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Exceptionally maintained value-add opportunity
Stabilized Asset with Long-Term Value
The property recently received significant upgrades, including new TPO roofing in 2023 to reduce capital expenditure risk and new siding as needed to improve curb appeal and structural integrity. Nearly every unit has been modernized with updated kitchens, flooring, and appliances to attract tenants.
Prime Location with Exceptional Connectivity
Located near I-5 and I-405, the property offers easy access to job centers in Seattle, Bellevue, and Everett, with additional connectivity via State Routes 99 and 524. The Lynnwood Link Extension provides Light Rail access to Seattle and SeaTac, over 60+ bus stops, and intercity connections via Amtrak and Sounder rail.
Thriving Local Economy
Anchored by healthcare, education, retail, and tourism, the area is home to major employers such as Swedish Edmonds Hospital, Edmonds School District, and Boeing’s Everett Production Facility just under 30 minutes away.
Strong Multifamily Market Fundamentals
The submarket serves a diverse renter base with a mix of affordable and high-end communities. Annual rent growth, though slowed to 2.2%, still outpaces the Seattle metro average of 1.4%, with light rail expansion expected to boost demand further.
Michael Manolides
Senior Director
253.670.2143
michael.manolides@berkadia.com
Robert Doxsee
Managing Director
425.777.0235
robert.doxsee@berkadia.com
David Sorensen
Managing Director
206.801.3102
david.sorensen@berkadia.com
Ben Johnson
Managing Director
206.801.3144
ben.johnson@berkadia.com
Chad Blenz
Senior Director
206.491.2008
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
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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.
© 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.
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
21428 International Blvd
Kent, WA 98032
Year Built:
1968
Units:
37
Number of Buildings:
1
Stories:
3
Average Unit Size:
921
NRSF:
33,650
Lot Size:
1.36 acres
Parcel Number:
27041900100700
Executive Summary:
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Olympic West is an impeccably maintained 38-unit property offering an excellent location, recent upgrades, and significant potential in a thriving submarket. Built in 1968, this owner-operated property has preserved its original units while incorporating modern upgrades to appliances, flooring, and fixtures. The exterior has also undergone substantial improvements, ensuring the building remains in excellent condition with minimal deferred maintenance. For investors, further renovations could unlock higher rent premiums. Located in Edmonds, WA, Olympic West provides seamless access to the region’s major job centers, including downtown Seattle, Bellevue, and Everett, via I-5 and I-405. The new Lynnwood Link Extension further enhances connectivity to Seattle and SeaTac through expanded light rail and bus transit options. Closer to home, Edmonds boasts a robust local economy fueled by healthcare, education, retail, and tourism. As the population continues to grow, the Edmonds submarket offers a diverse tenant base, blending affordable and upscale communities. Annual rent growth in the area is currently outpacing the Seattle metro. With the Lynnwood Link Extension set to drive further accessibility, Edmonds is expected to attract even more residents, thanks to its thriving job market, strong school district, and vibrant mix of social, cultural, and outdoor activities.
Steven Chattin
Managing Director
425.269.3826
steven.chattin@berkadia.com
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7714 196th St sw, edmonds, wa 98026
Zoning:
RM15
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