Seattle,
Washington WA98117
Bayberry is a charming 11-unit apartment building with plans and permits to add an additional 11 units to the large parking lot. It is ideally located in the quiet stretch of north Ballard, within walking distance to all the amenities Ballard residents love. Bayberry features recent building improvements to the roof, windows, plumbing, and electrical systems, and 6 of the 11 existing units have been renovated, leaving 5 units for the new owner to renovate and raise rents to market rates. Once renovations and the new addition are complete, Bayberry will have 22 units generating an estimated $450,000 in gross income upon stabilization. Bayberry is a great value-add opportunity, with exceptional upside, in a forever Seattle neighborhood.
Listing ID2066486
Price$2,950,000
StatusActive
SqFt
5,625
Acres
0.176
CountyKing
SubdivisionBallard
Year Built1919
Property TypeResidential Income
Property Sub TypeMulti-Family
County
King
Price Reduction Date
2024-01-27T06:45:15+00:00
Property Sub Type
Multi-Family
Property Type
Residential Income
Subdivision
Ballard
Year Built
1919
Building Area Units
Square Feet
Flooring
Vinyl Plank, Carpet
Interior Features
Wall to Wall Carpet
Living Area Units
Square Feet
Stories Total
3
Elevation Units
Feet
Exterior Features
Metal/Vinyl
Foundation Details
Poured Concrete
Lot Features
Corner Lot, Paved, Sidewalk
Lot Size Dimensions
7650
Lot Size Square Feet
7650
Lot Size Units
Square Feet
MLS Lot Size Source
KCPV
Number Of Units Total
12
Open Parking Spaces
5
Parking Total
5
Parking Uncovered Spaces
5
Roof
Torch Down
Sewer
Sewer Connected
Sewer Company
SPU
Structure Type
Multi Family
Style Code
56 - 10+ Units
Units Below Grade
false
Units In Building Total
11
Water Company
SPU
Water Sewer Garbage
5500
Building Area Total
5625
Country
US
High School District
Seattle
MLS Area Major
705 - Ballard/Greenlake
View
City, Territorial
Waterfront
no
Zoning Class
Multi-Family
Zoning Jurisdiction
City
Amenities
Coin Op Laundry
Effective Year Built Source
Public Records
First Right Of Refusal
no
Mls Status
Active
Offers
Seller intends to review offers upon receipt
Possible Use
Multi-Family
Power Company
Seattle Light
Power Production Type
Electric
Preliminary Title Ordered
yes
Show Map Link
yes
Year Built Effective
1919
Cap Rate
5
Electric Expense
5500
Fuel Expense
5500
Gross Adjusted Income
237710
Gross Rent Multiplier
19
Gross Scheduled Income
231000
Insurance Expense
4950
Leasable Area
5625
Leasable Area Units
Square Feet
Leased Items
None
Net Operating Income
163792
Other Expense
31667
Possession
Closing
Sale Type
MLS
Seller Disclosure
Not Provided
Special Listing Conditions
See Remarks
Tax Annual Amount
20801
Tax Year
2022
Total Expenses
73918
Total Monthly Income
19250
Vacancy Rate
4
6700 24th Avenue NW Seattle, WA 98117
Based on information submitted to the MLS GRID as of Friday, March 29th, 2024 12:37:45 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.
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