Properties Sold

801 Duplex
$925,000

801 Duplex
801 NW 56th St, Seattle, WA
2-Unit

 

801 NW 56th St is an exceptionally well-maintained duplex located in the heart of Ballard, one of Seattle’s hippest and most desirable neighborhoods. The property is situated on a 3,366 SqFt corner lot and consists of two 900 SqFt 2-bedroom units. Each unit has a new kitchen, along with its own washer/dryer and dedicated fenced outdoor space. This craftsmen-style duplex was originally constructed in 1926 but the building has received significant renovations over the last several years. Recent updates include a complete overhaul of the entire electrical and plumbing systems, new flooring, granite countertops, stainless steel appliances, replaced insulation in the attic, and a new roof was installed in the late ‘00s.

The property is fully occupied with each tenant on active year-long leases. The top unit is currently renting for $2,355 and the bottom unit is at $2,040 per month. The tenants are responsible for paying all utilities at the property as well as maintaining their fenced outdoor space. There is room to further increase rents, especially in the lower unit to maximize cash flow, but this property is also ideal for someone looking to owner-occupy.

801 NW 56th is an exceptional investment that is well located, has no deferred maintenance, no utility or landscaping expenses, and immediate rental upside is still available.

 

 

Current Cap Rate4.85%
Market Cap Rate5.45%
Built1926
Price per SqFt$514
Price per Unit$462,500

 

 

Listing Agents

Aaron Locke
P: 206.774.5436
E: Email Aaron

Ethan Szmania
P: 206.774.5419
E: Email Ethan

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