3510 W Elmore St · Seattle, WA 98199

$2,400,000

104 bd · 64.0 ba · 7,031 sqft · MultiFamily public records · 10 Days on market

Built 1968 6,960 sqft lot

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Why this score? — see what drove the C+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +25.9/30.0
• DSCR +8.7/10.0
• ARV discount +7.5/15.0
• 1% rule +6.2/10.0
• Schools +6.1/10.0
• Livability +3.8/5.0
• Rent growth +3.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 8 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

We are pleased to present Twin Cedars Apartments, an 8-unit apartment built in 1968 in Seattle’s coveted Magnolia neighborhood, within steps of Discovery Park. The building offers 31BD averaging 732SF and 5 2BD averaging 967SF, with efficient floor plans. With 2BD units comprising 63% of the building, the unit mix is squarely aligned with the unit type that drives the strongest tenant demand and longest retention across Seattle’s rental market. _of the 8 units have been updated with stone countertops and LVP flooring, delivering a modernized interior foundation. Roof replaced and cedar siding resided in 2020 keep the exterior in sound condition, and a newly improved bike storage

Key facts

• Cedar siding resided
• Parking income
• Lvp flooring

Tags

• UPDATED WITH STONE COUNTERTOPS
• LVP FLOORING
• ROOF REPLACED
• CEDAR SIDING RESIDED
• ADDITION OF IN-UNIT LAUNDRY
• PARKING INCOME

Property features AI

Finance

• Financial info: Total units: 8; Vacancy rate reported at 5%; Gross scheduled income: $184,489; Gross adjusted income: $175,265; Total monthly income: $15,760; Net operating income: $126,733; Total expenses: $62,385; Insurance expense: $7,142; Other expense: $21,055; Gross rent multiplier: 13; Listing terms: Cash or Conventional
• HOA & community: Storage available

Exterior

• Parking: 8 uncovered parking spaces
• Utilities: Electric service; Public water; Sewer connected
• Home design: Residential income property (multi-family); 5–9 unit style code; Two stories; Property in very good condition; Has a view
• Construction: Wood construction; Composition, flat and torch-down roofing; Poured concrete foundation; Effective year built 1992
• Exterior features: Wood exterior; Deck; Alley access; Dead-end street location; Paved lot

Interior

• Kitchen: Range/oven in all units; Refrigerator in all units; Dishwasher in all units
• Bedrooms: Mix of 1- and 2-bedroom units
• Flooring: Vinyl plank
• Bathrooms: Each unit has one bathroom
• Heating & cooling: Baseboard heating; No central cooling
• Interior features: Vinyl plank flooring
• Laundry & utility: Washer and dryer in all units

What this means for you Summary

Snapshot

• This is a 8 × 13-bed/8.0-bath units multifamily listed at $2.40M.

Deal economics

• At list price, monthly cash flow is $6k ($71k/yr) — positive. Per door: $739/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($27k rent vs $2.40M).
• Cap rate 9.2% vs local median 1.6% in Seattle — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 75/100 on livability (#166 in WA, #4,033 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, employment A+; Watch: crime F, cost of living F.
• Seattle Public Schools (urban): math 64% / reading 72% proficiency, ranked #19 of 291 in WA (top 6%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+4.3%/yr); 145 active listings in the ZIP; high-income renter base; 10,555 units permitted in King County in 2024 (7,119 in 5+ unit buildings).
• At $26,787/mo this rent would consume 178% of the median local household income ($181k/yr) (locally 432% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $17k of loan paydown is wiped out by about $72k of value loss. Plan a longer hold.
• King County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 4.3% rent growth), your $672k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 2y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $1.02M; list at $2.40M implies a 134% gain — meaningful room to come down on a strong offer.

Recommended offer $2,400,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
6. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
7. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
8. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.12% ✓
• Cap rate: 9.25%
• Cash-on-cash: 10.56%
• DSCR: 1.47
• GRM: 7.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.28% rent growth · sell at horizon

5-year hold

• IRR: 0.8%
• Equity multiple: 1.03×
• Total profit: $22,082
• Equity at exit: $357,848

10-year hold

• IRR: 11.7%
• Equity multiple: 1.97×
• Total profit: $649,451
• Equity at exit: $207,508

Cash invested: $672,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (CITY): 0 Strongly Tenant-Friendly
• State Washington: 28 Tenant-Leaning · D+8
• County: — inherits STATE
• City Seattle: 0 Strongly Tenant-Friendly · D+52

Just Cause + Relocation Assistance + Source of Income + First in Time.

