6530 24th Avenue NW, Seattle, WA 98117
- $2,595,000
Listing Broker: Lee & Associates Commercial RE; Dea Sumantri; 206-773-2680; dsumantri@lee-associates.com
- List Price
- $2,595,000
- Status
- ACTIVE
- MLS#
- 2587105
- Days on Market
- 0
- Style
- 56 - 10+ Units
- Building Condition
- Very Good
- Annual Tax Ammount
- 27132
- Lot Size (sq ft)
- 10,200
- Sewer
- Available
Property Description
We are pleased to present the Glen Ellyn Apartments, an 11-unit multifamily property located in Seattle’s Ballard neighborhood. Built in 1959, the property consists of eight one-bedroom and three two-bedroom units featuring functional layouts, natural light, and natural hardwood flooring. The units remain in classic but well-maintained condition, providing a strong foundation for future renovation and modernization. The asset has also benefited from several capital improvements, including a roof replacement in 2017, replacement of the individual electrical panels in all units in 2025, and a new rear fence installed in August 2025. Property amenities include covered and off-street parking, storage units, and on-site laundry. The location provides convenient access to Ballard Community Center, QFC, National Nordic Museum, Ballard Avenue & Farmers Market, the Ballard Locks, and the Ballard Public Library, along with the neighborhood’s broader retail, dining, and recreational amenities. Current rents are approximately 13% below market, providing near-term income growth potential through future turnover and rent adjustments. Additional upside may be realized through targeted unit renovations and modernization, with renovated rents estimated at approximately 29% above current levels. Further operational upside exists through implementation of utility bill-backs, which are not currently charged, as well as the opportunity to maximize parking income.
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Additional Information
- List Date
- 2026-09-24 18:28:24
- Community
- Ballard
- Net Operating Income
- $133,393
- Gross Adjusted Income
- $199,842
- Gross Scheduled Income
- $210,360
- Total Monthly Income
- $17,304
- Insurance Expenses
- $7,839
- Water/Sewer/Garbage Expenses
- $16,245
- Gross Rent Multiplier
- 12.3
- Total Expenses
- $74,249
- Cap Rate
- 5.14
- Vacancy Rate
- 5
- Total Number of Units
- 11
- Unit Name
- 6530
- Potential Terms
- Cash, Conventional
- Year Built
- 1959
- Roof
- Flat
- Site Features
- Fenced-Partially
- Other Expenses
- 23033
- Energy Source
- Electric
- School District
- Seattle
- Total Monthly Income
- $17,304
- Gross Scheduled Income
- $210,360
- Vacancy Rate
- 5
- Gross Adjusted Income
- $199,842
- Tax Year
- 2026
- Insurance Expense
- $7,839
- W/S/G Expenses
- $16,245
- Total Expenses
- $74,249
- Net Operating Income
- $133,393
- Gross Rent Multiplier
- 12.3
- Cap Rate
- 5.14
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.