Sunset House Apartments

• Prime Ballard location. Walking distance to the Historic Ballard Avenue, home to the famous Sunday Farmer’s Market, restaurants, bars and retails.
• Pride of Ownership. Immaculate, well-maintained building with PEX & Copper plumbing, vinyl windows, re-mortared exterior bricks, and LVT floorings in most units.
• Potential Rent Upside. Stable rent income with an opportunity to realize a 36.4% lift in revenue from current below-market rents through strategic turnovers and renovation.

Property Description

The Lee & Associates Northwest | Multifamily Team is pleased to present the Sunset House, a 21-unit apartment building which exemplifies pride of ownership. Built in 1964, this building is being offered to the market now for the first time since it was built. It has been meticulously maintained and has 16 spacious one-bedroom units, 4 two-bedroom units, and 1 three-bedroom, two-bath unit. Enhanced with copper and PEX plumbing, Sunset House apartments also features upgraded double-paned vinyl windows on the west and north side. Recent capital improvements include painting the lanai’s panels & railings in July 2024, remortaring the bricks on the south side in 2022 and the north side in 2017. Located in the heart of Ballard, residents enjoy the vibrant amenities of Old Ballard, all within walking distance. Key features of the Sunset House include elevator access, 17 parking spots (15 covered) and common laundry area. Currently, rents are below market value, presenting an opportunity for 36.4% increase in potential rent upside. Additionally, the new owner can start generating revenue through maximizing utilities bill-back and charging for parking and storage. Most units have undergone turnover treatments, including the installation of LVP flooring, kitchen and bath updates. Value-add possibilities include the addition of in-unit laundry, converting the common laundry area and the owner’s workshop space into net rentable or additional unit. (Buyer to verify) The Sunset House is an ideal investment for those seeking to manage a well-positioned, well-maintained property with excellent growth and value-add potential.