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About Ballard Crossing

Ballard Crossing is a 25,000 square foot development site with a massing study to build 108 units over retail at the crossroads of 15th Avenue Northwest and Northwest 65th Street. The opportunity consists of two NC3P-55 (M) zoned parcels, a 10,000 square foot parcel and 15,000 square foot parcel, which can be sold together or separately. Both parcels are corner lots with excellent daylight exposure from all directions. The topography slopes gradually downhill to the south, providing an opportunity for excellent views from the upper floors. Located inside the Ballard Urban Village, parking is not required.

 

Architectural studies provide early design work for 108 market rate units on the combined site, or either 43 market rate apartments or 76 SEDU’s on the 10,000 SF parcel (6400 15th Ave NW), and either 65 market rate apartments or 115 SEDU’s on the 15,000 SF parcel (6416 15th Ave NW).

DEVELOPMENT SUMMARY

6400 15TH AVE NW

Address

Site Area

Parcel

Urban Village

Zoning

Market Rate Units

SEDU Units

Parking

NRSF

Commercial NRSF

Avg. Market Rate Unit SF

Avg. SEDU Unit SF

6400 15th Ave NW | Seattle, WA 98107

10,000 SF (0.23 AC)

276760-0710

Ballard Hub

NC3P-55 (M)

43

76

29

25,149

2,095

719

350

6416 15TH AVE NW

Address

Site Area

Parcel

Urban Village

Zoning

Market Rate Units

SEDU Units

Parking

NRSF

Commercial NRSF

Avg. Market Rate Unit SF

Avg. SEDU Unit SF

6416 15th Ave NW | Seattle, WA 98107

15,000 SF (0.34 AC)

276760-0610

Ballard Hub

NC3P-55 (M)

65

115

30

37,843

4,083

631

350

Market occupancy for stabilized units continues to exceed 95% with steady rent growth over the past seven years. Average rent per square foot in new, market rate communities has surpassed $3.25/SF and SEDU rents are in excess of $4.50/SF on average. Exit pricing for comparable sales of new product in Ballard has averaged $350,000/unit and $750/SF. 

Regardless of product type, tenants will be drawn to this location because of walkability and access to public transportation. The Walk Score for this project is 90, a Walker’s Paradise, where most errands can be accomplished on foot. The Bike Score is also a 90, with excellent bike lanes and trails in the area. Three bus lines, including the Rapid Ride D Line, pick up riders from within one block and provide swift transportation to Downtown Seattle and South Lake Union. Tenants continue to lease units in Ballard because of the amazing amenities and nightlife, access to parks and beaches, and access to major job centers.

  • Large, rectangular development site with two corners at signalized intersection

  • Excellent location, 90 Walk Score, a Walker’s Paradise

  • Three bus lines within two blocks, including the Rapid Ride D Line

  • Neighborhood rents exceed $3.25/SF for apartments and $4.50/SF for SEDUs

  • Market occupancy exceeds 95%

  • Ballard Urban Village does not require parking

  • Topography provides for excellent views to South and West

 

About the Location

Ballard is an historic little town in Seattle’s big city. Settled in 1853, Ballard has been refining its exciting neighborhood for over 150 years. Old Ballard was home to a blue-collar, maritime-centric enclave bustling with fishers, mill workers, and boat builders, many of Scandinavian descent.

The neighborhood thrived as the commercial district along Ballard Avenue grew, and by 1900 it was the 2nd largest city in King County, with 17,000 residents. However, in 1907 the city of Ballard was annexed by Seattle because it was having trouble supplying its people with water and other services.

 

While the historic neighborhood maintains its working waterfront, a lineup of trendy bars, shops, and restaurants, plus a pedestrian friendly layout, have helped Ballard transform into one of the city’s hot spots. An eclectic retail scene flourishes along Ballard Avenue and Market Street, reflecting the city’s diverse personalities. Every Sunday during the year, the Ballard Farmer’s Market is open for business. Closing Ballard Avenue to make room for local growers and vendors, plus a variety of artists selling their wares, from jewelry to furniture. This is one of the few year-round markets in the city, and since the selection is always changing, it’s easy to make it a weekly stop.

  • Ballard has one of the highest densities of Millennial concentrations because of its proximity to core employers and curated retail.
     

  • Based on the median household income of $93,129, the typical resident can afford up to $2,587 in monthly rent. Software engineers earn on average $123,297, yielding up to $3,425 in monthly rent.
     

  • The high demand for renting comes from the difficulty to own. The average home value in the area is $728,815. This results in a mortgage payment of $3,472 (with a 20% down payment).

 
 

Contact Us

TIM McKAY
Senior Vice President
+1 206 223 5586
tim.mckay@colliers.com

DAN CHHAN
Senior Vice President
+1 206 223 1265
dan.chhan@colliers.com

SAM WAYNE

Vice President
+1 206 515 4498
sam.wayne@colliers.com