$2,400,000
 $12,884 est/mo Sourced by Back At You

3510 W Elmore Street,Seattle, WA 98199

Seattle, WA 98199

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Description

We are pleased to present Twin Cedars Apartments, an 8-unit apartment built in 1968 in Seattle’s coveted Magnolia neighborhood, within steps of Discovery Park. The building offers 31BD averaging 732SF and 5 2BD averaging 967SF, with efficient floor plans. With 2BD units comprising 63% of the building, the unit mix is squarely aligned with the unit type that drives the strongest tenant demand and longest retention across Seattle’s rental market. _of the 8 units have been updated with stone countertops and LVP flooring, delivering a modernized interior foundation. Roof replaced and cedar siding resided in 2020 keep the exterior in sound condition, and a newly improved bike storage room adds a practical amenity that current ownership has not yet monetized. Parking income similarly remains uncaptured, giving a new owner immediate, low-effort revenue opportunities from day one. Twin Cedars operates with discipline already in place. RUBS and pet rent keep utility costs off the owner’s bottom line, and a stable, long-tenured tenant base reflects both the building’s quality and the neighborhood’s enduring appeal. With in-place rents close to market, the clearest path to income growth is the addition of in-unit laundry upon turnover. Comparable Magnolia buildings demonstrate rental premiums of 15% or more from this single upgrade, and combined with parking and bike storage activation, the income levers are identified, accessible, and ready for a new owner to execute.

Details

MLS #2537323
Listing TypeFor Sale
Sub-TypeResale
StatusActive
Year1968
Days On Site88
Listing Provided ByLee & Associates Commercial RE | Dea Sumantri

Features

SQ Feet7,021
Story(s)3
Units8
ZoningMulti-Family
Acreage0.16
Property ViewYes

Taxes

Property22734

Area Information

StateWA
CountyKing
CitySeattle
Zip Code98199
Area700 Queen Anne | Magnolia
Community NameMagnolia
Listing VS Median (in Magnolia)
Price:
$2,400,000
low | high
Med:
$961,500
100% of Average
sqft:
7,021
low | high
Med:
1,861
100% of Average
$ / sqft:
$342
low | high
Med:
$519
2% of Average
On site:
88
low | high
Med:
97
90.721649484536% of Average
Sourced by Back At You

Market Activity 98199

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Learn More About This Property

StateWA
CountyKing
CitySeattle
Zip Code98199
Area700 Queen Anne | Magnolia
Community NameMagnolia
Listing VS Median (in Magnolia)
Price:
$2,400,000
low | high
Med:
$961,500
100% of Average
sqft:
7,021
low | high
Med:
1,861
100% of Average
$ / sqft:
$342
low | high
Med:
$519
2% of Average
On site:
88
low | high
Med:
97
90.721649484536% of Average
Sourced by Back At You
Nearby Listings (Within 1/2 mile)
Price: $1.8M - $3M
sqft: 5,000 - 8,500
Nearby Listings Property ImageNearby Listings Details
4200 Washington Avenue Property Photo 1
$3,999,500
4200 Washington Avenue
Seattle, WA 98199
Listing Updated: July 10, 2026 at 11:14:11 AM PDT