Eight-Unit Apartment
For Sale
$2,400,000
3510 Elmore St, Seattle, WA 98199
Well-kept 1968 community with one- and two-bedroom apartments near Discovery Park, offering RUBS, pet rent, and parking/bike income.
Property Size7,021 SF
Price / SF$341.83
Days on Market76
Property Features for 3510 Elmore St
General Information
Standard status
Active
Size
7,021 SF
Property subtype
Commercial
Additional Details
Multifamily Units
8
Building Details
Year Built
1968
Listing Agency:
LEE & ASSOCIATES COMMERCIAL REAL ESTATE SERVICES
(206) 383-3399
Listed By:
CANDICE CHEVAILLIER, CCIM
Source:
Corcoran
Added: Jun 10
Changed: Aug 23
Last Checked: Aug 23 at 3:24AM
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 LEE & ASSOCIATES COMMERCIAL REAL ESTATE SERVICES
Investment Insights
Based on property information with market context.
Twin Cedars Apartments is an eight-unit apartment community built in 1968, featuring three one-bedroom apartments and five two-bedroom apartments. The floor plans are described as efficient and light-filled, with a unit mix that is weighted toward two-bedrooms, which represent 63% of the building. The offering notes RUBS and pet rent already in place, along with uncaptured parking and bike storage income available to a new owner.
Located in Seattle’s Magnolia neighborhood, Twin Cedars Apartments is within steps of Discovery Park, with easy access to major employment hubs as described in the marketing materials. The proximity to the park and regional access can support a tenant mix seeking both neighborhood character and day-to-day convenience.
For tenants, the property’s one- and two-bedroom options offer flexible occupancy, with the majority of units configured as two-bedrooms. For operators, the stated income components include RUBS and pet rent, plus parking and bike storage income opportunities identified in the remarks. The materials also reference an additional in-unit laundry feature upon turnover, presented as a defined value-add direction for a new owner.
Located in Seattle’s Magnolia neighborhood, Twin Cedars Apartments is within steps of Discovery Park, with easy access to major employment hubs as described in the marketing materials. The proximity to the park and regional access can support a tenant mix seeking both neighborhood character and day-to-day convenience.
For tenants, the property’s one- and two-bedroom options offer flexible occupancy, with the majority of units configured as two-bedrooms. For operators, the stated income components include RUBS and pet rent, plus parking and bike storage income opportunities identified in the remarks. The materials also reference an additional in-unit laundry feature upon turnover, presented as a defined value-add direction for a new owner.
Key Highlights
- Twin Cedars Apartments: 8‑unit multifamily community built in 1968 in Seattle’s Magnolia neighborhood
- Unit mix includes 3 one‑bedrooms averaging 732 SF and 5 two‑bedrooms averaging 967 SF (two‑bedrooms are 63% of the building)
- RUBS and pet rent are already in place
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
$118,499
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
4.94%
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%
$2,369,980
$2.4M
Cap Rate 7%
$1,692,843
$1.7M
Cap Rate 9%
$1,316,656
$1.3M
Market Conditions
NOI Build-Up for 7,021 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
$223.3K $31.80/SF
− Vacancy
−$7.8K −$1.11/SF
EGI
$215.5K $30.69/SF
− OpEx
−$97.0K −$13.81/SF
NOI
$118.5K $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%
$2,369,980
Cap Rate 7%
$1,692,843
Cap Rate 9%
$1,316,656
Alternative Uses
Best Use
Apartment 5plus
$1.69M
$1.48M – $1.97M
NOI $118,499 @ 7.0% cap · market cap 4.94%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.11M
$1.85M – $2.46M
NOI $147,860 @ 7.0% cap · market cap 6.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
369
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 - Well-kept 1968 community with one- and two-bedroom apartments near Discovery Park, offering RUBS, pet rent, and parking/bike income.
Where is this apartment building located?
The property is located at 3510 Elmore St Seattle, WA.
What is the asking price?
The asking price for this property is $2,400,000.
What are key features of this property?
This property features: Twin Cedars Apartments: 8‑unit multifamily community built in 1968 in Seattle’s Magnolia neighborhood; Unit mix includes 3 one‑bedrooms averaging 732 SF and 5 two‑bedrooms averaging 967 SF (two‑bedrooms are 63% of the building); RUBS and pet rent are already in place
