Listing courtesy of Lee & Associates Commercial RE 206-773-2696
$2,400,000
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… Read More 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. Read Less
Listing courtesy of Lee & Associates Commercial RE 206-773-2696
Listing Snapshot | Source HomeJunction
Cumulative Days On Market
91
Days on Website
91
Last Updated
Property Type
Multi Family
Lot Size
0.16 Acres
Year Built
1968
Property Tax
$22,734
MLS Number
2537323
30 Days Snapshot Of 98199
$1.56M
+34%
(avg) sold price
18
-10%
homes sold
49
+22%
(avg) days on market
Snapshot
Area Map
Additional Details | Source HomeJunction
Lot
0 acres, 6960 square feet, Features: Alley, Dead End Street, Paved, View: Territorial
Building
Building Area Total: 0, Building Area Units: Square Feet, Calculated Square Footage: 0, Construction Materials: Wood, Elevation Units: Feet, Leasable Area: 7021, Living Area: 0, Number Of Units Total: 8, Stories Total: 3, Structure Type: Multi Family, Units In Building Total: 8, Year Built: 1968, Year Built Effective: 1992
The "three tree" icon indicates listings provided by Northwest Multiple Listing Service.
The listings presented here may or may not be listed by Wesley Lau. The Real Estate Broker providing this data believes it to be correct, but advises interested parties to confirm the data before relying on it in a purchase decision. The information being provided is for the consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the consumers may be interested in purchasing.
Based on information submitted to the MLS GRID as of . All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
The "three tree" icon indicates listings provided by Northwest Multiple Listing Service. The listings presented here may or may not be listed by Iolanthe Chan-McCarthy. The Real Estate Broker providing this data believes it to be correct, but advises interested parties to confirm the data before relying on it in a purchase decision. The information being provided is for the consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the consumers may be interested in purchasing. Listings last updated on .
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