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Kos Apartments 5816 14th Ave NW 5 Unit Apartment Building $1,795,000 ($359,000/Unit) 5.10% Cap Rate Seattle, WA 98107
Investment Highlights
- Five unit Ballard apartment building offered at a 5.1% current cap, expanding to a 6.6% renovation cap rate
- The market supports a $2,625 rent target for renovated units which is a $653 per unit lift over current non-renovated units
- LR3 RC (M1) zoning preserves long term development optionality
- All units are 2BD/2BTH at 990 SF, a large unit configuration in comparison to the Ballard multifamily inventory
- Copper plumbing, GE panels, and double pane vinyl windows limit capital investment to purely cosmetic interior renovations
Executive Summary
Kos Apartments is 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.
Financial Summary (Actual - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$125,700
|
$19.94
|
| Other Income |
$12,360
|
$1.96
|
| Vacancy Loss |
$5,522
|
$0.88
|
| Effective Gross Income |
$132,538
|
$21.03
|
| Taxes |
$17,768
|
$2.82
|
| Operating Expenses |
$24,059
|
$3.82
|
| Total Expenses |
$41,827
|
$6.64
|
| Net Operating Income |
$90,711
|
$14.39
|
Financial Summary (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $125,700 |
| Annual Per SF | $19.94 |
| Other Income | |
|---|---|
| Annual | $12,360 |
| Annual Per SF | $1.96 |
| Vacancy Loss | |
|---|---|
| Annual | $5,522 |
| Annual Per SF | $0.88 |
| Effective Gross Income | |
|---|---|
| Annual | $132,538 |
| Annual Per SF | $21.03 |
| Taxes | |
|---|---|
| Annual | $17,768 |
| Annual Per SF | $2.82 |
| Operating Expenses | |
|---|---|
| Annual | $24,059 |
| Annual Per SF | $3.82 |
| Total Expenses | |
|---|---|
| Annual | $41,827 |
| Annual Per SF | $6.64 |
| Net Operating Income | |
|---|---|
| Annual | $90,711 |
| Annual Per SF | $14.39 |
Property Facts
| Price | $1,795,000 | Apartment Style | Low-Rise |
| Price Per Unit | $359,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.12 AC |
| Cap Rate | 5.10% | Building Size | 4,950 SF |
| No. Units | 5 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1978 |
| Property Subtype | Apartment | Parking Ratio | 1.01/1,000 SF |
| Zoning | LR3 RC (M1) | ||
| Price | $1,795,000 |
| Price Per Unit | $359,000 |
| Sale Type | Investment |
| Cap Rate | 5.10% |
| No. Units | 5 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.12 AC |
| Building Size | 4,950 SF |
| No. Stories | 2 |
| Year Built | 1978 |
| Parking Ratio | 1.01/1,000 SF |
| Zoning | LR3 RC (M1) |
Amenities
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+2 | 5 | $2,158 | 990 |
1 1
Very walkable
80/100
Fairly drivable
40/100
Some public transit
50/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 276790-0265 | Total Assessment | $1,692,000 |
| Land Assessment | $1,198,500 | Annual Taxes | $17,768 ($3.59/SF) |
| Improvements Assessment | $493,500 | Tax Year | 2025 |
Property Taxes
Parcel Number
276790-0265
Land Assessment
$1,198,500
Improvements Assessment
$493,500
Total Assessment
$1,692,000
Annual Taxes
$17,768 ($3.59/SF)
Tax Year
2025
Contacts
-
Michael Urquhart -
Brian Platt -
Ben Douglas -
Rowan Davis -
Paragon Real Estate Advisors
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