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Twin Cedars Apartments 3510 W Elmore St 8 Unit Apartment Building $2,400,000 ($300,000/Unit) 5.28% Cap Rate Seattle, WA 98199
Investment Highlights
- Prime Magnolia Location - Steps from Discovery Park
- Stabilized Asset with Immediate Upside - In-Place RUBS & Pet Rent, Uncaptured Parking & Bike Storage Income Available
- Tenant-Favored Unit Mix - 5 Spacious 2 Bedroom Units
- Clear Value-Add Path - Addition of In-Unit Laundry Upon Turnover
Executive Summary
We are pleased to present Twin Cedars Apartments, an 8-unit apartment community built in 1968 in Seattle’s coveted Magnolia neighborhood, within steps of Discovery Park. The building offers three one-bedrooms averaging 732 square feet and five two-bedrooms averaging 967 square feet, with efficient, light-filled floor plans designed for livability. With two-bedroom 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.
Seven of the eight units have been updated with stone countertops and LVP flooring, delivering a modernized interior foundation that appeals to today’s renters. Cedar siding resided in 2020 and a roof replacement the same year 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.
Seven of the eight units have been updated with stone countertops and LVP flooring, delivering a modernized interior foundation that appeals to today’s renters. Cedar siding resided in 2020 and a roof replacement the same year 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.
Property Facts
| Price | $2,400,000 | Apartment Style | Low-Rise |
| Price Per Unit | $300,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.16 AC |
| Cap Rate | 5.28% | Building Size | 7,021 SF |
| Gross Rent Multiplier | 13 | Average Occupancy | 96% |
| No. Units | 8 | No. Stories | 3 |
| Property Type | Multifamily | Year Built/Renovated | 1968/1992 |
| Property Subtype | Apartment | Parking Ratio | 1.14/1,000 SF |
| Zoning | L3, Seattle - LR3 (M) | ||
| Price | $2,400,000 |
| Price Per Unit | $300,000 |
| Sale Type | Investment |
| Cap Rate | 5.28% |
| Gross Rent Multiplier | 13 |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.16 AC |
| Building Size | 7,021 SF |
| Average Occupancy | 96% |
| No. Stories | 3 |
| Year Built/Renovated | 1968/1992 |
| Parking Ratio | 1.14/1,000 SF |
| Zoning | L3, Seattle - LR3 (M) |
Amenities
Unit Amenities
- Balcony
- Storage Space
- Heating
- Refrigerator
- Oven
- Range
- Tub/Shower
- Deck
- Vinyl Flooring
Site Amenities
- Storage Space
- Bicycle Storage
- Walk-Up
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 3 | $1,818 | 722 - 732 |
| 2+1 | 5 | $2,043 | 967 |
1 1
Fairly walkable
40/100
Moderately drivable
70/100
Limited public transit
30/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 423540-0605 | Improvements Assessment | $932,200 |
| Land Assessment | $1,252,800 | Total Assessment | $2,185,000 |
Property Taxes
Parcel Number
423540-0605
Land Assessment
$1,252,800
Improvements Assessment
$932,200
Total Assessment
$2,185,000
Contacts
-
Candice Chevaillier, CCIM -
Dea Sumantri -
Daniel Lim -
Lee & Associates Commercial Real Estate Services
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Twin Cedars Apartments | 3510 W Elmore St
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