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Listed by:Lee & Associates Commercial RE • Dea Sumantri
$2,595,000
Est. payment /mo
14 Beds
11 Baths
10,200 Sqft Lot
New
6530 24th AVE NW Seattle, WA 98117
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Key Details
Property Type Multi-Family
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
Subdivision Ballard
MLS Listing ID 2587105
Style 56 - 10+ Units
Bedrooms 14
Year Built 1959
Annual Tax Amount $27,132
Lot Size 10,200 Sqft
Property Sub-Type Multi Family
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.
Location
State WA
County King
Area 705 - Ballard/Greenlake
Interior
Flooring Hardwood
Fireplace false
Exterior
Exterior Feature Wood
Amenities Available Fenced-Partially
View Y/N No
Roof Type Flat
Building
Lot Description Paved, Sidewalk
Sewer Available
New Construction No
Schools
School District Seattle
Others
Senior Community No
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
Virtual Tour https://www.lee-associates.com/northwest/properties/?propertyId=1687300-sale&address=6530-24th-Ave-NW&officeId=2085
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