2600 Thorndyke Avenue W, Seattle, WA 98199
- $2,800,000
- 7,990
- SqFt
Listing Broker: Paragon Real Estate Advisors; Michael Urquhart; 206-812-9123; michael@paragonrea.com
- List Price
- $2,800,000
- Status
- ACTIVE
- MLS#
- 2593827
- Days on Market
- 0
- Style
- 56 - 10+ Units
- Finished SqFt
- 7,990
- Area Total SqFt
- 7990
- Annual Tax Ammount
- 32756
- Lot Size (sq ft)
- 21,860
- Sewer
- Sewer Connected
Property Description
This well located 22-unit apartment building sits on a 21,860 square foot LR3 (M) zoned lot in Seattle's Magnolia neighborhood. On the market for the first time in 40 years the building was built in 1954 and offers 22 open one-bedroom units, a common laundry room, 24 storage units, 10 open parking stalls and a community barbecue area. Property has been self-managed for decades, and current rents are well below the market for a small one-bedroom in this submarket, giving a buyer room to add income on turnover. The lot is also a covered land play: a Cone Architecture feasibility study lays out 14 townhomes on this parcel alone, or about 30 across this parcel and the adjoining parcels at 2618 and 2626 Thorndyke Ave W, which are also available. Residents are minutes from Magnolia Village, Discovery Park, Fishermen's Terminal and the Interbay employment corridor, with 15th Ave W, the RapidRide D Line and the Ballard Bridge close by.
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Additional Information
- List Date
- 2026-10-13 21:28:13
- Community
- Magnolia
- Net Operating Income
- $219,923
- Gross Adjusted Income
- $369,611
- Gross Scheduled Income
- $389,065
- Total Monthly Income
- $32,422
- Insurance Expenses
- $12,658
- Water/Sewer/Garbage Expenses
- $39,742
- Gross Rent Multiplier
- 7.2
- Total Expenses
- $149,688
- Cap Rate
- 7.85
- Vacancy Rate
- 5
- Total Number of Units
- 22
- Unit Name
- 2600
- Potential Terms
- Cash, Conventional
- Year Built
- 1954
- Roof
- Flat
- Other Expenses
- 64532
- Energy Source
- Electric
- School District
- Seattle
- Total Monthly Income
- $32,422
- Gross Scheduled Income
- $389,065
- Vacancy Rate
- 5
- Gross Adjusted Income
- $369,611
- Tax Year
- 2025
- Insurance Expense
- $12,658
- W/S/G Expenses
- $39,742
- Total Expenses
- $149,688
- Net Operating Income
- $219,923
- Gross Rent Multiplier
- 7.2
- Cap Rate
- 7.85
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.