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… Read More 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. Read Less
Listing courtesy of Paragon Real Estate Advisors
Listing Snapshot
Cumulative Days On Market
1
Last Updated
Property Type
Multi Family
Square Ft.
7,990
Lot Size
0.5 Acres
Year Built
1954
Property Tax
$32,756
MLS Number
2593827
Additional Details
Building
Built in 1954, 2 stories, Construction Materials: Stucco, Wood
Cooling
None
Expenses
Insurance: $12,658, Other Expense: $64,532
Exterior Features
Stucco, Wood, Wood Products
Floors
Engineered Hardwood, Vinyl, Carpet
Foundation
Poured Concrete
Heating
Baseboard
Home Owner's Association
Association Fee: $0
Income
Gross ScheduledIncome: $389,065, Net Operating Income: $219,923
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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