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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
Senior 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/ Renovated
1912/1976
AVG Unit Size
729 SF
Market Pro Forma Cap Rate
5.88%
total units
7
List Price
$1.65M
investment highlights
Value-Add Opportunity in North Ballard
Value-Add Offering: This partially renovated property presents an opportunity for new ownership to implement a value-add program within all 7 units and increase rents approximately $92 to meet the current market average.
Immediate Upside Potential Renovations are projected to yield an additional $172 per unit premium, supported by strong effective rent growth projections in the submarket.
Strategic Location This property offers a prime location for residents, conveniently situated near major transit options and leading regional employers such as Amazon, Apple, Google, Facebook, and the University of Washington.
Well-Maintained This owner-operated property has been well-maintained with minimal deferred maintenance; recent upgrades made in the past few years include plumbing, water heaters, and electrical panels.
Strong Submarket Fundamentals The area boasts a strong rental market, with 53% of housing units renter-occupied within a one-mile radius; average effective rents reached $2,238 through 4Q2024.
Primary contacts
Patrick Harmon
email
Call
exclusively offered by berkadia seattle
7-Units with Upside in Attractive Seattle Neighborhood
7329 15th Ave NW, Seattle, WA 98117
highlights
overview
overview
deal room
deal room
contact
contact
listings
listings
Mitchell Belcher
Managing Director 425.891.9594 mitchell.belcher@berkadia.com
Managing Director 425.891.9594 mitchell.belcher@berkadia.com
Loyal Heights 7
overview
deal room
contact
listings
Loyal Heights 7 is designed to attract young, working professionals who prioritize proximity to transit, amenities, and major employers.
The property boasts zero delinquency and has undergone plumbing and electrical upgrades as needed.
Located in the appreciating Ballard submarket, the property offers tenants affordable rental options with immediate access to modern conveniences and major employers.
The building features a mix of studio, one-, and two-bedroom units, averaging 728 square feet, appealing to a diverse tenant base.
The remodeled unit has demonstrated the property’s ability to achieve market-rate rents, highlighting its potential for increased revenue.
Further renovations can significantly enhance the property’s value by incorporating modern features, allowing for higher rental rates.
On-site laundry facilities provide supplementary income, and the basement studio offers the potential for conversion into storage spaces, creating an alternative revenue source.
property overview
Associate Director 206.799.5322 patrick.harmon@berkadia.com
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