Active · Residential Income

3510 W Elmore Street , Seattle, WA 98199

Seattle, WA 98199

$2,295,000

— bedrooms · — bathrooms · 0 sq ft

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Listing provided by Lee & Associates Commercial RE · MLS #2537323 · Active

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About this property

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.

Property details

Property type: Multi Family
Year built: 1968
Lot size: 6,960 sq ft
Association dues: $0 · frequency not provided
Annual property tax: $22,734 (2026)
Parking spaces: 8
School district: Seattle

Listings courtesy of Northwest MLS as distributed by MLS GRID.

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