1427 64Th St Seattle, WA 98107
- Apartment buildings
- 5,040 SF
Current Use by Public Records
- Apartment buildings
Property Details for 1427 64Th St
- Year built
- 1964
- Property size
- 5,040 SF
- Property type
- Apartment buildings
Description
This exceptional 6-unit apartment building presents a compelling investment opportunity in the heart of Seattle's vibrant Ballard neighborhood. Boasting a total of 5,040 square feet across a 5,000 square foot lot, this two-story, 1964-built property offers a blend of renovated and value-add potential. Two of the six spacious units have undergone complete renovations, while others present an opportunity to increase rental income through further upgrades. The unit mix includes a combination of one- and two-bedroom apartments, each featuring desirable amenities such as private balconies and separate entrances. Building features include common laundry facilities, ample storage, and covered parking for four vehicles. The property benefits from updated copper plumbing and a newer roof (installed in 2018). Its prime location offers a 91 Walk Score, placing it in a walker's paradise with easy access to public transportation, parks, and a diverse array of restaurants. The property's current NOI is $95,087, yielding a 5% cap rate, with a pro-forma NOI of $110,249 and a pro-forma cap rate of 5.8%, indicating significant upside potential. The asking price is $1,900,000, or $316,667 per unit. The property is zoned LR3(M) and its APN is 2767600835. This is a rare opportunity to acquire a well-located multifamily property with immediate income and substantial future growth potential.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Seattle
- County
- King
- State
- Washington
- Longitude
- -122.375
- Latitude
- 47.6751
