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Mitchell Belcher
Managing Director
425.891.9594
mitchell.belcher@berkadia.com
Steven Chattin
Managing Director
425.269.3826
steven.chattin@berkadia.com
Jay Timpani
Managing Director
206.999.3206
jay.timpani@berkadia.com
Beau Krueger
Associate Director
beau.krueger@berkadia.com
Michael Manolides
Senior Director
253.670.2143
michael.manolides@berkadia.com
INVESTMENT ADVISORS
Robert Doxsee
Managing Director
425.777.0235
robert.doxsee@berkadia.com
MORTGAGE BANKING
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Mitchell Belcher
Managing Director
425.891.9594
mitchell.belcher@berkadia.com
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Prime Trophy Asset in Exceptional Location with Rental Upside
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Fully restored property offering strong returns and value-add opportunity
Chad Blenz
Senior Director
206.491.2008
chad.blenz@berkadia.com
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage company business in Nevada.
© 2025 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. For state licensing details for the above entities, visit www.berkadia.com/licensing.
Seattle office
601 Union St, Suite 3909
Seattle, WA 98101
bellevue office
411 108th Avenue NE, Suite 1080
Bellevue, WA 98004
contact
Phone: 206.521.7220
Fax: 206.521.7222
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Exeter offers 17,524 square feet of commercial/retail space for lease or repurposing, creating a unique opportunity for new ownership. Additionally, a cell tower lease established through 2029 generates $30,000 in annual operating income.
The property features 62 parking spaces across four levels of secured underground parking, generating over $160,000 in annual topline income.
The property is comprised of 115 spacious units averaging over 700 square feet, including oversized studios, 1-bedroom units (with one or two bathrooms), and 2-bedroom units, all exceeding the submarket’s average size.
Exeter offers proven rental upside, with several units already achieving or exceeding market rents. Raising rents by 1.5% on remaining units and aligning expenses with market norms could further increase Net Operating Income.
Originally designed as a luxury hotel, the building has been recently converted into multifamily apartments. Amenities include a private city-owned dog park, generator, outdoor patio with BBQ, laundry facilities, and an ornate resident lounge with a fireplace.
In 2024, a new electrical feeder panel for rooftop telecommunications was installed. The fully sprinklered, wood-framed building includes updated fire protection systems and sits atop a concrete podium.
Nestled atop Seattle’s iconic First Hill neighborhood near the Central Business District and Downtown Seattle, Exeter offers convenient access to I-5, major healthcare institutions, and the Waterfront Redevelopment. The property boasts a perfect Transit Score of 100.
With an average effective rent of $2,684 as of 4Q2024—the second highest in the Seattle metro—61% of housing units are renter-occupied. Population growth of 10.3% is projected through 2029, compared to 3.9% in the greater Seattle metro.
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Prime Trophy Asset in Exceptional Location with Rental Upside
Brandon Lawler
Senior Director
206.484.8114
brandon.lawler@berkadia.com
Artur Otto
Associate Director
artur.otto@berkadia.com
Michael Manolides
Associate Director
253.670.2143
michael.manolides@berkadia.com
Robert Doxsee
Managing Director
425.777.0235
robert.doxsee@berkadia.com
artur Otto
Associate Director
artur.otto@berkadia.com
Beau krueger
Associate Director
beau.krueger@berkadia.com
Chad Blenz
Senior Director
206.491.3826
chad.blenz@berkadia.com
brandon lawler
Senior Director
206.484.8114
brandon.lawler@berkadia.com
Jay Timpani
Managing Director
206.999.3206
jay.timpani@berkadia.com
Steven Chattin
Managing Director
425.269.3826
steven.chattin@berkadia.com
Mitchell Belcher
Managing Director
425.891.9594
mitchell.belcher@berkadia.com
INVESTMENT ADVISORS
MORTGAGE BANKING
Our team
Back to Top
View Listings
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
© 2023 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by the Tax Credit Syndication group. For state licensing details for the above entities, visit: https://www.berkadia.com/licensing/.
contact
Phone: 206.521.7220
Fax: 206.521.7222
Seattle office
601 Union St, Suite 3909
Seattle, WA 98101
bellevue office
411 108th Avenue NE, Suite 1080
Bellevue, WA 98004
Patrick harmon
Associate Director
patrick.harmon@berkadia.com
Patrick harmon
Associate Director
patrick.harmon@berkadia.com
Originally built in 1927 as a Class A luxury hotel, Exeter was thoughtfully restored and converted to a mixed-use multifamily apartment in 2016, preserving the Historic Tudor Gothic facade.
Generating over $1 million annually in proforma non-rental revenue from laundry facilities, telecommunications leasing, parking garage, storage, and a mix of office and retail spaces.
Centrally located with immediate access to I-5, public transit, and Seattle’s Downtown Core, home to over 245,000 full-time employees and 70+ million square feet of office and retail space.
Select units include air conditioning, west-facing balconies, and city skyline views.
Over $100,000 invested in elevator, plumbing, HVAC, and appliance upgrades, with additional capital allocated for window replacements and commercial redevelopment.
Further in-unit renovations could achieve an average rent premium of $127 across all unit types.
First Hill ranked No. 3 among the “Best Places for Young Professionals in Washington” (Niche, 2024).
PEAK 88
Ben Johnson
Managing Director
425.999.6970
ben.johnson@berkadia.com
residential Unit Mix
Address City, State, Zip Year Built
Year Remodeled Residential Units
Commercial/Retail Units
Stories Residential NRSF Commercial/Retail NRSF
Total NRSF
Parking Lot Size Parcel Number Zoning
720 Seneca St
Seattle, WA 98101 1927
2016 115
12
10
80,769 SF
17,524 SF
98,293 SF
62 secured spaces
14,375 SF / 0.33 acres
1976770-0260
HR (M)
commercial Unit Mix
brandon grisham
Senior Managing Director
253.653.3313
brandon.grisham@berkadia.com
Ben Johnson
Managing Director
425.999.6970
ben.johnson@berkadia.com