403 E Thomas St - Edgene Apartments 9 Unit Apartment Building Offered at $3,199,500 at a 4.43% Cap Rate Seattle, WA 98102

Edgene Apartments presents a rare opportunity to acquire a well-maintained 9-unit multifamily property in one of Seattle’s most desirable rental markets. Built in 1966, this classic mid-century asset combines strong in-place income with meaningful upside potential in a premier Capitol Hill location.
Boasting a Walker’s Paradise walk score of 95, the property offers easy access to Downtown Seattle and South Lake Union as well as to an abundance of neighborhood restaurants, retail, and everyday amenities. Public transportation options are outstanding, with a light rail station and seven bus lines within a 10-minute walk, providing seamless connectivity throughout Seattle and the greater metropolitan area. Residents benefit from quick, convenient transit to major employment centers, entertainment hubs, and regional destinations without reliance on a vehicle.
The building features an excellent and highly rentable unit mix consisting of four two-bedroom units, four one-bedroom units, and one studio. A standout feature is the spacious, ±1,200-SF top-floor penthouse unit – ideal for an owner-occupant – offering two bedrooms plus a den, one-and-a-half bathrooms, and sweeping Downtown and Space Needle views.
Edgene Apartments has been thoughtfully maintained and upgraded, including updated dual-pane windows, in-unit laundry and dishwashers in all units other than the studio, and elevator service. The property also offers an uncommon 11 parking spaces – 9 off-street and 2 garage – providing a valuable amenity in this dense urban neighborhood.
In addition to its strong location and condition, Edgene Apartments offers clear operational upside. New ownership may realize approximately ±20% income growth by strategically raising rents to market rates, implementing a utility bill-back system, and monetizing parking. Further enhancing the investment profile is its streamlined condominium conversion potential, as condo documents are already in place comprising 12 parcels (one for the land, two for parking, and nine individual unit parcels). This structure creates flexibility for future sell-off strategies and provides investors with both income growth potential and long-term disposition optionality.
With its prime Capitol Hill address, attractive unit mix, owner-occupant flexibility, and value-add potential, Edgene Apartments represents a compelling investment opportunity in the heart of Seattle.