Turnkey Ballard
6301 22nd Avenue NW Seattle, WA 98107
For Sale
$1,599,950
Remodeled triplex with three 2BR/1BA units and a fourth remodeled unit needing permits to be legalized.
Property Size3,030 SF
Price / SF$528.04
Days on Market183
Property Features for 6301 22nd Avenue NW
General Information
- Standard status
- Active
- Size
- 3,030 SF
- Property subtype
- Multi-Family
Building Details
- Year Built
- 1967
Listing Agency:
Snohomes Realty Inc
(503) 748-9929
Listed By:
Adine Peterson
(503) 748-9929
Source:
Premierepropertygroup
Added: Jan 23
Changed: Jul 22
Last Checked: Jul 25 at 2:49AM
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 Snohomes Realty Inc
Investment Insights
Based on property information with market context.
This Ballard triplex is listed as a foreclosure for sale and offers three remodeled 2-bedroom, 1-bath units with modern finishes and “turnkey performance.” In addition, there is a fully remodeled fourth unit configured as a 3-bedroom, 1-bath, which needs permits to be legalized.
With the legalization work completed for the fourth unit, the remarks project an estimated additional $28,800 per year. The property is presented as having much of the interior work already done, supporting immediate income today alongside the stated value-add upside tied to permitting.
With the legalization work completed for the fourth unit, the remarks project an estimated additional $28,800 per year. The property is presented as having much of the interior work already done, supporting immediate income today alongside the stated value-add upside tied to permitting.
Key Highlights
- Triplex with three remodeled 2BR/1BA units plus a fourth remodeled unit (3BR/1BA) needing permits to be legalized
- Estimated additional income of $28,800/year upon legalization of the 3BR/1BA unit, with remodeling already completed
- 2‑story building with 3,030 total SF
Financial Insights For Multifamily LT 5
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 | $81.8k | $27.00 |
| − Vacancy | −$3.7k | −$1.22 |
| EGI | $78.1k | $25.79 |
| − OpEx | −$23.4k | −$7.74 |
| NOI | $54.7k | $18.05 |
3,030 SF · lease $27.00/SF/yr · vacancy 4.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$781.3K
$683.6K – $911.5K
NOI $54,690 @ 7.0% cap · market cap 3.42%
Second Best
Apartment 5plus
$730.6K
$639.3K – $852.3K
NOI $51,140 @ 7.0% cap · market cap 3.20%
Theoretical Best
Office A
$911.6K
$797.6K – $1.06M
NOI $63,811 @ 7.0% cap · market cap 3.99%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Triplexes
FAQs
What type of property is this?
Triplex - Remodeled triplex with three 2BR/1BA units and a fourth remodeled unit needing permits to be legalized.
Where is this triplex located?
The property is located at 6301 22nd Avenue NW Seattle, WA.
What is the asking price?
The asking price for this property is $1,599,950.
What are key features of this property?
This property features: Triplex with three remodeled 2BR/1BA units plus a fourth remodeled unit (3BR/1BA) needing permits to be legalized; Estimated additional income of $28,800/year upon legalization of the 3BR/1BA unit, with remodeling already completed; 2‑story building with 3,030 total SF
