The Edge Apartments 2515 Thorndyke Ave W 13 Unit Apartment Building $4,200,000 ($323,077/Unit) 5.37% Cap Rate Seattle, WA 98199

Constructed in 1959 and comprehensively renovated in 2016, The Edge Apartments is an exceptional 13-unit apartment community offers investors a rare opportunity to acquire a stabilized, turn-key asset in one of Seattle's most desirable rental markets. The extensive renovation modernized the property throughout, including updated plumbing and electrical systems, creating a low-maintenance investment with strong in-place cash flow and long-term ownership appeal.
The property consists of eight one-bedroom and five two-bedroom apartments, each thoughtfully designed with finishes that today's renters value. Every unit features quartz countertops, stainless steel appliances, in-unit washers and dryers, and contemporary LVT flooring in the common areas. Select apartments include fireplaces, while the top-floor residences enjoy private balconies with peek-a-boo views of the Seattle skyline and Puget Sound. Residents also benefit from a spacious second-floor patio with a community grill, providing an attractive outdoor gathering space that enhances the tenant experience.
In addition to its strong residential appeal, the property offers an attractive value-add component through ten individual secured garage and storage spaces. Currently generating approximately $10,800 in annual income, these oversized garages provide immediate supplemental revenue with meaningful upside through rent increases to market rates. With a total of 20 on-site parking spaces, including 10 full-size garages capable of accommodating modern vehicles or additional storage needs, the property is well-positioned to capitalize on continued tenant demand for secure parking and storage.