Legal Duplex with Redevelopment
For Sale
$1,200,000
618 NW 58th St, Seattle, WA 98107
Existing legal duplex in Ballard with redevelopment concepts that include additional housing configurations, subject to buyer verification.
Property Size2,460 SF
Price / SF$487.80
Days on Market52
Property Features for 618 NW 58th St
General Information
Standard status
Active
Size
2,460 SF
Property subtype
Multi-Family
Building Details
Year Built
1910
Listing Agency:
Windermere Real Estate/HLC
Listed By:
Suzanne Fortune · License #119325
(425) 483-5100
Source:
Navidirealty
Added: Aug 28
Changed: Oct 2
Last Checked: Oct 7 at 2:28PM
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 Windermere Real Estate/HLC
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Investment Insights
Based on property information with market context.
This Seattle property contains a legal duplex totaling 2,460 SF and was built in 1910. The existing residential configuration is positioned on a roughly 5,000 SF site in Ballard.
Redevelopment concepts described for the property include adding a second stacked duplex or DADU while retaining the current duplex. Other outlined possibilities include four single-family townhomes or a stacked condo project with as many as eight units using 2.0 FAR for qualifying NR stacked-flat projects. That scenario could allow up to 10,000 SF of maximum floor area before other site constraints are applied. Buyers should independently verify zoning, feasibility, and all development assumptions.
Redevelopment concepts described for the property include adding a second stacked duplex or DADU while retaining the current duplex. Other outlined possibilities include four single-family townhomes or a stacked condo project with as many as eight units using 2.0 FAR for qualifying NR stacked-flat projects. That scenario could allow up to 10,000 SF of maximum floor area before other site constraints are applied. Buyers should independently verify zoning, feasibility, and all development assumptions.
Key Highlights
- Legal duplex totaling 2,460 SF
- Built in 1910 on a roughly 5,000 SF lot
- Potential to add a second stacked duplex or DADU while retaining the existing duplex
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$44,402
Cap Rate
3.70%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$888,040
$888.0K
Cap Rate 7%
$634,314
$634.3K
Cap Rate 9%
$493,356
$493.4K
Market Conditions
NOI Build-Up for 2,460 SF
Gross rent
$66.4K $27.00/SF
− Vacancy
−$3.0K −$1.22/SF
EGI
$63.4K $25.79/SF
− OpEx
−$19.0K −$7.74/SF
NOI
$44.4K $18.05/SF
Area
Seattle, WA
Vacancy
4.50%
Lease Rate
$27.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$888,040
Cap Rate 7%
$634,314
Cap Rate 9%
$493,356
Alternative Uses
Best Use
Multifamily LT 5
$634.3K
$555.0K – $740.0K
NOI $44,402 @ 7.0% cap · market cap 3.70%
Second Best
Apartment 5plus
$593.1K
$519.0K – $692.0K
NOI $41,520 @ 7.0% cap · market cap 3.46%
Theoretical Best
Office A
$740.1K
$647.6K – $863.5K
NOI $51,807 @ 7.0% cap · market cap 4.32%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
1,714
Businesses Nearby
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Business Placement
Demographics for 98107, WA
28,557
Population
16,538
Households
1.7
Avg Household Size
35
Median Age
76%
College-Educated
99%
High-School Grad
2.2 sq mi
ZIP Area
12,980
Density / Sq Mi
$137,748
Median Household Income
$82,884
Median Earnings
$2,194
Median Rent
$924,900
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Duplex - Existing legal duplex in Ballard with redevelopment concepts that include additional housing configurations, subject to buyer verification.
Where is this duplex located?
The property is located at 618 NW 58th St Seattle, WA.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Legal duplex totaling 2,460 SF; Built in 1910 on a roughly 5,000 SF lot; Potential to add a second stacked duplex or DADU while retaining the existing duplex
