Log In/Sign Up
Your email has been sent.
Gilman Park Plaza Apartments 801 NW 54th St 16 Unit Apartment Building $2,980,000 ($186,250/Unit) 6.33% Cap Rate Seattle, WA 98107
INVESTMENT HIGHLIGHTS
- 15 one-bedroom / one-bath units and 1 two-bedroom / one-bath unit
- Seven parking spaces (currently uncharged)
- New roof completed in 2024
- Coin-operated laundry for additional income Extra on-site storage for tenants
- Updated sewer lines
- Excellent Ballard location near shops, dining, and major transit routes
EXECUTIVE SUMMARY
Investment Sales Group & Keller Williams Commercial are pleased to offer for sale a 16-unit apartment building located in the heart of Ballard, one of Seattle’s most desirable and highest-performing multifamily submarkets. The property presents an exceptional opportunity to acquire a stabilized asset with both durable cash flow and meaningful upside potential.
Situated within walking distance of Ballard Avenue’s retail core, breweries, and transit options, this well-maintained property appeals to a broad renter base seeking the neighborhood’s vibrant mix of amenities and accessibility to downtown Seattle and South Lake Union employers.
The building consists of 15 one-bedroom / one-bath units and one two-bedroom / one-bath unit, supported by on-site coin-operated laundry, additional storage spaces, and seven parking stalls that are not currently being charged for—offering immediate income growth potential. Recent capital improvements, including updated sewer lines and a brand-new roof completed in 2024, further strengthen the property’s long-term stability and performance.
Property Highlights:
15 one-bedroom / one-bath units and 1 two-bedroom / one-bath unit
Coin-operated laundry for additional income
Extra on-site storage for tenants
Seven parking spaces (currently uncharged)
Updated sewer lines
New roof completed in 2024
Excellent Ballard location near shops, dining, and major transit routes
Strong rental demand and consistent historical occupancy
Situated within walking distance of Ballard Avenue’s retail core, breweries, and transit options, this well-maintained property appeals to a broad renter base seeking the neighborhood’s vibrant mix of amenities and accessibility to downtown Seattle and South Lake Union employers.
The building consists of 15 one-bedroom / one-bath units and one two-bedroom / one-bath unit, supported by on-site coin-operated laundry, additional storage spaces, and seven parking stalls that are not currently being charged for—offering immediate income growth potential. Recent capital improvements, including updated sewer lines and a brand-new roof completed in 2024, further strengthen the property’s long-term stability and performance.
Property Highlights:
15 one-bedroom / one-bath units and 1 two-bedroom / one-bath unit
Coin-operated laundry for additional income
Extra on-site storage for tenants
Seven parking spaces (currently uncharged)
Updated sewer lines
New roof completed in 2024
Excellent Ballard location near shops, dining, and major transit routes
Strong rental demand and consistent historical occupancy
FINANCIAL SUMMARY (ACTUAL - 2025) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$278,916
|
$41.32
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$13,946
|
$2.07
|
| Effective Gross Income |
$264,970
|
$39.25
|
| Taxes |
-
|
-
|
| Operating Expenses |
$76,433
|
$11.32
|
| Total Expenses |
$76,433
|
$11.32
|
| Net Operating Income |
$188,537
|
$27.93
|
FINANCIAL SUMMARY (ACTUAL - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $278,916 |
| Annual Per SF | $41.32 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $13,946 |
| Annual Per SF | $2.07 |
| Effective Gross Income | |
|---|---|
| Annual | $264,970 |
| Annual Per SF | $39.25 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | $76,433 |
| Annual Per SF | $11.32 |
| Total Expenses | |
|---|---|
| Annual | $76,433 |
| Annual Per SF | $11.32 |
| Net Operating Income | |
|---|---|
| Annual | $188,537 |
| Annual Per SF | $27.93 |
PROPERTY FACTS
| Price | $2,980,000 | Apartment Style | Low-Rise |
| Price Per Unit | $186,250 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.20 AC |
| Cap Rate | 6.33% | Building Size | 6,750 SF |
| Gross Rent Multiplier | 10.68 | Average Occupancy | 95% |
| No. Units | 16 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1954/2024 |
| Property Subtype | Apartment | Parking Ratio | 0.44/1,000 SF |
| Zoning | LR2 (M) | ||
| Price | $2,980,000 |
| Price Per Unit | $186,250 |
| Sale Type | Investment |
| Cap Rate | 6.33% |
| Gross Rent Multiplier | 10.68 |
| No. Units | 16 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.20 AC |
| Building Size | 6,750 SF |
| Average Occupancy | 95% |
| No. Stories | 2 |
| Year Built/Renovated | 1954/2024 |
| Parking Ratio | 0.44/1,000 SF |
| Zoning | LR2 (M) |
AMENITIES
UNIT AMENITIES
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
- Freezer
SITE AMENITIES
- 24 Hour Access
- Laundry Facilities
- Property Manager on Site
- Online Services
- Walk-Up
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 15 | - | 390 |
| 2+1 | 1 | - | 550 |
1 1
Walk Score®
Very Walkable (86)
Bike Score®
Biker's Paradise (92)
PROPERTY TAXES
| Parcel Number | 122503-9002 | Total Assessment | $2,536,000 (2024) |
| Land Assessment | $1,936,000 (2024) | Annual Taxes | $0 ($0.00/SF) |
| Improvements Assessment | $600,000 (2024) | Tax Year | 2025 Payable 2025 |
PROPERTY TAXES
Parcel Number
122503-9002
Land Assessment
$1,936,000 (2024)
Improvements Assessment
$600,000 (2024)
Total Assessment
$2,536,000 (2024)
Annual Taxes
$0 ($0.00/SF)
Tax Year
2025 Payable 2025
1 of 11
VIDEOS
MATTERPORT 3D EXTERIOR
MATTERPORT 3D TOUR
PHOTOS
STREET VIEW
STREET
MAP
1 of 1
