2515 Thorndyke Avenue W, Seattle, WA 98199
- $4,200,000
- 9,420
- SqFt
Listing courtesy of Westlake Associates, Inc..
- List Price
- $4,200,000
- Status
- ACTIVE
- MLS#
- 2566437
- Days on Market
- 0
- Style
- 56 - 10+ Units
- Finished SqFt
- 9,420
- Area Total SqFt
- 9420
- Annual Tax Ammount
- 33567
- Lot Size (sq ft)
- 10,492
- Sewer
- Sewer Connected
Property Description
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 8 one-bedroom and 5 two-bedroom apartments, each 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. 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. The property is well-positioned to capitalize on continued tenant demand for secure parking and storage.
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Additional Information
- List Date
- 2026-08-07 19:43:14
- Community
- Magnolia
- Net Operating Income
- $225,652
- Gross Adjusted Income
- $332,571
- Gross Scheduled Income
- $350,074
- Total Monthly Income
- $29,173
- Insurance Expenses
- $10,651
- Water/Sewer/Garbage Expenses
- $18,422
- Gross Rent Multiplier
- 12
- Total Expenses
- $106,919
- Cap Rate
- 5.37
- Vacancy Rate
- 5
- Total Number of Units
- 13
- Unit Name
- 2515
- Potential Terms
- Cash, Conventional
- Year Built
- 1959
- View
- City, Partial
- Roof
- Flat
- Site Features
- Deck, Patio
- Other Expenses
- 44279
- Energy Source
- Electric
- School District
- Seattle
- Total Monthly Income
- $29,173
- Gross Scheduled Income
- $350,074
- Vacancy Rate
- 5
- Gross Adjusted Income
- $332,571
- Tax Year
- 2026
- Insurance Expense
- $10,651
- W/S/G Expenses
- $18,422
- Total Expenses
- $106,919
- Net Operating Income
- $225,652
- Gross Rent Multiplier
- 12
- Cap Rate
- 5.37
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.IDX information is provided exclusively for consumers’ personal noncommercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.