Pacific Apartments 2418 NW 57th St 20 Unit Apartment Building $4,800,000 ($240,000/Unit) 4.27% Cap Rate Seattle, WA 98107

Paragon Real Estate Advisors is pleased to present Pacific Apartments, a well-located multi-family investment situated in the heart of Seattle’s Ballard neighborhood - one of the city’s strongest and most resilient rental markets. The property offers investors the opportunity to acquire an asset with an in-place income stream, meaningful renovation upside, and anticipated long-term rental growth.
Pacific Apartments is a 20 unit multi-family property constructed in 1986 and positioned on a 10,000-square-foot parcel zoned LR3 (M). The building features a unit mix comprised entirely of one-bedroom residences, including fourteen one-bedroom units and six large one-bedroom units exceeding 900 square feet. The average unit size of approximately 615 square feet supports strong rental demand while allowing for rent growth through continued interior improvements. A majority of the units have received updates including refreshed cabinetry, LVP flooring, and a mix of Formica, granite, and quartz countertops.
The property presents clear value-add potential through continued interior renovations, operational improvements, and future capital upgrades. Certain building systems remain original, including electrical panels and roofing, providing a buyer with the opportunity to modernize the asset and reposition rents closer to market levels over time. The presence of both covered garage parking and additional surface parking, secured entry, in-unit water tanks, storage units, and on-site laundry further enhances tenant appeal and supports long-term stability.
Situated in Ballard, the property is surrounded by some of Seattle’s most sought-after amenities, including plentiful dining, retail, grocery, and entertainment options. Residents enjoy convenient access to major public transportation lines, providing connectivity to Downtown Seattle and surrounding employment centers. Ballard’s continued popularity and walkability continue to support strong tenant demand and long-term rent growth.
Pacific Apartments represents an attractive opportunity for investors to purchase a well-located asset with renovation upside, durable fundamentals, and future long term appreciation in one of Seattle’s most proven rental submarkets.
Pacific Apartments is available to purchase individually. The property is also part of a three-property portfolio sale that may also be acquired together. See listings for the Bay Ridge and Belvedere Apartments for more information.