under contract

Listings/Etta Ballard

Etta Ballard

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Under Contract

For more information about this property, please contact the listing broker.

 

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Property Overview

Address
1710 NW 57th St, Seattle, WA 98107
Neighborhood
Ballard
Year Built 1989
1989
Year Renovated
2017 (Change of use from senior assisted living to apartments)
Units
80
Laundry
Common (5 units with private w/d)
Parcel/Zoning
20,000 SF / MR RC
Parking
24 garage and 5 open

Building Systems

Heating
Electric wall-mount forced-air units
Water Heater
Electric water tanks for each unit
Electrical
Copper
Plumbing Supply
Copper (supply), cast iron (waste)
Fire Protection
Fire sprinklers, smoke/Co2 alarms

Opportunity

RENT UPSIDE

All apartments were challenged in 2021 by COVID; however, Etta and the Ballard rental market has seen a major rebound during the Winter of 2022. Rents for the 10 most recent leases and renewals have averaged an 7% increase over current lease averages.

Current owners have achieved significantly higher rents for the 5 units with washer/dryer, additional opportunity for new ownership.

HEAVY LIFTING COMPLETE

With the change of use in 2017 from senior assisted living to apartments current ownership was required to substantially modernized property systems and unit layouts.

With the entire building upgraded from the inside out, new buyers can focus their money on improvements that directly equate to higher rents and better retention.

COMMON AREA UPSIDE

Etta’s prior use as a senior living facility has left an abundant amount of space for tenant amenities. If properly activated, Etta will be able to offer a similar
experience to nearby Class A apartments at a much more attractive price for residents.

Location

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Etta Ballard

1710 NW 57th St
Seattle, WA 98107
Units: 80
Price: Pending

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.

 

3 Minute Walk

GROCERY STORES & SHOPPING

5 Minute Walk

SWEDISH MEDICAL CENTER BALLARD CAMPUS

7 Minute Walk

DOWNTOWN BALLARD BARS & RESTAURANTS

8 Minute Drive

FREMONT

9 Minute Drive

GREEN LAKE

14 Minute Drive

UNIVERSITY OF WASHINGTON

16 Minute Drive

DOWNTOWN SEATTLE

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