The Karina apartments represent an exceptional opportunity to acquire a multi-family investment in Seattle’s desirable Ballard neighborhood.
OPPORTUNITY OVERVIEW
PROPERTY HIGHLIGHTS
The Karina apartments represent an exceptional opportunity to acquire a multi-family investment in Seattle’s desirable Ballard neighborhood. The three-story building is comprised of a mix of two- and three-bedroom units, fully renovated with new appliances, flooring, cabinets and countertops. Each unit features a washer and dryer in unit and a deck, with some units offering a fireplace.
Only 4 blocks from NW Market Street, the Karina apartments are within walking distance to many amenities including QFC, the Ballard Farmers market, Ballard Commons Park, the Ballard Community Center and public transit, and less than a 10-minute drive to Shilshole Bay, PCC, Trader Joes, Fred Meyer, and a plethora of restaurants.
OFFERING SUMMARY
SALE PRICE: $3,200,000
CAP RATE: 5.0% Actual, 5.97% Proforma
NUMBER OF UNITS: 7
LOT SIZE: 0.11 Acres
BUILDING SIZE: 5,411 SF
UNIT BREAKDOWN
EXPENSES
NEIGHBORHOOD HIGHLIGHTS
• Leary Avenue NW is located in Ballard, one of the first neighborhoods of Seattle, actually once being its own town.
• The Ballard/Fremont submarket lines the north edge of the Lake Washington Shipping Canal from the shores of Puget Sound all the way to the western edge of the University District.
• The neighborhood is home to major employers including Adobe, Google and Tableau.
• Property boasts a Walk Score of 98 and near-perfect Bike Score of 97, offering convenient transportation for commuters to downtown Seattle and to the Northend, with an abundance of
amenities.
• There are significant pockets of commercial development near the canal, as developers entering this neighborhood continue to reach for maximum buildable square footage by being creative with the definition of industry and use.
• Historically Ballard is the center of Seattle’s early immigration, marine/fishing opportunities and much of its architecture dates back to pre-European settlement up through the 1980s.
Source: 2020 U.S. Census Bureau
TRADE MAP
UNIT IMAGES
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LEE & ASSOCIATES PACIFIC NORTHWEST
Lee & Associates offers an array of real estate services tailored to meet the needs of the company’s clients, including commercial real estate brokerage, integrated services, and construction services. Established in 1979, Lee & Associates is now an international firm with offices throughout the United States and Canada. Our professionals regularly collaborate to make sure they are providing their clients with the most advanced, up-to-date market technology and information. For the latest news from Lee & Associates, visit lee-associates.com or follow us on Facebook, LinkedIn, Twitter and Link, our company blog.
For more information on the Karina Apartments investment opportunity please contact Aaron Mathieu.
Lee & Associates | Pacific Northwest
Aaron Mathieu
Senior Vice President
D: 206.948.4670