Seattle,
Washington WA98107
Located in Seattle’s popular Ballard neighborhood, Ravenwood is an attractive 14-unit building that has been meticulously maintained. The low maintenance building is comprised of spacious one-bedroom units with high quality finishes that offer desirable modern amenities. The apartments have efficient floor plans that offer an abundance of natural light and open kitchen designs that highlight the stylish stainless appliances. All the units have newly surfaced decks with territorial views of the surrounding urban neighborhood. Ravenwood has an excellent value-add opportunity for prospective buyers to make easy cosmetic improvements like flooring & surfaces over time and capitalize on the rising rental rates of surrounding newer construction.
Listing ID1955227
Sold For$4,900,000
StatusClosed
Sold Date11/15/2022
SqFt
9,006
Acres
0.234
CountyKing
SubdivisionWoodland Park
Year Built1990
Property TypeResidential Income
Property Sub TypeMulti-Family
County
King
Price Reduction Date
2022-08-29T16:24:20+00:00
Property Sub Type
Multi-Family
Property Type
Residential Income
Subdivision
Woodland Park
Year Built
1990
Building Area Units
Square Feet
Furnished
Unfurnished
Heating Cooling Type
Wall
Living Area Units
Square Feet
Stories Total
3
Elevation Units
Feet
Exterior Features
Wood
Lot Size Square Feet
10200
Lot Size Units
Square Feet
MLS Lot Size Source
King County Assessor
Number Of Units Total
14
Open Parking Spaces
16
Parking Total
16
Parking Uncovered Spaces
16
Roof
Composition
Sewer
Sewer Connected
Structure Type
Multi Family
Style Code
56 - 10+ Units
Units Below Grade
false
Units In Building Total
14
Utilities
Sewer Connected, Electricity Available
Water Sewer Garbage
14482
Building Area Total
9006
Country
US
High School District
Seattle
MLS Area Major
705 - Ballard/Greenlak
Waterfront
no
Zoning Class
Multi-Family
Zoning Jurisdiction
City
Offers
Seller intends to review offers upon receipt
Possible Use
Multi-Family
Power Production Type
Electric
Preliminary Title Ordered
yes
Show Map Link
yes
Buyer Financing
Exchange
Cap Rate
4.29
Gross Adjusted Income
286445
Gross Rent Multiplier
16.9
Gross Scheduled Income
295304
Insurance Expense
4750
Leasable Area
9006
Leasable Area Units
Square Feet
Leased Items
None
Net Operating Income
214306
Other Expense
17420
Possession
Closing
Sale Type
MLS
Seller Disclosure
Not Provided
Special Listing Conditions
None
Tax Annual Amount
35487
Tax Year
2022
Total Expenses
72139
Total Monthly Income
24608
Vacancy Rate
3
1154 NW 59th Street Seattle, WA 98107
Based on information submitted to the MLS GRID as of Thursday, April 18th, 2024 11:47:16 AM. All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
#IDX-primaryPhoto,#idx-details-headerClosed
Closed Listing courtesy of Westlake Associates, Inc.
Listing sold by First Exclusive, Inc.
#IDX-listingMediaLinksClosed
Closed Listing courtesy of Westlake Associates, Inc.
Listing sold by First Exclusive, Inc.