Tuesday, October 4, 2011
Multifamily Properties in Ballard
There are 32 multifamily properties in the hot 705 NWMLS area of Seattle that includes neighborhoods such as Ballard, Wallingford, Green Lake, Fremont and Phinney Ridge. They range in size from 2 units (duplex) to 9 units; and in price from a $280,000 duplex to a $2,700,000 newly-constructed 6-plex.
The smallest building is about 1100sf, and the largest, a 7-unit, at 8742sf (for $990,000, in case you are interested).
A couple of these units are new on the market today, but one of them has been on the market for THREE YEARS (at the same unchanged price from three years ago). This is a 9-plex condo conversion, with apparently bad market timing....
I will be leading a FREE tour of several of these properties this Sunday, from 1-3pm. We will discuss how to analyze value on multifamily properties, and we will visit as many as we can. Tour participants drive their own cars and may drive by any properties that are of interest.
Detailed lists with photos and analysis, maps and driving directions will be distributed at the first property. No reservations are necessary. Just meet the tour at 1 pm sharp at 927 NW 57th St. This is a bank-owned duplex built in 1905 in a great Ballard location.