Turnkey Ballard
For Sale
$1,599,950
6301 22nd Avenue NW, Seattle, WA 98107
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 Market202
Property Features for 6301 22nd Avenue NW
General Information
Standard status
Active
Size
3,030 SF
Total Parking Spaces
4
Property subtype
Multi-Family
Net Operating Income
$84,028
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$12,500
Amenities
Engineered Hardwood
No
2
Electric
Corner Lot,Curbs,Sidewalk
Public
Cable TV,Deck,High Speed Internet
4
0.1148
Brick,Wood
Poured Concrete
3030
Building Details
Building Size
3,030 SF
Year Built
1967
Stories
2
Listing Agency:
John L. Scott Vashon
(503) 748-9929
Listed By:
Adine Peterson
(503) 748-9929
Source:
Premierepropertygroup
Added: Jan 23
Changed: Aug 12
Last Checked: Aug 13 at 3:49AM
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 John L. Scott Vashon
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 = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$54,690
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.42%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,093,800
$1.1M
Cap Rate 7%
$781,286
$781.3K
Cap Rate 9%
$607,667
$607.7K
Market Conditions
NOI Build-Up for 3,030 SF
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.
Gross rent
$81.8K $27.00/SF
− Vacancy
−$3.7K −$1.22/SF
EGI
$78.1K $25.79/SF
− OpEx
−$23.4K −$7.74/SF
NOI
$54.7K $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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,093,800
Cap Rate 7%
$781,286
Cap Rate 9%
$607,667
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 authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
3,547
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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 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
