Renovated Apartment Building with
New
For Sale
$4,200,000
2515 Thorndyke, Seattle, WA 98199
Updated multifamily community with modern apartment finishes, private balconies in select homes, and secured garage storage spaces.
Property Size9,420 SF
Price / SF$445.86
Days on Market6
Property Features for 2515 Thorndyke
General Information
Standard status
Active
Size
9,420 SF
Total Parking Spaces
10
Property subtype
Multi-family
Units
Unit Mix
8 x 1BR, 5 x 2BR
Multifamily Units
13
Amenities
in-unit washer/dryer
quartz countertops
stainless steel appliances
LVT flooring
fireplace
private balcony
patio with community grill
Building Details
Year Built
1959
Year Renovated
2016
Listing Agency:
Westlake Associates,Inc.
Listed By:
Chad Michael Martini
(206) 363-8509
Source:
Century21northhomes
Added: Aug 5
Changed: Aug 10
Last Checked: Aug 10 at 10:27AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Westlake Associates,Inc.
Investment Insights
Based on property information with market context.
The Edge Apartments is a 13-unit multifamily property totaling 9,420 square feet. Originally built in 1959, the building underwent a comprehensive renovation in 2016 that included plumbing and electrical updates. The unit mix comprises eight one-bedroom apartments and five two-bedroom apartments. Apartment interiors feature quartz countertops, stainless steel appliances, in-unit washers and dryers, and contemporary LVT flooring in common areas. Select residences offer fireplaces, while top-floor units include private balconies with views toward the Seattle skyline and Puget Sound.
Resident amenities include a second-floor patio with a community grill. The property also includes 10 individual secured garage and storage spaces, providing dedicated parking and storage options. Located at 2515 Thorndyke in Seattle, Washington, the property combines renovated building systems, varied apartment layouts, outdoor amenity areas, and enclosed garage space within one multifamily asset.
Resident amenities include a second-floor patio with a community grill. The property also includes 10 individual secured garage and storage spaces, providing dedicated parking and storage options. Located at 2515 Thorndyke in Seattle, Washington, the property combines renovated building systems, varied apartment layouts, outdoor amenity areas, and enclosed garage space within one multifamily asset.
Key Highlights
- 13‑unit apartment community with an 8 one‑bedroom and 5 two‑bedroom unit mix
- 9,420 SF building constructed in 1959 and comprehensively renovated in 2016
- Renovation included updated plumbing and electrical systems
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$158,989
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.79%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,179,780
$3.2M
Cap Rate 7%
$2,271,271
$2.3M
Cap Rate 9%
$1,766,544
$1.8M
Market Conditions
NOI Build-Up for 9,420 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$299.6K $31.80/SF
− Vacancy
−$10.5K −$1.11/SF
EGI
$289.1K $30.69/SF
− OpEx
−$130.1K −$13.81/SF
NOI
$159.0K $16.88/SF
Area
Seattle, WA
Vacancy
3.50%
Lease Rate
$31.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,179,780
Cap Rate 7%
$2,271,271
Cap Rate 9%
$1,766,544
Alternative Uses
Best Use
Apartment 5plus
$2.27M
$1.99M – $2.65M
NOI $158,989 @ 7.0% cap · market cap 3.79%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.83M
$2.48M – $3.31M
NOI $198,382 @ 7.0% cap · market cap 4.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
13
Residential units
Location Intelligence
Trade Area within ½ mile
670
Businesses Nearby
Explore this area
Business Placement
Demographics for 98199, WA
22,549
Population
10,737
Households
2.1
Avg Household Size
39
Median Age
77%
College-Educated
99%
High-School Grad
4.2 sq mi
ZIP Area
5,369
Density / Sq Mi
$176,729
Median Household Income
$99,361
Median Earnings
$2,461
Median Rent
$1,160,000
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Updated multifamily community with modern apartment finishes, private balconies in select homes, and secured garage storage spaces.
Where is this apartment building located?
The property is located at 2515 Thorndyke Seattle, WA.
What is the asking price?
The asking price for this property is $4,200,000.
What are key features of this property?
This property features: 13‑unit apartment community with an 8 one‑bedroom and 5 two‑bedroom unit mix; 9,420 SF building constructed in 1959 and comprehensively renovated in 2016; Renovation included updated plumbing and electrical systems
