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PRIVATE CALL FOR OFFERS

MILA APARTMENT

55 UNIT CONDO DEVELOPMENT

2432 NW 56TH ST, SEATTLE, WA 98107

 

CONTACTS

Lloyd Ball
Managing Broker | President
206.947.5053 | Lloyd@anomalyco.com

Rebecca Sawyers
Broker | Account Executive
206.773.6655 | Rebecca@anomalyco.com


OFF-MARKET OPPORTUNITY

 
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STORY

The proposed multi-family condominium project located on NW 56th Street in Ballard and does not have an alley access. It is in the MR zone and is part of the Ballard Hub Urban Village. The property is composed of two lots; 2432 and 2436 NW 56th. A duplex currently occupies each lot and both will be removed as part of the permitting process. 


As configured the project consists of 55 condominium units (one and two bedrooms) comprising eight stories. Although no parking is required by code (urban village and frequent transit) this project provides for two levels of below grade parking with 43 stalls. There will be a large roof deck amenity area, individual decks for each unit and individual outdoor spaces for ground floor units.

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SUMMARY OF BALLARD MARKET

Q1 2019 (COSTAR.COM)

Ballard is one of the most sought after neighborhoods in Seattle. Demand is strong due to the submarket’s neighborhood amenities and relative proximity to job centers, and newly built properties have leased well. The proportion of 4 & 5 Star assets is greater than in the rest of the metro, but rents for high-end assets are less expensive than in many nearby submarkets. Development was especially active earlier in the cycle, but new construction continues to come on line throughout the submarket. Vacancies have compressed sharply since a supply wave in 2014–15, and rent growth ranks in the middle of the pack for the metro.

Prices in Ballard have risen rapidly since the beginning of the recovery. The market for lower-end units is active and is driven by local investors, but several large trades by institutional players have contributed to high sales volume. Sales volume in 2018 mostly involved smaller deals, but select institutional trades moved the needle significantly. Sales activity in 2019 has been mostly made up of smaller deals thus far.


BALLARD APARTMENT MARKET

KEY PERFORMANCE INDICATORS (COSTAR.COM)

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KIRKLAND’S MAJOR PROJECTS LIST

 

2431 NW 56TH ST, SEATTLE, WA 98107

KING COUNTY RECORDS

 

55

Units

705

Avg SF/Unit Aprx.

40,318

Rentable SF Aprx.

10,000

Lot SF

MR-RC

Zoning

 

PRO FORMA

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WEST KIRKLAND CONDO COMPS

All West Kirkland condo sales within the last 12 months (NWMLS)

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SITE LOCATION

 
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