1544 NW 53rd Street, Seattle, WA 98107
- $2,250,000
Listing courtesy of Lee & Associates Commercial RE.
- List Price
- $2,250,000
- Status
- ACTIVE
- MLS#
- 2581844
- Days on Market
- 0
- Style
- 55 - 5-9 Units
- Building Condition
- Very Good
- Annual Tax Ammount
- 21782
- Lot Size (sq ft)
- 5,000
- Sewer
- Sewer Connected
Property Description
We are pleased to present this well-maintained 6-unit apartment property in Ballard, one of Seattle’s most established and desirable rental markets. Built in 1982 and offered for sale for the first time by the family of the original builder, the property combines durable construction, spacious 2-bedroom floor plans, desirable resident amenities, and identifiable renovation upside. The property is comprised entirely of 2-bedroom, 1-bath corner units featuring in-unit W/D, fireplaces, private balconies, dining areas, dishwashers, refrigerators, ranges, and wood flooring. A common area provides secure resident storage, an additional laundry set, and a 1/2 bath, with potential for conversion to an additional unit (buyer to verify). 6 parking spaces are provided, 5 of which are covered. Ownership began renovating interiors in 2021, with 3 of the 6 units remodeled to date. The remaining apartments retain classic finishes, providing a clear opportunity to continue the renovation program and capture additional rental upside. Building systems include copper plumbing and Crouse-Hinds electrical panels, and a full roof replacement was completed in August 2026. Located in the heart of Ballard, along with recent capital improvements, an all 2-bedroom unit mix, in-unit laundry, covered parking, and a straightforward value-add strategy, the property offers investors an attractive combination of current income, renovation potential, and long-term appreciation.
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Additional Information
- List Date
- 2026-09-11 23:59:16
- Community
- Ballard
- Net Operating Income
- $129,382
- Gross Adjusted Income
- $163,020
- Gross Scheduled Income
- $171,600
- Total Monthly Income
- $15,330
- Insurance Expenses
- $4,313
- Water/Sewer/Garbage Expenses
- $11,457
- Gross Rent Multiplier
- 13.1
- Total Expenses
- $54,578
- Cap Rate
- 5.75
- Vacancy Rate
- 5
- Total Number of Units
- 6
- Unit Name
- 1544
- Potential Terms
- Cash, Conventional
- Year Built
- 1982
- View
- City
- Roof
- Flat
- Other Expenses
- 17026
- Energy Source
- Electric
- School District
- Seattle
- Total Monthly Income
- $15,330
- Gross Scheduled Income
- $171,600
- Vacancy Rate
- 5
- Gross Adjusted Income
- $163,020
- Tax Year
- 2026
- Insurance Expense
- $4,313
- W/S/G Expenses
- $11,457
- Total Expenses
- $54,578
- Net Operating Income
- $129,382
- Gross Rent Multiplier
- 13.1
- Cap Rate
- 5.75
Based on information submitted to the MLS GRID as of . All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.IDX information is provided exclusively for consumers’ personal noncommercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.