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.
| MLS # | 2566437 |
|---|---|
| Listing Type | For Sale |
| Sub-Type | Resale |
| Status | Active |
| Year | 1959 |
| Days On Site | 38 |
| Listing Provided By | Westlake Associates, Inc. | Chad Michael Martini |
| SQ Feet | 9,420 |
|---|---|
| Garage | 10 |
| Story(s) | 3 |
| Units | 13 |
| Zoning | Multi-Family |
| Acreage | 0.24 |
| Property View | Yes |
| Property | 33567 |
|---|
| State | WA |
|---|---|
| County | King |
| City | Seattle |
| Zip Code | 98199 |
| Area | 700 Queen Anne | Magnolia |
| Community Name | Magnolia |
| Listing VS Median (in Magnolia) | |
Price: $4,200,000 low | high Med: $1,008,500 sqft: 9,420 low | high Med: 1,685 $ / sqft: $446 low | high Med: $602 On site: 38 low | high Med: 43 | |
| State | WA |
|---|---|
| County | King |
| City | Seattle |
| Zip Code | 98199 |
| Area | 700 Queen Anne | Magnolia |
| Community Name | Magnolia |
| Listing VS Median (in Magnolia) | |
Price: $4,200,000 low | high Med: $1,008,500 sqft: 9,420 low | high Med: 1,685 $ / sqft: $446 low | high Med: $602 On site: 38 low | high Med: 43 | |