Property Details

3510 W Elmore St

Seattle, WA 98199

$2,400,000

Available

CBA# 713906 courtesy of CBA Listing firm: Lee & Associates Commercial Real Estate Services

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Commercial

Property Type

7,860

Bldg Sq Ft

Units

5.00%

Cap Rate

1968

Year Built

Property Overview

We are pleased to present Twin Cedars Apartments, an 8-unit apartment community built in 1968 in Seattle’s coveted Magnolia neighborhood, within steps of Discovery Park. The building offers three one-bedrooms averaging 732 square feet and five two-bedrooms averaging 967 square feet, with efficient, light-filled floor plans designed for livability. With two-bedroom 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. Seven of the eight units have been updated with stone countertops and LVP flooring, delivering a modernized interior foundation that appeals to today’s renters. Cedar siding resided in 2020 and a roof replacement the same year 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.