Etta Ballard

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Sale Price: $20,000,000

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Sale Summary

Etta Ballard exemplified flawless execution as our client strategically chose the opportune moment to sell. Despite a turbulent interest rate environment, the property garnered significant attention, resulting in 11 offers. Through a diligent selection process, the buyer with the most experience was chosen, ensuring certainty throughout the transaction. This successful sale was achieved within a tight timeframe of 27 days, enabling the seller to satisfy their 1031 exchange requirements. Having executed a change of use from senior living to apartments in Ballard, our client completed physical renovations in 2019 and navigated the challenges posed by the pandemic’s impact on the investment market. With a solid business plan in place and stabilized property operations, the seller maximized their equity while seeking their next project.

Case Study

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Press

Testimonial

“When we purchased Etta Ballard our business plan was to convert the senior living property to apartments and sell. We finished our final construction late 2019 but the pandemic threw a wrench in our plan of stabilizing and selling in 2020. After many months of managing through the pandemic Jerrid Anderson reached out sharing that the buyers were back and buying future upside in Seattle. We interviewed several brokers and decided the Simon | Anderson team could sell the upside story best (they had just done it on a very similar listing). After 27 days on the Simon | Anderson team produced 11 offers, we leveraged their knowledge of the buyers track records to select the most qualified purchaser. The Simon | Anderson team smoothly managed the closing from start to finish and hit our deadline for our planned 1031 exchange.”

– Will C.

Property Overview

Address

1710 NW 57th St

City, State

Seattle, WA

Neighborhood

Ballard

Units

Year Built

1989

Year Renovated

2017 (Change of use from senior assisted living to apartments)

Sale Details

Sale Date

August 4, 2022

Sale Price

$20,000,000

Price Per Unit

$250,000

Price Per SF

$584

Cap Rate

4.0%

Location

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sold

Etta Ballard

1710 NW 57th St
Seattle, WA 98107
Units: 80
Price: $20,000,000

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Location Overview

Originally a quiet fishing community located just 15 minutes from Downtown Seattle, Ballard is now one of Seattle’s most active neighborhoods, overflowing with shopping, restaurants, cafes, bars, music venues, and more breweries than any other Seattle neighborhood.