6700 24th Avenue NW

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.

About This Property

Listing ID2066486
SqFt 5,625
Acres 0.176
Year Built1919
Property TypeResidential Income
Property Sub TypeMulti-Family
County King
Property Sub Type Multi-Family
Property Type Residential Income
Subdivision Ballard
Year Built 1919
Building Area Units Square Feet
Flooring Vinyl Plank, Carpet
Furnished Unfurnished
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/Greenlak
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
SOC Comments 2.5%
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

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6700 24th Avenue NW Seattle, WA 98117

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The database information herein is provided from the Northwest Multiple Listing Service (NWMLS). NWMLS data may not be reproduced or redistributed and is only for people viewing this site. All information provided is deemed reliable but is not guaranteed and should be independently verified. All properties are subject to prior sale or withdrawal. The information contained in this listing has not been verified by WPI Real Estate Services, Inc. (7101) and should be verified by the buyer. © 2023 NWMLS. All rights reserved. Data last updated: Thursday, June 1st, 2023 09:34:54 PM.
Active Listing courtesy of Kidder Mathews
Active Listing courtesy of Kidder Mathews
Data services provided by IDX Broker