2418 Ballard 2418 NW 58th St 42 Unit Apartment Building $5,500,000 ($130,952/Unit) 5.86% Cap Rate Seattle, WA 98107

Introducing 2418 Ballard, a modern investment opportunity in the heart of Seattle's Ballard neighborhood. Consisting of 42 micro-units, this transit-oriented property is strategically located at 2418 NW 58th St, offering immediate rental upside with rents below market rate. Priced attractively at $5.5 million ($130,952 per unit), recent leases have shown a 10% rent increase, indicating strong market demand. The efficient micro-living design maximizes functionality with smart unit layouts and communal kitchens, rooftop deck, and laundry facilities. With a Walk Score of 97 and Bike Score of 92, residents enjoy car-free living options and easy access to downtown Seattle via the planned Ballard Station. The submarket boasts strong fundamentals with high occupancy rates and 2.2% annual rent growth, making it a lucrative investment opportunity. Don't miss this chance to own 2418 Ballard - a property that combines modern living, convenience, and investment potential in a thriving Seattle neighborhood.
Immediate Rental Upside: This 2015-built property offers immediate upside with current rents averaging 13% below market rate.
Attractive Unit Pricing: At $5.5 million, this property offers compelling value at $130,952K per unit, with recent leases achieving 10% rent increases that demonstrate strong market demand.
Strategic Ballard Location: Positioned three blocks from Market Street's retail core and 24th Avenue corridor, with convenient transit access to Downtown Seattle employment centers.
Efficient Micro-Living Design: 2418 Ballard features 42 thoughtfully designed micro units averaging 196 square feet, maximizing functionality through smart layouts and efficient storage; units feature floor-to-ceiling windows, efficient storage design, LVP flooring, and kitchenettes with microwave and mini fridge. *Features vary by unit.
Thoughtful Building Amenities: Amenities include communal kitchens, a shared garden space, rooftop deck, laundry facilities, and high-speed internet to enhance the resident experience.
Exceptional Walkability: A Walk Score of 97 and Bike Score of 92 provide residents with the option of car-free living; the property sits less than one mile from the planned Ballard Station, scheduled to connect Downtown Seattle by 2039.
Strong Submarket Fundamentals: The submarket shows 51% renter occupancy, average effective rents of $2,278 (2.2% annual growth), and 95.6% occupancy rates as of Q2 2025.
Professional Tenant Profile: 76% of residents hold a bachelor's degree or higher, supported by over 1,900+ local establishments employing 20,700+ workers; local household incomes exceed the Metro Seattle average by 21%.
Upward Growth Trajectory: Ballard’s five-year population growth is projected at 4.8%, with average household income within three miles expected to reach $341,595 by 2030, supporting continued rental demand.