Property Details

7329 15th Ave NW

Seattle, WA 98117

$1,475,000

Available

CBA# 710134 courtesy of CBA Listing firm: Westlake Associates, Inc.

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Commercial

Property Type

4,660

Bldg Sq Ft

Units

6.00%

Cap Rate

1912

Year Built

Property Overview

The Ballard Seven is a 7-unit apartment complex located just blocks from Ballard High School. The property unit mix consists of (1) Studio, (3) 1 bedroom/1bath and (3) 2 bedroom/1bath apartments. One 2 bedroom apartment is 1,100 sf and features a large rooftop terrace. The apartment interiors have been diligently maintained by the current ownership, which includes recent plumbing and electrical upgrades. This offering presents an investor with a cash-flow positive investment on day 1 with a simple value add path to an above market cash on cash return. The property has historically low vacancy and the current rents are within 10% of market rates which offers an attractive risk profile for an investor.