For a high end community like Magnolia, you would think they would do more with their highpoint than just a well groomed water tower. Not much to see here. You can drive up to the tower and the surrounding area. The highest point may actually be just south of the tower. Some new home lots were in the process of being built up at that location.
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Magnolia Hill Highpoint - Seattle

Distance: Drive to top
Summit Elevation: 401 feet
Access: Paved

Access:

The Basement
Drive over the Magnolia Bridge from Elliott Avenue. Follow Magnolia Blvd. to W Parkmont Place. Follow Parkmont as it goes up hill, becoming 39th Ave. You will soon be at the big water tower.
Magnolia topo map magnolia street map Water Tower on Magnolia Hill Queen Anne Hill
Water Tower on Magnolia Hill
Queen Anne Hill as seen from Magnolia Hill
Area of the highpoint for Magnolia Hill
The topo map does show a benchmark location just south of the water tower called Rawus? The Briancliff School on the map is gone, being replaced with a new controversial housing community called Briarcliff. To me, it looked like the highpoint was there. No houses were built as of January 2012.