2401 NW 63rd St - Apartments FOR SALE


Seattle, WA 98107- Ballard
$3,550,000 USD
425-444-6501
2401 NW 63rd St, Seattle, WA for Sale
$3,550,000 USD
Apartments - FOR SALE
1/30
null | 5.04% Cap Rate

2401 NW 63rd St
Seattle, WA 98107
Ballard


HIGHLIGHTS

  • Excellent walkable location near Ballard’s retail and commercial core; 89 walk score per walkscore.com
  • Turnkey property with rent, parking, and utility bill-back upside
  • 2 units per floor featuring condo-quality kitchen and bath remodels, in-unit laundry, updated flooring and molding, and designer paint schemes
  • Updated dual-pane windows, new roof and electric panels, copper wiring and plumbing, secured entry, decks and patios
  • Five 2-bedroom units (one of which is brand new), three 3-bedroom units, and one studio, all averaging 817 SF
  • Land bank opportunity: ±5,000 SF, NC1-55 (M)-zoned corner lot

OVERVIEW

Well positioned in Seattle’s desirable Ballard neighborhood, Ballard View Lofts is blocks from the best of Ballard Avenue, yet just far enough for a residential feel. The Ballard View Lofts apartment community boasts a “Very Walkable” walk score of 89. Residents are just a ±12-minute walk north of Ballard’s thriving retail/commercial corridor, with its abundance of restaurants, coffee shops, bars, and shops. King County Metro route 40 has a stop just a block and a half away and provides service to Northgate, Crown Hill, Fremont, South Lake Union, and Downtown Seattle. Two other bus lines – routes 17 and 44 – are also within a 10 or 12-minute walk, and take riders to Loyal Heights, Seattle Center, the University of Washington, Wallingford, and several other neighborhoods. Ballard View Lofts is a remodeled turnkey apartment building featuring a brand-new unit, in-unit laundry throughout, and completely remodeled kitchens and baths. The unit mix is ideal for today’s cohort of renters, ensuring low vacancy for years to come, and includes a studio, 5 two-bedroom homes (one of which is brand new and boasts a second bathroom), and 3 three-bedroom/one-bathroom units. The 817-SF average size apartments are situated two-to-a-floor and feature light-filled spaces, condo-quality kitchens and bathrooms, in-unit laundry, recently replaced appliances, updated flooring and molding, and designer paint schemes. The property boasts updated dual-pane windows, secured entry, decks or patios for each unit, and three off-street parking spaces. The building’s systems are in excellent condition and feature copper wiring and new electrical panels. In addition, the plumbing itself is original copper still functioning properly with new plumbing to the laundry machines. When the roof was replaced, solar panels were added, and an electric car charger added to the tandem parking space, increasing the popularity and potential income for the tandem spot. Recent improvements include deck repairs, pressure washing, and landscaping upgrades. Ballard View Lofts, with its ±5,000-SF, NC1-55 (M)- zoned corner parcel, also provides a new owner with the opportunity to redevelop the property now or in the future. During the planning and permitting process, ownership can enjoy the currently profitable apartment operations. Profitable in its current operations, Ballard View Lofts offers a new owner a remodeled, very low risk asset with probable upside opportunity in the form of increased rents, parking fees, and utility bill-backs. Simply by raising these charges to market rates, a new operator may be able to increase income by ±10%. With its prime Ballard location and turnkey, condo-quality units, Ballard View Lofts will appeal to a multifamily investor interested in capitalizing on this asset’s likely upside potential.

FOR SALE DETAILS

PRICE

$3,550,000 USD

PRICE/SF

$548 USD /SF

# OF UNITS

9

PRICE/UNIT

$394,444

CAP RATE

5.04%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Ballard View Lofts

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Mid-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

4

YEAR BUILT

1967

PARKING SPACES

3

LAND DETAILS

LAND ACRES

0.11 AC

LAND SF

5,000 SF

ZONING

NC1-55 (M)

APN/PARCEL ID

276760-1590

ASK ABOUT THIS PROPERTY

Dan SwansonKidder MathewsMore Info
425-444-6501

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Dan SwansonKidder MathewsMore Info
425-444-6501

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.