3207 Northwest 64th Street
Ballard 5-Unit | $313,000 per Unit
Marketing description
Originally constructed in 1954, the property consists of a well-maintained single-story Roman brick veneer building featuring four spacious 1-bedroom units averaging approximately 760 SF and one large 2-bedroom unit totaling approximately 1,247 SF. The units feature highly functional floorplans with dual east and west side entries that create a unique “small home” feel rarely found in apartment living. Strong tenant retention speaks to the appeal of both the property and location.
Current ownership has extensively updated and maintained the property over the years. Interior renovations include updated kitchens and bathrooms with new countertops, tile backsplashes, upgraded appliance packages, and refinished original oak hardwood floors throughout. Major capital improvements include copper plumbing supply lines, double-pane vinyl windows, and seismic retrofitting of the foundation.
Additional amenities include ample off-street parking with a 1:1 parking ratio, secure common laundry facilities, and tenant storage lockers. With an in-place NOI of approximately $85,000 and a 5.4% cap rate, 3207 NW 64th St offers investors immediate cash flow, ease of management, and long-term appreciation potential in one of Seattle’s most supply-constrained rental markets.
Investment highlights
- Strong In-Place Returns – Approximately $85,000 NOI with a 5.4% cap rate, providing immediate cash flow in a highly desirable Seattle rental market.
- Extensively Updated Asset – Significant interior and systems upgrades including updated kitchens and baths, copper plumbing, vinyl windows, and seismic retrofitting, helping minimize near-term capital expenditures.
- Unique “Small Home” Unit Design – Spacious floorplans with dual east/west private entries create a rare residential feel that drives strong tenant appeal and retention.
- Excellent Tenant Amenities & Parking – Features a rare 1:1 off-street parking ratio, secure laundry facilities, and dedicated tenant storage lockers.
- Prime Long-Term Investment Location – Positioned in one of Seattle’s most supply-constrained rental submarkets, supporting continued rent growth and long-term appreciation potential.
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