Ballard View Lofts 2401 NW 63rd St Immeuble residentiel 9 lots 3 116 545 € (346 283 €/Lot) Taux de capitalisation 5,04 % Seattle, WA 98107

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.