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    Seattle Multifamily and Retail Portfolio Title is generated by Realmo AI

    2600-2634 Thorndyke Ave W, Seattle, WA

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    Five-building assemblage with 41 residential units, 2 commercial spaces.

    Type:LAND
    Property size:
    25,724 SF
    Lot size:
    1.11 Acres
    Price / SF:
    $323/SF
    Added:
    Oct 20, 2025
    Days on Market:
    234
    Last Refresh:
    May 20 at 9:24 pm

    Property Features for 2600-2634 Thorndyke Ave W

    General Information

    Standard status
    Active
    Size
    25,724 SF
    Lot size
    1.11 Acres
    Property subtype
    LAND

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    Listing Contact
    Michael Urquhart

    Listing agent Michael Urquhart

    Listing office Paragon Real Estate Advisors

    Listing date Oct 20, 2025

    Source Moodyscre

    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 Paragon Real Estate Advisors

    HighLights

    • Value‑add opportunity with 41 residential units, 2 commercial spaces, and a single‑family house.
    • Assemblage of 5 buildings totaling 48,462 square feet in a core Seattle area.
    • LR3 (M) zoning allows for multiple asset types and immediate development potential.
    • Opportunity to generate cash flow while navigating the permit process.
    • Suitable for immediate development.
    • Portfolio acquisition opportunity for a new investor.

    Overview

    The Magnolia Portfolio comprises five buildings, presenting an opportunity to acquire a value-add asset in Seattle. The assemblage includes 41 residential units, two commercial spaces, and a single-family house. The property encompasses 48,462 square feet of LR3 (M) zoned land. With a total property size of 25,724 square feet, the property is suitable for immediate development as multiple asset types. The current arrangement allows a new owner to operate the assets while navigating the permit process to maintain cash flow.

    Local Financial Insights For Apartment 5plus

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $818.0k $31.80
    − Vacancy −$28.6k −$1.11
    EGI $789.4k $30.69
    − OpEx −$355.2k −$13.81
    NOI $434.2k $16.88
    25,724 SF · lease $31.80/SF/yr · vacancy 3.50% · expense 45.00%

    Alternative Uses

    Best Use
    Apartment 5plus
    $6.20M
    $5.43M – $7.24M (±1% cap)
    NOI $434,166 @ 7.0% cap · market cap 5.22%
    Second Best
    Retail
    $5.48M
    $4.79M – $6.39M (±1% cap)
    NOI $383,566 @ 7.0% cap · market cap 4.61%
    Theoretical Best
    Office A
    $7.74M
    $6.77M – $9.03M (±1% cap)
    NOI $541,740 @ 7.0% cap · market cap 6.51%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Grocery & Convenience Store Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Seattle
    County
    King
    State
    Washington
    Longitude
    -122.384
    Latitude
    47.6433

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    FAQs

    What type of property is this?
    Apartment building - Five-building assemblage with 41 residential units, 2 commercial spaces.
    Where is this apartment building located?
    The property is located at 2600-2634 Thorndyke Ave W Seattle, WA.
    What is the asking price?
    The asking price for this property is $8,325,000.
    What are key features of this property?
    This property features: Value‑add opportunity with **41 residential units, 2 commercial spaces, and a single‑family house.**; Assemblage of **5 buildings totaling 48,462 square feet** in a core Seattle area.; LR3 (M) zoning allows for multiple asset types and immediate development potential.
    (206) 812-9123 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Michael Urquhart
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