Turnkey Ballard
For Sale
$1,499,900
6301 22nd Ave NW, Seattle, WA 98107
Remodeled triplex with three 2BR/1BA units and a fourth remodeled unit needing permits to be legalized.
Property Size2,880 SF
Price / SF$520.80
Days on Market118
Property Features for 6301 22nd Ave NW
General Information
Standard status
Active
Size
2,880 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
4
Building Details
Year Built
1967
Listing Agency:
Windermere Real Estate Co.
Listed By:
Jay Glenn Harrison
(206) 526-5544
Source:
Basedinbham
Added: Jul 4
Changed: Oct 25
Last Checked: Oct 5 at 9:19PM
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 Co.
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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
Estimated NOI and Cap Rate
NOI / Yr
$51,983
Cap Rate
3.47%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,039,660
$1.0M
Cap Rate 7%
$742,614
$742.6K
Cap Rate 9%
$577,589
$577.6K
Market Conditions
NOI Build-Up for 2,880 SF
Gross rent
$77.8K $27.00/SF
− Vacancy
−$3.5K −$1.22/SF
EGI
$74.3K $25.79/SF
− OpEx
−$22.3K −$7.74/SF
NOI
$52.0K $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%
$1,039,660
Cap Rate 7%
$742,614
Cap Rate 9%
$577,589
Alternative Uses
Best Use
Multifamily LT 5
$742.6K
$649.8K – $866.4K
NOI $51,983 @ 7.0% cap · market cap 3.47%
Second Best
Apartment 5plus
$694.4K
$607.6K – $810.1K
NOI $48,608 @ 7.0% cap · market cap 3.24%
Theoretical Best
Office A
$866.5K
$758.2K – $1.01M
NOI $60,652 @ 7.0% cap · market cap 4.04%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
3,547
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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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
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 Ave NW Seattle, WA.
What is the asking price?
The asking price for this property is $1,499,900.
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
