59th St Apartments
Brick beauty in the heart of Ballard
About this Project
Conveniently located on the corner of 24th Ave. NW and NW 59th St., this 1958 brick three-story provided a quality value-add opportunity. An underutilized storage/laundry/utility area on the basement level allowed for an additional 1 bed/1 bath unit while the existing 6 units provided a great opportunity for reconfiguration and updates.
The project scope included moving electrical utilities to the building exterior and significant landscaping, interior, and exterior improvements. All of the existing hardwood floors were preserved and refinished. The modern finishes used by the construction team paired well with the look and feel of the building’s original construction detail.
Date of acquisition: September 2015
Acquisition Price: $1,500,000
Renovation Costs: $500,000 (EST)
Renovation Complete: January 2017
Current Value: $3,100,000
Investment Type: Long term Owner Investment
Incremental Value / Total Deal Costs: 35.4%
Incremental Value / Equity: 237.3%
Key Value-Add Highlights:
- 426 sq.ft. of utility/storage converted to rentable apartment space
- One net new 1 bedroom/1 bath apartment unit @ 550 sq.ft.
- Reconfigured living, kitchen, bedroom spaces in all pre-existing units with a net add of one bedroom in each unit
- Modern finishes, upgraded plumbing, and electrical systems, CAT6 throughout
- Asset Management
- Due Diligence/Planning
- Construction Management
- Property Management