48-unit Ballard apartment building sells for $10.9m

The Ballard 57 apartments at 1731 NW 57th St have just sold for $10.9 million. The 48-unit building was developed by 1731 NW 57th LLC, a company which bought the land in 2014 for $910,000, according to the Seattle Daily Journal of Commerce.

The apartment building consists of “energy efficient” studios and one-bedroom apartments. According to Zillow, the studios start at $1,250, while the one-bed, one-bathroom apartments start at $1,450. The apartment building also has a rooftop deck and lounge.

According to King County Records, the buyer is WC Seattle V SPE LLC, associated with the Wilshire Capital Partners of greater Los Angeles.

 

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HenryVIII
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HenryVIII

Run for the exits!

BAM
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BAM

It was completed in 2016. In addition to land and demo costs the building permit was for 3.5 million. Sound like they made a pretty good profit. Nice to see the county get excise taxes, they need the money and it will be well spent.

Jeff Gordon
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Jeff Gordon

Shame the city didn’t buy this, it could have housed a lot of the homeless (at least one hundred by my rough estimate)

Lex Seneff
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Lex Seneff

Agreed

edward
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edward

Yes it could house homeless but it would be a very expensive. With this sale price the cost per unit was $227,000. The building has 48 units with a mix of studios and 1 bedrooms housing, your estimate of housing 100 people is way optimistic in my opinion. Also ongoing annual operating cost for the building would be quite expensive. This would seem to be a very expensive way to solve the problem for only a tiny fraction of the homeless. Not sure how we would pay for this, what taxes would need to be raised? What other services would need to be cut? The so called “Amazon” tax did not go over well and was repealed before it ever began.
In contrast the recently moved mini house site near the Locks on Market St. cost $125,000 per year to operate and housed 25 people.

hayduke
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hayduke

Give vagrants free housing valued at $227K per unit in one of the most sought after neighborhoods in the city? We cannot afford to give that kind of handout to the 12,000+ homeless here. Furthermore, the that the rest of us would have to pay for our housing, what makes you think they’re entitled to live in such a desirable spot on the taxpayers’ dime? Stick them in a FEMA tent in SODO.

Scott D.
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Scott D.

@ BAM: your last paragraph makes you part of the problem. Government NEVER does or goes without. That you see is for people like you to do. Until you figure THAT out, you will remain a tool. Your big intrusive government actually produces nothing, except dependence. It must take from your neighbors to giver to others. Perhaps you can start writing a nice tidy check every month to the city/county and state, and leave others alone. Why is it that compassion to a liberal means spending others hard earned money? Why?

Jeff Gordon
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Jeff Gordon

Ahhh- thanks everyone. I realized now I was off in my calculation by an order of magnitude.

Truth
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Truth

So let me see if I understand the wacky brain of good ol’ Scotty:

A liberal government spending taxpayers money=bad.

A conservative government spending taxpayers money=good.

You probably sleep cuddling with a plush Dino Rossi doll.

Lex Seneff
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Lex Seneff

Liberal governments spend money buying heroin for junkies. Conservative governments spend money building churches.

So you wonder why Trump won?

Jeff Gordon
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Jeff Gordon

It is quite the paradox (or maybe not really). I would love to see if there is a correlation between godliness (which Seattle is one of the lowest) and homeless living in the street (Seattle being one of the highest).

Ballardite
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Ballardite

“of great Los Angeles”

What makes Los Angeles so great? I will enjoy seeing both the Dodgers and Galaxy lose badly in Seattle this weekend.

Lampchop
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Lampchop

I love LA and I love Seattle and only adolescent male morons judge a place by sports teams.

Theodore
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Theodore

Seattle is a shithole

BallardMike
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BallardMike

Buh-BYE!

BallardMike
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BallardMike

Somebody made a tidy profit!!

Kristy Steven
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Kristy Steven

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