22-Unit Apartment
New
For Sale
$2,800,000
2600 Thorndyke, Seattle, WA 98199
Shared laundry, storage, outdoor parking, and a barbecue area serve residents at this Seattle multifamily property.
Property Size7,990 SF
Lot Size0.50 Acres
Price / SF$350.44
Days on Market6
Property Features for 2600 Thorndyke
General Information
Standard status
Active
Size
7,990 SF
Total Parking Spaces
10
Lot size
0.50 Acres
Property subtype
Multi-family
Zoning
LR3 (M)
Units
Unit Mix
22 x 1BR
Multifamily Units
22
Additional Details
Public Transit
Yes
Amenities
common laundry room
community barbecue area
storage units
Building Details
Year Built
1954
Buildings
1
Listing Agency:
Paragon Real Estate Advisors
Listed By:
Michael Urquhart · License #135356
(206) 812-9123
Source:
Century21northhomes
Added: Oct 11
Changed: Oct 15
Last Checked: Oct 15 at 1:55AM
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
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Investment Insights
Based on property information with market context.
Built in 1954, this 22-unit apartment property offers one-bedroom residences, a shared laundry room, 24 storage units, and 10 open parking stalls. A community barbecue area provides an additional shared outdoor amenity. The site is zoned LR3 (M) and measures 21,860 square feet.
The property is in Seattle’s Magnolia neighborhood, near Magnolia Village, Discovery Park, Fishermen’s Terminal, and the Interbay employment corridor. Nearby routes and connections include 15th Ave W, the RapidRide D Line, and the Ballard Bridge.
A Cone Architecture feasibility study considered 14 townhomes on this parcel. The study also examined a combined concept of about 30 townhomes across this site and the adjoining parcels at 2618 and 2626 Thorndyke Ave W, which are also available.
The property is in Seattle’s Magnolia neighborhood, near Magnolia Village, Discovery Park, Fishermen’s Terminal, and the Interbay employment corridor. Nearby routes and connections include 15th Ave W, the RapidRide D Line, and the Ballard Bridge.
A Cone Architecture feasibility study considered 14 townhomes on this parcel. The study also examined a combined concept of about 30 townhomes across this site and the adjoining parcels at 2618 and 2626 Thorndyke Ave W, which are also available.
Key Highlights
- 22 one‑bedroom apartments in a building constructed in 1954
- 21,860‑square‑foot lot zoned LR3 (M)
- 24 storage units and a shared laundry room
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$134,854
Cap Rate
4.82%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,697,080
$2.7M
Cap Rate 7%
$1,926,486
$1.9M
Cap Rate 9%
$1,498,378
$1.5M
Market Conditions
NOI Build-Up for 7,990 SF
Gross rent
$254.1K $31.80/SF
− Vacancy
−$8.9K −$1.11/SF
EGI
$245.2K $30.69/SF
− OpEx
−$110.3K −$13.81/SF
NOI
$134.9K $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 Rate 5%
$2,697,080
Cap Rate 7%
$1,926,486
Cap Rate 9%
$1,498,378
Alternative Uses
Best Use
Apartment 5plus
$1.93M
$1.69M – $2.25M
NOI $134,854 @ 7.0% cap · market cap 4.82%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.40M
$2.10M – $2.80M
NOI $168,267 @ 7.0% cap · market cap 6.01%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
22
Residential units
Location Intelligence
Trade Area within ½ mile
661
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - Shared laundry, storage, outdoor parking, and a barbecue area serve residents at this Seattle multifamily property.
Where is this apartment building located?
The property is located at 2600 Thorndyke Seattle, WA.
What is the asking price?
The asking price for this property is $2,800,000.
What are key features of this property?
This property features: 22 one‑bedroom apartments in a building constructed in 1954; 21,860‑square‑foot lot zoned LR3 (M); 24 storage units and a shared laundry room