Methodology + full state rankings →

ZIP-level market 98199

• Rents YoY: 4.3%
• Active inventory: 145
• Price-to-rent: 59.7×

Monthly cashflow live

• Estimated rent: $26,787 medium
• Mortgage (P&I): −$12,586
• Tax from tax record: −$1,665 /mo · $19,980/yr
• Insurance: −$1,000
• HOA: −$0
• Vacancy / Maint / Mgmt: −$5,625
• Net cashflow: $5,911

Break-even live

Break-even rent $19,305

Max offer price $2,400,000

Occupancy floor 73%

8-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 8× units	13	8	$26,784
Total (8 units)			$26,787

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $600,000
• Closing costs: $72,000
• Reserves months: —
• Total cash needed: —

Listing history 10 events

1. 2026-06-19
   days on market $2,400,000 Active 10 DOM
2. 2026-06-18
   days on market $2,400,000 Active 9 DOM
3. 2026-06-17
   days on market $2,400,000 Active 8 DOM
4. 2026-06-16
   days on market $2,400,000 Active 7 DOM
5. 2026-06-15
   days on market $2,400,000 Active 6 DOM
6. 2026-06-15
   days on market $2,400,000 Active 5 DOM
7. 2026-06-13
   days on market $2,400,000 Active 4 DOM
8. 2026-06-12
   days on market $2,400,000 Active 3 DOM
9. 2026-06-09
   remarks 687-char remark
10. 2026-06-09
    listed $2,400,000 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast WA · Resets to sale price

• Current annual tax: $19,980 · $1,665/mo
• Projected year-2 tax: $23,520 · $1,960/mo
• Expected delta: +$3,540/yr (+$295/mo · 17.7%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥86°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 10 unhealthy d/yr today · 11 by 30 yrs out

Taxation est. · year 1

• Rental income: $321,444
• − Mortgage interest: −$134,437
• − Property taxes: −$19,980
• − Insurance: −$12,000
• − Repairs & maintenance: −$25,716
• − Management: −$25,716
• − Depreciation: −$69,818
• Taxable income: $33,777
• Est. tax owed @ 24.0%: −$8,107
• After-tax cash flow: $62,824/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Seattle Public Schools
• NCES district ID: 5307710
• Math proficiency: 64% ▼ -1.00%
• Reading proficiency: 72% ▬ 0.00%
• Median HH income: $68,695
• Composite: 60.76/100
• National rank: #1649
• State rank: #19 of 291 in WA

Livability — Seattle

• Score: 75/100
• State rank: #166
• US rank: #4033

Category grades

Amenities A+ Commute A+ Cost of living F Crime F Employment A+ Housing B Health & safety A+ User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Seattle, WA
• County: King County · 2,251,916 people
• City population: 706,262
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 22,468
• Household income: $180,789
• Rent vs Own: 36.8% rent · 63.2% own
• Severe rent burden: 432.0

Population outlook (King County) Hauer SSP2

• Today (2025): 2,576,485 people
• By 2030: 2,803,316 · +8.8%
• By 2040: 3,255,921 · +26.4%
• By 2050: 3,706,444 · +43.9%
• By 2075: 4,746,063 · +84.2%
• By 2100: 5,407,730 · +109.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (73%)
• Race & ethnicity: White 73% Asian 12% Two or more races 8% Hispanic / Latino 6% Black 2%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Italian 4% Portuguese 4% Lithuanian 4%
• Foreign-born: 14% · China, Canada, Vietnam
• Languages at home: 84% English-only · Other Indo-European 5% Chinese 3% Spanish 3%

Political lean MEDSL · King

• 2024 margin: Solid D (+51.7) · D 74.2% · R 22.5% · Other 3.4%
• 2008→2024 swing: +9.6pp toward D · 2008: 42.1pp · 2024: 51.7pp
• All cycles: 2024: D+51.7 2020: D+52.7 2016: D+50.4 2012: D+39.9 2008: D+42.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -1534.61%
• Current HPI: 306.6426
• Rent YoY: ▲ 4.28%
• Metro: Seattle-Tacoma-Bellevue, WA
• State GDP YoY: ▲ 4.65%
• F500 in state: 22

Industry mix (Fortune 500 HQ in WA)

Industry	F500 HQs	Revenue
▸Retail	2	$269B
▸Technology / Retail	1	$638B
▸Technology	1	$245B
▸Telecommunications	1	$38B
▸Food / Beverage	1	$36B
▸Automotive / Trucks	1	$34B

Price history

+686.9% since first listed

6 events — show timeline

• 2026-06-09 Listed $2,400,000 NWMLS as Distributed by MLS Grid
• 2024-04-10 Rental Removed $2,100 APPFOLIO
• 2024-01-30 Listed for Rent $2,100 APPFOLIO
• 2011-08-31 Sold (Public Records) $1,023,750 Public Records
• 1996-12-31 Sold (Public Records) $573,800 Public Records
• 1985-07-01 Sold (Public Records) $305,000 Public Records

Property tax history

+5.8%/yr

Latest (2025): $19,980 · -6.5% YoY. Source: county tax records.