Overview

Highlights

• Stunning pride-of-ownership property offering investors the perfect palette for several avenues for reposition this historical landmark.
• Steps from the iconic Kerry Park and perfectly situated on a corner lot in a quintessential Queen Anne residential setting.
• Desirable spacious & elegant units in the main mansion with formal dining / den spaces, averaging approximately 1200 square feet.
• The penthouse unit boasts nearly 1800sf with two bedrooms-two baths and a balcony offering magnificent views of the Elliot Bay and the Space Needle.
• Continue current operations by refurbishing units, below-market rents provide significant future rent upside.
• Potential conversion into a priceless personal residence; residential homes in Queen Anne area sell for an average of $950 per square foot.
• Seller Financing terms available for qualified buyers.

Description

Lee & Associates NW Multifamily Team proudly presents the exclusive listing of the Ballard Mansion, a historic landmark epitomizing timeless elegance. Located just a block from iconic Kerry Park, this exquisite six-unit apartment building features meticulously preserved details such as hardwood floors and tiled kitchens and bathrooms.

The Ballard Mansion encompasses two structures on a spacious 13,780 sq. ft. lot: the main house and a carriage house. The main house units average 1,147 sq. ft., each with formal dining or den areas, while the carriage house offers a loft-style one-bedroom, one-and-a-half-bath unit with vintage leaded-glass built-in cabinetry.

The penthouse unit is a true gem, boasting nearly 1,800 sq. ft. of living space, two bedrooms, two baths, a fireplace, and an in-unit laundry. French doors open to a balcony with breathtaking views of Elliott Bay and the Space Needle.

Current rents are below market value, with no billed utilities, storage, or parking, presenting numerous income-increasing opportunities for new ownership. Alternatively, the property could be converted back into a single-family home, with the average price per square foot in Queen Anne between $800-$1,000. With additional inspiration, there may be a possibility for a buyer to consider creating a stunning lodging and event space. Buyer to verify. Priced at $450/SF, the Ballard Mansion offers an attractive investment.

New owners can take advantage of attractive seller financing to improve the building’s systems and refresh units upon turnover, becoming proud custodians of one of Seattle’s historic treasures.

Location

One of Seattle’s “Seven Hills,” the Queen Anne neighborhood is known for its largely residential atmosphere, with stately historic mansions, Victorian homes and iconic craftsman houses creating a distinct architectural style. Queen Anne Avenue North, running atop the hill serves as the corridor through the main business district for the neighborhood. Just below Queen Anne is the Space Needle, Pacific Science Center, and the Climate Pledge Arena.

Just steps away, the Ballard Mansion’s tenants can overlook Seattle from Kerry Park, Seattle’s most iconic viewpoint. Residents can choose to patronize the retail and grocery amenities along West Galer and the famous Queen Anne Avenue. Down the hill is access to the retail, restaurants and cultural attractions of Uptown, with the Seattle Center and the Climate Pledge Arena, home to Seattle long awaited NHL team. Frequent transit and the short distance into downtown allows tenants easy access to major employment centers in downtown, South Lake Union and even the new waterfront Elliott Bay Expedia campus. 

This historic landmark is more than just a place to live. Ballard Mansion not only attracts tenants who are looking for high-quality of life with convenient access to vibrant city living, it also offers an opportunity to be part of Seattle’s history, offering a unique blend of sophistication, comfort, and heritage that few properties can match.

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