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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
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 turnkey asset with strong additional income
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33 Newly-Built Units with Immediate Light Rail Access in Transit-Centric Corridor
Address
City, State, Zip
Year Built
Price
In-Place Cap Rate
Market Cap Rate
Units
Stories
NRSF
Total Lot Size
Parcel No.
Zoning
1503 NW 59th St
Seattle, WA 98107
2021
$9,250,000
5.61%
5.94%
52+1 Commercial
4
11,368
5,000 SF / 0.11 acres
276760-4525
NC3-55 (M)
perfect multifamily investment
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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Turnkey Asset with Upside: Thoughtfully designed and built in 2021, Karsti is currently achieving rents an average of $110 below market rate, offering significant rental upside and an opportunity to reduce costs.
Prime Location: Karsti is located in one of Seattle’s most sought-after neighborhoods, just three blocks from the Market Street retail core and 15th Avenue, providing direct access to Seattle’s downtown job centers.
No Deferred Maintenance: Priced below replacement cost at just under $175,000 per unit.
Steady, Additional Income: The street-level commercial space provides stable annual income of $16,000+ through January 2027, with additional income generated through laundry facilities and secure storage lockers.
Walkable and Transit-Oriented: Boasting a near-perfect Walk and Bike Scores of 96 and 94, respectively, the property offers direct access to Fremont, a major tech hub with Google, Adobe, and Tableau campuses.
Full Amenity Package: Includes a theater room, fitness center, secure bicycle storage, indoor pet washing station, and fully stocked community kitchens on each floor.
Annual Tax Benefits: Participation in the 12-year MFTE program, with 25% affordable units, provides property tax savings of $70,000+ annually through 2033.
Long-Term Value: Located within a couple blocks of Sound Transit’s proposed Ballard Station, which will connect Ballard with downtown Seattle; slated for service in 2039.
Strong Submarket Fundamentals: A robust renter pool within one-mile radius, with 53% of housing units are renter-occupied; average effective rents of $2,238 through 4Q2024.
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/ Rowlock boasts Energy-Efficient, Built Green 4-Star Certification
/ Diverse unit mix including studios, one-, and two-bedroom units with lofted, open floorplans and 10-foot ceilings
/ Rowlock’s incredible location in Seattle’s bustling Fremont neighborhood is easily accessible to employers, restaurants, nightlife, and retail stores
/ With high-quality construction and great attention to detail, Rowlock attracts young, working professionals wanting new construction with desirable amenities near employment sectors, while still offering ownership high market rents per square foot; 32% of renters are in the key renter age group of 18 to 35
/ 75% of lease renewals are achieving 3% rent increases across all unit types
/ Property’s central location supports consistent future rental demand, with 85% of residents employed in white-collar positions compared to 71% in the Seattle Metro
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/ Thoughtfully designed with an oversized lobby, separate meeting spaces, immediate access to the Burke-Gilman Trail, and an indoor/outdoor rooftop terrace and kitchen
52-Unit Prime Turnkey Asset with Upside in Attractive Seattle Neighborhood
Brandon Lawler
Senior Director
206.484.8114
brandon.lawler@berkadia.com
/ Amenities include air conditioning on top two floors, a shared commercial washer/dryer room, bicycle storage and repair station, pet washroom, and a heated rooftop resident lounge
/ The building consists of six floors, ground-level outdoor amenity space, shared laundry facilities, bicycle storage, and a lobby
Michael Manolides
Senior Director
253.670.2143
michael.manolides@berkadia.com
Robert Doxsee
Managing Director
425.777.0235
robert.doxsee@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
/ Robust renter pool within one-mile radius, with 57% of housing units renter occupied
/ Location has a Walker’s Paradise score of 96 and a Very Bikeable score of 88, in addition to offering direct access to a major tech hub with Google, Adobe, and Tableau within half a mile of the property
/ In-unit amenities include floor-to-ceiling windows, stainless steel appliances, quartz countertops in kitchens and baths, high ceilings, undermount sinks, plank flooring, and private decks in select units
Karsti’s prime location in Seattle’s bustling Ballard neighborhood offers easy access to employers, restaurants, nightlife, and retail stores.
With high-quality construction and meticulous attention to detail, Karsti attracts young, working professionals looking for new construction with great amenities near employment sectors, while still providing ownership with high market rates per square foot; 50% of renters are in the key age group of 18 to 35 compared against 38% in the Seattle Metro.
Currently owned by the original developer and designed by Neiman Taber Architects, Karsti is a thoughtfully designed community featuring an elegant resident lounge, custom-built artistic finishes, luxury chef’s community kitchens on every floor, a media room, and dramatic lofts with western-facing mountain views in the top floor units.
Community amenities include fully stocked community kitchens on every floor with Breville espresso makers and other high-end supplies, a fitness center, an indoor dog washing station, bicycle storage, laundry facilities on each floor, and an outdoor patio with BBQ.
In-unit amenities include floor-to-ceiling windows with abundant natural light, stainless steel appliances, quartz countertops, undermount sinks, hardwood flooring, and designer finishes.
Property’s central location supports consistent future rental demand, with 86% of residents employed in white-collar positions compared to 71% in the Seattle Metro.
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unit mix
