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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.
© 2024 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.
offices in bellevue & seattle
bellevue
411 108th Avenue NE
Suite 1080
Bellevue, WA 98004
206.521.7220
seattle
601 Union Street
Suite 3909
Seattle, WA 98101
206.521.7220
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brandon lawler
Senior Director 206.484.8114 brandon.lawler@berkadia.com
Senior Director 206.484.8114 brandon.lawler@berkadia.com
chad blenz
Senior Director 206.491.2008 chad.blenz@berkadia.com
Senior Director 206.491.2008 chad.blenz@berkadia.com
jay timpani
Managing Director 206.999.3206 jay.timpani@berkadia.com
Managing Director 206.999.3206 jay.timpani@berkadia.com
Steven chattin
Managing Director 425.269.3826 steven.chattin@berkadia.com
Managing Director 425.269.3826 steven.chattin@berkadia.com
Patrick Harmon
Associate Director 206.799.5322 patrick.harmon@berkadia.com
Managing Director 425.891.9594 mitchell.belcher@berkadia.com
Investment Advisors
Michael Manolides
Associate Director 253.670.2143 michael.manolides@berkadia.com
Associate Director 253.670.2143 michael.manolides@berkadia.com
Robert Doxsee
Managing Director 425.777.0235 robert.doxsee@berkadia.com
Managing Director 425.777.0235 robert.doxsee@berkadia.com
Mortgage Banking
contact us to learn more
brandon lawler
Senior Director 206.484.8114 brandon.lawler@berkadia.com
Senior Director 206.484.8114 brandon.lawler@berkadia.com
chad blenz
Senior Director 206.491.2008 chad.blenz@berkadia.com
Senior Director 206.491.2008 chad.blenz@berkadia.com
jay timpani
Managing Director 206.999.3206 jay.timpani@berkadia.com
Managing Director 206.999.3206 jay.timpani@berkadia.com
Steven chattin
Managing Director 425.269.3826 steven.chattin@berkadia.com
Managing Director 425.269.3826 steven.chattin@berkadia.com
Mitchell Belcher
Managing Director 425.891.9594 mitchell.belcher@berkadia.com
Managing Director 425.891.9594 mitchell.belcher@berkadia.com
year built
1927
AVG Unit Size
642 SF
Market Pro Forma Cap Rate
5.90%
total units
7
List Price
$1.95M
investment highlights
Well-Maintained with Upside in A+ Location
Pivot-Point Location: Proximity to transit, amenities, and major employers like Amazon, Apple, Google, Facebook, and the University of Washington.
Well-maintained, owner-operated property with minimal deferred maintenance. In recent years, ownership has upgraded plumbing, water heaters, electrical panels and partially replaced roofing
Value-Add Offering with Upside: partially renovated over recent years and comprised of seven units across two buildings, the property is an ideal fit for new ownership to implement a value-add program while continuing to raise rents to market rate
Immediate Upside Potential: In-place rents currently achieving $117 below market on average; renovations project an additional $100 per unit premiums in submarket with strong effective rent growth projections
Secured Parking: further upside potential for additional parking; four dedicated secured garages project to increase current rental income by $5,100 annually
Conveniently located with easy access to Interstate 5, Highway 99, and Downtown Seattle; multiple bus routes to employment sectors within walking distance
Primary contacts
Patrick Harmon
email
Call
exclusively offered by berkadia seattle
7-Unit Value-Add Opportunity with Upside in Pivot-Point Seattle Eastlake Location
2711 Franklin Ave E Seattle | WA 98102
highlights
overview
overview
deal room
deal room
contact
contact
listings
listings
Consistent Rental Demand: Average effective rent in the Lake Union submarket was $2,664 per month in 4Q24, and year-end occupancy at 95.4%, representing a 1.9% YoY increase
Mitchell Belcher
Managing Director 425.891.9594 mitchell.belcher@berkadia.com
Managing Director 425.891.9594 mitchell.belcher@berkadia.com
Frankln Eastlake
overview
deal room
contact
listings
Franklin Eastlake will attract young, working professionals who value proximity to transit, amenities, and employers
Appreciating home values in Eastlake submarket provide tenants with more affordable rental options and immediate access to modern conveniences, South Lake Union, and major employers
Centrally located, the property supports consistent future rental demand with effective rent growth of 5.1% projected by the end of 2025
The building consists of large footprint one-bedroom units across two buildings, with average unit sizes of 642 square-feet; well-maintained original hardwood floors throughout each unit, and updated cabinetry, granite-style countertops and appliances in top-floor units
Suggested future renovated include granite-style countertops throughout, further replace of stainless-steel appliances, undermount kitchen sinks, and modern fixtures and finishes throughout
ADU-style unit approximating 504 square-feet and private access and balcony offers further upside potential with further renovation scope
property overview
Chad Blenz
email
Call
Associate Director 206.799.5322 patrick.harmon@berkadia.com