1446 53Rd St Seattle, WA 98107

Chinook Ballard presents a compelling investment opportunity in Seattle's highly desirable Ballard neighborhood. This brand-new, Class A, eight-story apartment building boasts 56 units, including a mix of studio, one-bedroom, and one-bedroom lofts, totaling 20,108 net rentable square feet. Built in 2024 on a 0.11-acre lot, the property features a controlled-access ground-floor lobby and common area, along with in-unit washers and dryers. Currently operating at 61% occupancy (as of November 6th, 2024), the building offers an average effective rent of $2,249 per month in the third quarter of 2024. The property benefits from a 12-year property tax exemption due to 14 affordable units. Its prime location provides exceptional walkability and bikeability, boasting Walk and Bike Scores of 96 and 98, respectively. Furthermore, its proximity to the proposed Sound Transit Ballard Link Light Rail station promises enhanced connectivity. The building is zoned C1-75 (M) and has a King County APN of 276830-0505. The asking price is $11,745,000, translating to $209,732.14 per unit. The strong renter pool within a one-mile radius (49% of the population) and projected median household income growth exceeding 29.6% over the next five years further solidify this investment's potential.