Eight-Unit Apartment
For Sale
$2,295,000
3510 W 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 Size7,031 SF
Days on Market144
Property Features for 3510 W Elmore St
General Information
Standard status
Active
Size
7,031 SF
Property subtype
Multifamily
Site & Location
Neighborhood
Magnolia
Additional Details
Multifamily Units
8
Building Details
Building Size
7,031 SF
Year Built
1968
Listed By:
Dea Sumantri
(206) 383-3399
Source:
Lee-associates
Added: Jun 11
Changed: Oct 27
Last Checked: Oct 30 at 12:46PM
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 Dea Sumantri
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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 / Yr
$118,668
Cap Rate
5.17%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,373,360
$2.4M
Cap Rate 7%
$1,695,257
$1.7M
Cap Rate 9%
$1,318,533
$1.3M
Market Conditions
NOI Build-Up for 7,031 SF
Gross rent
$223.6K $31.80/SF
− Vacancy
−$7.8K −$1.11/SF
EGI
$215.8K $30.69/SF
− OpEx
−$97.1K −$13.81/SF
NOI
$118.7K $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%
$2,373,360
Cap Rate 7%
$1,695,257
Cap Rate 9%
$1,318,533
Alternative Uses
Best Use
Apartment 5plus
$1.70M
$1.48M – $1.98M
NOI $118,668 @ 7.0% cap · market cap 5.17%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.12M
$1.85M – $2.47M
NOI $148,071 @ 7.0% cap · market cap 6.45%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
369
Businesses Nearby
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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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Market
Vacancy Rate% for Multifamily in West region
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 W Elmore St Seattle, WA.
What is the asking price?
The asking price for this property is $2,295,000.
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
