Renovation-Ready Multifamily
2223 NW 59th Street Seattle, WA 98107
For Sale
$3,495,000
Two contiguous parcels with 14 apartment units, featuring updated electrical panels and roof replacements.
Property Size9,408 SF
Price / SF$371.49
Days on Market107
Property Features for 2223 NW 59th Street
General Information
- Standard status
- Active
- Size
- 9,408 SF
- Property subtype
- Multi-Family
Building Details
- Year Built
- 1964
Listing Agency:
Kronos Real Estate
(541) 760-6853
Listed By:
Kathy Frieze · License #200403006
(541) 760-6853
Source:
Premierepropertygroup
Added: Apr 8
Changed: Jul 23
Last Checked: Jul 23 at 3:31AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Kronos Real Estate
Investment Insights
Based on property information with market context.
Twin Courts is a multifamily property consisting of two contiguous parcels and 14 apartment units. The property has undergone capital improvements, including updated electrical panels throughout and roof replacements, with one roof replaced in 2020 and the other replaced in 2016. Renovation work is underway or has been partially completed, with 5 of the 14 units already renovated.
Located at 2223 NW 59th Street in Seattle’s Ballard area, Twin Courts offers a configuration designed to support continued execution of its renovation program across the remaining units.
With 14 total units on the site, the property’s current condition reflects a phased approach to updates, leaving additional units available for continued renovation efforts.
Located at 2223 NW 59th Street in Seattle’s Ballard area, Twin Courts offers a configuration designed to support continued execution of its renovation program across the remaining units.
With 14 total units on the site, the property’s current condition reflects a phased approach to updates, leaving additional units available for continued renovation efforts.
Key Highlights
- 14‑unit multifamily property on two contiguous parcels in Ballard
- 5 of 14 units have been renovated; electrical panels updated throughout
- Roof replacements: one roof replaced in 2020 and the other replaced in 2016
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $299.2k | $31.80 |
| − Vacancy | −$10.5k | −$1.11 |
| EGI | $288.7k | $30.69 |
| − OpEx | −$129.9k | −$13.81 |
| NOI | $158.8k | $16.88 |
9,408 SF · lease $31.80/SF/yr · vacancy 3.50% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$2.27M
$1.98M – $2.65M
NOI $158,787 @ 7.0% cap · market cap 4.54%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.83M
$2.48M – $3.30M
NOI $198,130 @ 7.0% cap · market cap 5.67%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Apartment buildings
FAQs
What type of property is this?
Apartment building - Two contiguous parcels with 14 apartment units, featuring updated electrical panels and roof replacements.
Where is this apartment building located?
The property is located at 2223 NW 59th Street Seattle, WA.
What is the asking price?
The asking price for this property is $3,495,000.
What are key features of this property?
This property features: 14‑unit multifamily property on two contiguous parcels in Ballard; 5 of 14 units have been renovated; electrical panels updated throughout; Roof replacements: one roof replaced in 2020 and the other replaced in 2016
