Kos Apartments
Multifamily | 5 Units | $359,000/unit
Marketing description
Paragon Real Estate Advisors is pleased to present Kos Apartments, a five unit multifamily property located in the Ballard neighborhood of Seattle. All five units are two bedroom, two bathroom residences averaging 990 square feet, positioned on a 5,100 square foot LR3 RC (M1) zoned lot. The property was constructed in 1978 and features wood frame construction, double pane vinyl windows, copper plumbing, and five dedicated parking stalls including four carport stalls.
Two of the five units have been renovated and are leased at rents approaching market. The remaining three units are in original condition and leased month to month, with two tenants in place since 2011. This tenant structure presents a clean path for a renovation value-add play: as legacy tenants turn, a new owner can renovate the units to the same finish level as the two renovated units, supporting a renovated rent target of $2,550 per unit and a 6.4% proforma cap rate. Ballard continues to see strong rental demand driven by proximity to downtown Seattle, Fremont, and the broader South Lake Union employment corridor, as well as walkable retail, waterfront access, and established transit connectivity.
Investment highlights
- Five unit Ballard apartment building offered at a 5.1% current cap, expanding to a 6.6% renovation cap rate
- All units are 2BD/2BTH at 990 SF, a large unit configuration in comparison to the Ballard multifamily inventory
- The market supports a $2,625 rent target for renovated units which is a $653 per unit lift over current non-renovated units
- Copper plumbing, GE panels, and double pane vinyl windows limit capital investment to purely cosmetic interior renovations
- LR3 RC (M1) zoning preserves long term development optionality
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