2600 Thorndyke Avenue W

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.