Vive 1516 NW 51st St 91 Unit Apartment Building For Sale Seattle, WA 98107

Vive Apartments is a 91-unit upscale midrise apartment community that represents a rare opportunity to acquire a stabilized, cash-flowing asset in the heart of Downtown Ballard, one of Seattle’s most dynamic and supply-constrained submarkets. The mix of 30 studios and 61 one-bedroom units, ranging from 559 to 662 square feet, caters perfectly to a sophisticated renter demographic seeking a modern, urban lifestyle at a discount to major employment areas like Downtown Seattle and South Lake Union.
This property delivers robust performance through multiple revenue streams, with the secured 35-space parking garage generating over $70,000 in additional annual income through open and reserved monthly rentals. Additionally, the property achieves some of the highest effective rents per square foot across both studio and one-bedroom segments while maintaining historically high occupancy and consistent effective rent growth.
This premium pricing stems from two key factors: first, availability of parking in an otherwise constrained area, and second, a best-in-class amenity package featuring a rooftop lounge, game room, community lounge, firepits, and pool table that creates a one-of-a-kind resident experience unmatched by competing properties in the area. These amenities, coupled with high-end interior finishes, energy-efficient stainless-steel appliances, designer accent walls, and tile backsplashes, justify premium rents while minimizing turnover and maximizing tenant retention.
Downtown Ballard continues to be one of Seattle’s most desirable live-work-play neighborhoods, with 40% of submarket inventory built between 2010 and 2020, among the highest proportions of recent construction metro-wide. Vive Apartments benefits from immediate proximity to major parks, including Woodland Park and Zoo, Green Lake, and Golden Gardens, plus cultural anchors like the Ballard Farmers Market, National Nordic Museum, and Shilshole Marina.
Vive Apartments is a quality asset with pricing power, differentiated amenities, and value-add parking revenue in one of the Pacific Northwest’s strongest and most resilient multifamily markets. Future investment upside can be realized through light cosmetic upgrades and minimal operational efficiencies.
Investment highlights:
Strategic Ballard Location: Located just three blocks from Market Street's retail core and 15th Avenue, the property provides direct access to Downtown Seattle's employment hub with 336,900 jobs, including Amazon, Nordstrom, Zillow, and Deloitte corporate headquarters; this prime location attracts urban professionals seeking modern living with short commutes and immediate access to Ballard's premier dining, entertainment, and retail amenities.
Unmatched Amenity Package: Vive Apartments delivers more community amenities than any comparable submarket asset, featuring an expansive rooftop deck with lounge areas, wet bar, BBQ grills, TVs, and an unobstructed water view; a recreational room with an island coffee bar, full kitchen, billiards, and shuffleboard further justifies premium rents and drives superior tenant retention.
Competitive Advantage with Additional Income Streams: As one of the only midrise buildings completed since 2015 with covered parking in Ballard, the property's 35 secured garage spaces with EV charging maintains near 100% occupancy at $210-$250 monthly premiums, generating over $70,000 in additional annual revenue with substantial upside as urban parking becomes increasingly scarce.
Strong Rental Growth & High Occupancy: Ballard asking rents have surged 17.85% since 2021, while the property maintains 98.9% occupancy, significantly outperforming the 95.61% submarket average demonstrating superior asset quality and effective property management that minimizes vacancy loss and maximizes revenue.
Optimized Unit Mix: The property features a strategically balanced unit mix of 30 studios (33%) and 61 one-bedroom units (67%) ranging from 559 to 662 square feet, and one unique live/work unit generates over $22,000 annually, providing additional income.
Potential for Long-Term Appreciation: Vive Apartments is located within a few blocks of Sound Transit's proposed Ballard Station, which will connect Ballard with downtown Seattle; slated for service in 2039.
Premium Tenant Profile: With 76% of residents holding bachelor's degrees or higher, and over 1,900 local establishments employing 20,700+ workers nearby, the asset attracts high-quality tenants, average household income within three miles is projected to grow 52.6% to $321,404 by 2030, supporting continued rent growth and minimizing credit risk.
Market-Leading Performance: Vive Apartments achieves 8.7% annual rent growth with zero concessions while delivering some of the highest effective rents per square foot in the market; this combination signals a highly stabilized, quality asset with demonstrated pricing power and recession-resistant appeal.