21,860 square foot LR3 (M) zoned lot in Seattle's Magnolia neighborhood. On the market for the first time in 40 years the building was built in 1954 and offers 22 open one-bedroom units, a common laundry room, 24 storage units, 10 open parking stalls and a community barbecue area. Property has been self-managed for decades, and current rents are well below the market for a small one-bedroom in this submarket, giving a buyer room to add income on turnover. The lot is also a covered land play: a Cone Architecture feasibility study lays out 14 townhomes on this parcel alone, or about 30 across this parcel and the adjoining parcels at 2618 and 2626 Thorndyke Ave W, which are also available. Residents are minutes from Magnolia Village, Discovery Park, Fishermen's Terminal and the Interbay employment corridor, with 15th Ave W, the RapidRide D Line and the Ballard Bridge close by.

2600 Thorndyke Avenue W, Seattle

Listing Broker: Paragon Real Estate Advisors; Michael Urquhart; 206-812-9123; michael@paragonrea.com

2515 Thorndyke Avenue W, Seattle
$4,200,000
2566437 MLS ⋅ ACTIVE Status
Constructed in 1959 and comprehensively renovated in 2016, The Edge Apartments is an exceptional 13-unit apartment community offers investors a rare opportunity to acquire a stabilized, turn-key asset in one of Seattle's most desirable rental markets. The extensive renovation modernized the property throughout, including updated plumbing and electrical systems, creating a low-maintenance investment with strong in-place cash flow and long-term ownership appeal. The property consists of 8 one-bedroom and 5 two-bedroom apartments, each designed with finishes that today's renters value. Every unit features quartz countertops, stainless steel appliances, in-unit washers and dryers, and contemporary LVT flooring in the common areas. Select apartments include fireplaces, while the top-floor residences enjoy private balconies with peek-a-boo views of the Seattle skyline and Puget Sound. Residents also benefit from a spacious second-floor patio with a community grill, providing an attractive outdoor gathering space that enhances the tenant experience. The property offers an attractive value-add component through ten individual secured garage and storage spaces. Currently generating approximately $10,800 in annual income, these oversized garages provide immediate supplemental revenue with meaningful upside through rent increases to market rates. The property is well-positioned to capitalize on continued tenant demand for secure parking and storage.

2515 Thorndyke Avenue W, Seattle

Listing Broker: Westlake Associates, Inc.; Chad Michael Martini; 206-321-3226; chad@westlakeassociates.com

2600 -2626 Thorndyke Avenue W, Seattle
$6,225,000
2536846 MLS ⋅ ACTIVE Status
The Magnolia Assemblage offers a new investor the ability to acquire a 3 building portfolio suitable for a value-add opportunity located in a core Seattle area. The current arrangement offers 31 multi-family units plus a single family house. All together the assemblage represents 34,262 square feet of LR3 (M) zoned dirt suitable for a development of +/- 30 townhouses.

2600 -2626 Thorndyke Avenue W, Seattle

Listing Broker: Paragon Real Estate Advisors; Michael Urquhart; 206-812-9123; michael@paragonrea.com

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