6710 24th Ave NW
- 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).
Property 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 about 15-20% rental upside, making this a standout value-add asset in a high-demand market.
Key Property Information
| Listing Status: | Unavailable |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $1,550,000 |
| No. of Units: | 5 |
| Year Built: | 1977 |
| Lot Size: | 0.12 Acres |
| Opportunity Zone: | No |
| Price per unit: | $310,000 |
| Property Website | Click Here |
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