Multifamily

Ballard 5

9500 9th Ave NW, Seattle, WA 98117

Listing Price: $1,500,000

Cap Rate
4.60%
Number of Units
5
GRM
13.98
Occupancy
95.0%
Price/Unit
$300,000
Price/Gross SF
$365.85
Gross SF
4,100

Investment Overview

The Ballard 5 offers an investor the opportunity to acquire a 5-unit (one conforming, non-permitted unit) apartment building in the Crown Hill neighborhood of Ballard.

Urban core workers looking for a discount on rent are attracted to Ballard. Ballard provides immediate access to major thoroughfares like Highway 99 and 15th Ave/Elliott Street, which deliver direct access to South Lake Union (home of Amazon, Facebook, and others) and Downtown Seattle, as well as proximity to large employers Google, Tableau, and Adobe, which are located southeast of Ballard in the Fremont neighborhood.

The building is a two plus story wood frame apartment building, built in 1960, situated on a 6,809 square foot lot zoned LR2(M). The property consists of three large 2 bedroom/1 bath units and two large 1 bedroom/1 bath unit with four on-site parking spaces and an on-site laundry room. The property was previously operating as short-term rentals averaging $1,947 per unit per month, before being converted to market rate apartments, providing alternative operation strategies for higher cash flow.

The property is located along a quiet residential road, just two blocks from QFC and Starbucks and boasts a Very Walkable score of 76 per walkscore.com. Nearby parks include Crown Hill Park, Golden Gardens Park, Soundview Playfield and Sandel Playground, and nearby schools include Loyal Heights Elementary, Mercer Middle School, and Ballard High School.

One of the five units has been fully renovated, with new cabinets, granite countertops, new flooring, appliances, and a full bath remodel. Opportunity exists to increase rents on the other four units through similar renovations increasing income upwards of 17%. In addition to the unit interior upgrades, the property received a new roof in 2010 and has new vinyl windows.

As the property is a legal 4 unit, with bonus income from the fifth unit, the property qualifies for residential financing up to 75% LTV at 3.25% interest for 30 years, or the ability for an investor to live in one of the units and qualify for an FHA loan.

Furthermore, all utilities, including electricity, and parking, are currently included in rent providing operational upside to a new owner by implementing a utility bill back system generating an additional $9,920 per year in income, as well as generating revenue from the on-site parking.

Investment Highlights

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Exclusively Listed By

Listing Price: $1,500,000

Cap Rate
4.60%
Number of Units
5
GRM
13.98
Occupancy
95.0%
Price/Unit
$300,000
Price/Gross SF
$365.85
Gross SF
4,100

Investment Highlights

  • N/A
  • N/A
  • N/A

Investment Overview

The Ballard 5 offers an investor the opportunity to acquire a 5-unit (one conforming, non-permitted unit) apartment building in the Crown Hill neighborhood of Ballard.

Urban core workers looking for a discount on rent are attracted to Ballard. Ballard provides immediate access to major thoroughfares like Highway 99 and 15th Ave/Elliott Street, which deliver direct access to South Lake Union (home of Amazon, Facebook, and others) and Downtown Seattle, as well as proximity to large employers Google, Tableau, and Adobe, which are located southeast of Ballard in the Fremont neighborhood.

The building is a two plus story wood frame apartment building, built in 1960, situated on a 6,809 square foot lot zoned LR2(M). The property consists of three large 2 bedroom/1 bath units and two large 1 bedroom/1 bath unit with four on-site parking spaces and an on-site laundry room. The property was previously operating as short-term rentals averaging $1,947 per unit per month, before being converted to market rate apartments, providing alternative operation strategies for higher cash flow.

The property is located along a quiet residential road, just two blocks from QFC and Starbucks and boasts a Very Walkable score of 76 per walkscore.com. Nearby parks include Crown Hill Park, Golden Gardens Park, Soundview Playfield and Sandel Playground, and nearby schools include Loyal Heights Elementary, Mercer Middle School, and Ballard High School.

One of the five units has been fully renovated, with new cabinets, granite countertops, new flooring, appliances, and a full bath remodel. Opportunity exists to increase rents on the other four units through similar renovations increasing income upwards of 17%. In addition to the unit interior upgrades, the property received a new roof in 2010 and has new vinyl windows.

As the property is a legal 4 unit, with bonus income from the fifth unit, the property qualifies for residential financing up to 75% LTV at 3.25% interest for 30 years, or the ability for an investor to live in one of the units and qualify for an FHA loan.

Furthermore, all utilities, including electricity, and parking, are currently included in rent providing operational upside to a new owner by implementing a utility bill back system generating an additional $9,920 per year in income, as well as generating revenue from the on-site parking.

Exclusively Listed By

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