2515 Thorndyke Ave W - Apartments FOR SALE


Seattle, WA 98199- Magnolia
$4,200,000 USD
206-300-8909
2515 Thorndyke Ave W, Seattle, WA for Sale
$4,200,000 USD
Apartments - FOR SALE
1/17
null | 5.37% Cap Rate

2515 Thorndyke Ave W
Seattle, WA 98199
Magnolia


HIGHLIGHTS

  • Fully Renovated in 2016
  • Strong Current Income with additional revenue from 10 secured garage/storage spaces
  • Turnkey stabilized asset in one of Seattle's most desirable neighborhoods
  • Private balconies on top floor units with skyline views
  • Second story patio with grill for tenant use

OVERVIEW

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 eight one-bedroom and five two-bedroom apartments, each thoughtfully 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. In addition to its strong residential appeal, 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. With a total of 20 on-site parking spaces, including 10 full-size garages capable of accommodating modern vehicles or additional storage needs, the property is well-positioned to capitalize on continued tenant demand for secure parking and storage.

FOR SALE DETAILS

PRICE

$4,200,000 USD

PRICE/SF

$446 USD /SF

# OF UNITS

13

PRICE/UNIT

$323,077

CAP RATE

5.37%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

The Edge Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1959

PARKING SPACES

10

LAND DETAILS

LAND ACRES

0.24 AC

LAND SF

10,492 SF

ZONING

LR3 (M)

APN/PARCEL ID

277160-0575

ASK ABOUT THIS PROPERTY

David PetersenWestlake Associates, Inc.More Info
206-300-8909

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David PetersenWestlake Associates, Inc.More Info
206-300-8909

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.