The 16-unit Villa Luisa traded for $4.5 million in Seattle’s Ballard neighborhood

Tributary Investments, LLC is acquiring the Villa Luisa building in the heart of Ballard’s renowned, walkable, amenity-rich neighborhood.

SEATTLE, Washington – May 20, 2024 – Cushman & Wakefield announced that the firm has brokered the sale of Villa Luisa, a mixed-use vintage apartment and retail community located in the heart of Seattle’s Ballard neighborhood. Villa Luisa is a two-story freestanding building exceptionally located at the corner of NW 60th St and 15th Ave NW and comprises 16 apartment units and four ground floor commercial spaces.

Tim McKay, Dan Chhan, Matt Kemper, Jacob Odegard, Dylan Roeter and Byron Rosen of Cushman & Wakefield represented the seller in the transaction. The buyer was unrepresented.

“Vila Luisa is a charming mixed-use property in a phenomenal location in Ballard. While the sale of vintage assets in downtown Seattle has slowed considerably, savvy investors are looking for well-located, cash-flowing assets with high growth potential. Today you can acquire these value-added assets with less competition and higher cap rates than we’ve seen in over a decade. Villa Luisa is the fifth vintage apartment we have closed in the last 12 months,” said Managing Director Tim McKay.

Originally built in 1927, Villa Luisa offers a desirable mix of studio, one-bedroom and two-bedroom apartment units, along with four long-term tenants with storefronts along 15th Avenue Northwest, including Nolita Italian Bistro, The Wax Bar , a minimarket, and an art studio. The property also has several parking garages along the driveway.

The property’s superb location has a walk score of 96 and a bike score of 92, providing easy access to a wealth of dining, drinking, shopping and other amenities and services. The Ballard neighborhood is renowned as one of Seattle’s most walkable and amenity-rich neighborhoods, while the Rapid D line stops right outside the community.