Overview

Highlights

• Prime Ballard Location – Walking distance to restaurants, shops, entertainment, and public transit, with parks and waterfront attractions nearby.
• Recent Capital Improvements – The current owner has invested over $51,000 in capital improvements, including an exterior sealant coating, a new roof installed in October 2024, and new decks completed in May 2025.
• Spacious Unit Mix – Averaging 899 SF, including a three-bedroom, 1.75-bath unit, three two-bedroom / one-bath units, and one one-bedroom / one-bath unit.
• Immediate Income Growth – Current owner does not charge for parking or utilities, allowing immediate income upside for a new owner.
• Stabilized Asset with Rental Upside – Opportunity to increase rental income by 20.24% through light renovations and in-unit laundry additions.
• Multiple Value-Add Possibilities - Potential to enclose carports for additional revenue from garage parking or convert tuck-under parking and common laundry into a sixth unit (buyer to verify).

Description

The Lee & Associates Northwest | Multifamily Team is pleased to present Ballard Five, a well-maintained apartment building offering spacious units and strong income potential. Recent capital improvements include a exterior coating, new roof (October 2024) and a completed deck replacement (May 2025), enhancing the property’s long-term durability.

Built in 1977, Ballard Five consists of five generously sized units averaging 899 square feet: one three-bedroom, 1.75-bath unit; three two-bedroom, one-bath units; and one one-bedroom, one-bath unit. The property also features a fenced in backyard and four covered parking spaces, with no current charges for parking or utilities—creating an immediate opportunity to increase revenue.

Additional value-add potential includes enclosing the carports to generate secured parking income and converting the tuck-under parking and common laundry into a sixth unit (buyer to verify).

With a desirable unit mix, low-maintenance design, and prime Ballard location, Ballard Five presents a compelling investment opportunity. Light renovations to the existing units could unlock an over 20% rental upside, making this a standout value-add asset in a high-demand market.

Location

Once a Scandinavian fishing and railroad town, Ballard has transformed into one of Seattle’s most dynamic neighborhoods, known for its hip restaurants, unique shops, craft breweries, and lively entertainment scene. While embracing modern amenities, Ballard still preserves its rich Nordic heritage, creating a distinctive and vibrant atmosphere.

Beyond its thriving retail and dining scene, Ballard offers exceptional outdoor recreation, with scenic parks, waterfront access, and miles of trails. Ballard Five is ideally situated within walking distance of the neighborhood’s retail core, where tenants can enjoy a variety of restaurants, cafes, bars, and shops, all within a 10-minute walk. The property is less than a mile from Ballard Avenue’s entertainment corridor and steps from a King County Metro Route 40 bus stop, providing direct service to Northgate, Fremont, and downtown Seattle. Several parks, playgrounds, and waterfront attractions—including the Ballard Locks, Golden Gardens Park, and the Puget Sound shoreline—are also just minutes away, making Ballard Five an exceptional place to live.

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