Listing courtesy of Lee & Associates Commercial RE
$2,295,000
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… Read More 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. Read Less
Listing courtesy of Lee & Associates Commercial RE
Listing Snapshot
Cumulative Days On Market
93
Days on Website
93
Last Updated
Property Type
Multi Family
Lot Size
0.16 Acres
Year Built
1968
Property Tax
$22,734
MLS Number
2537323
30 Days Snapshot Of 98199
$1.58M
+9%
(avg) sold price
17
-26%
homes sold
51
+30%
(avg) days on market
Snapshot
Area Map
Additional Details
Building
Building Area Total: 0, Building Area Units: Square Feet, Calculated Square Footage: 0, Construction Materials: Wood, Elevation Units: Feet, Leasable Area: 7021, Living Area: 0, Number Of Units Total: 8, Stories Total: 3, Structure Type: Multi Family, Units In Building Total: 8, Year Built: 1968, Year Built Effective: 1992
Cooling
Cooling: None
Expenses
Other Expense: 21055
Exterior Features
Exterior Features: Wood
Fireplaces
Fireplaces Total: 0
Floors
Flooring: Vinyl Plank
Foundation
Foundation Details: Poured Concrete
Garage
Garage Spaces: 0
Heating
Heating: Baseboard
Home Owner's Association
Association Fee: $0
Income
Net Operating Income: 126733
Lot
Features: Alley, Dead End Street, Paved, 0 acres, 6960 square feet, View: Territorial
Based on information submitted to the MLS GRID as of . All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. Listings last updated on ,
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