11-Unit Apartment
6530 24th Ave NW, Seattle, WA 98117
For Sale
$2,595,000
This Seattle multifamily property dates to 1959 and is configured for 11 residential units.
Property Size8,284 SF
Days on Market50
Property Features for 6530 24th Ave NW
General Information
Standard status
Size
Property subtype
Site & Location
Neighborhood
Additional Details
Multifamily Units
Building Details
Building Size
Year Built
Listed By:
Dea Sumantri
(206) 383-3399
Source:
Lee-associates
Added: Sep 26
Changed: Nov 4
Last Checked: Nov 12 at 5:57AM
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 Dea Sumantri
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Investment Insights
Based on property information with market context.
The property at 6530 24th Ave NW is an 11-unit apartment building constructed in 1959. It is located in Seattle’s Ballard neighborhood.
Key Highlights
- 11‑unit multifamily property
- Built in 1959
- Located in Seattle’s Ballard neighborhood
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$139,816
Cap Rate
5.39%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,796,320
$2.8M
Cap Rate 7%
$1,997,371
$2.0M
Cap Rate 9%
$1,553,511
$1.6M
Market Conditions
NOI Build-Up for 8,284 SF
Gross rent
$263.4K $31.80/SF
− Vacancy
−$9.2K −$1.11/SF
EGI
$254.2K $30.69/SF
− OpEx
−$114.4K −$13.81/SF
NOI
$139.8K $16.88/SF
Area
Seattle, WA
Vacancy
3.50%
Lease Rate
$31.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,796,320
Cap Rate 7%
$1,997,371
Cap Rate 9%
$1,553,511
Alternative Uses
Best Use
Apartment 5plus
$2.00M
$1.75M – $2.33M
NOI $139,816 @ 7.0% cap · market cap 5.39%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.49M
$2.18M – $2.91M
NOI $174,459 @ 7.0% cap · market cap 6.72%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
Who owns this building?
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Open Analytics
Lease Details
11
Residential units
Location Intelligence
Trade Area within ½ mile
1,652
Businesses Nearby
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Business Placement
Demographics for 98117, WA
35,608
Population
15,230
Households
2.3
Avg Household Size
39
Median Age
75%
College-Educated
98%
High-School Grad
3.9 sq mi
ZIP Area
9,130
Density / Sq Mi
$182,500
Median Household Income
$95,616
Median Earnings
$2,197
Median Rent
$1,028,100
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Apartment buildings in Seattle, WA
Properties on Market for Apartment buildings in Seattle
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - This Seattle multifamily property dates to 1959 and is configured for 11 residential units.
Where is this apartment building located?
The property is located at 6530 24th Ave NW Seattle, WA.
What is the asking price?
The asking price for this property is $2,595,000.
What are key features of this property?
This property features: 11‑unit multifamily property; Built in 1959; Located in Seattle’s Ballard neighborhood
