2600 -2626 Thorndyke Avenue W, Seattle, WA 98119, Seattle, 98119 - 0 bed, 0 bath
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The Magnolia Assemblage offers a new investor the ability to acquire a 3 building portfolio suitable for a value-add opportunity located in a core Seattle area. The current arrangement offers 31 multi-family units plus a single family house. All together the assemblage represents 34,262 square feet of LR3 (M) zoned dirt suitable for a development of +/- 30 townhouses.
Property is land value only, full reconstruction required.
Built in 1954 (70+ years old) with no mention of renovations; the listing explicitly markets the property as 'zoned dirt' suitable for the development of 30 townhouses, indicating the value lies in the land rather than the existing structures.
The property features a massive 34,262 sqft lot with LR3 (M) zoning, offering a rare opportunity to develop approximately 30 townhouses in a high-demand Seattle submarket.
Situated in the prestigious Magnolia neighborhood, this assemblage provides investors with a foothold in a stable, high-value area known for strong residential demand.
The portfolio includes 31 multi-family units plus a single-family home, providing immediate rental income and scale for a value-add investor while navigating the permitting process.
Lot size discrepancy between mls listing and other public or private record. mls listing lot size in square feet =34262, other record lot size in square feet = 21860.
Originally constructed in 1954, the existing buildings likely require substantial capital expenditure for repairs or modernization if not immediately redeveloped.
With 109 days on the market, the listing may be facing pricing resistance or challenges related to the complexity of a multi-building assemblage in the current interest rate environment.
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 0.0 | 0.0 |
| Baths | 0.0 | 0.0 |
| Square foot | 7,700 | 5,554.5 |
| Lot Size | 34,262 | 10,915.5 |
| Price | $6.22M | $2.88M |
| Price per sq ft | $808 | $491 |
| Built year | 1954 | 1961 |
| HOA | $0 | $0 |
| Days on market | 138 | 124 |
Jun 8, 2026
$6,225,000
Initial Listing