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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
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Mitchell Belcher
Managing Director
425.891.9594
mitchell.belcher@berkadia.com
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40-Unit Trophy Asset with Upside in A+ Location
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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
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Phone: 206.521.7220
Fax: 206.521.7222
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Built at the turn of the century, St. Florence sits in the heart of Capitol Hill—one of Seattle’s most sought-after neighborhoods for residents and businesses. This property offers direct access to Downtown Seattle, the city’s tech hub in South Lake Union, and multiple public transportation options. With direct access to I-5 and I-90, St. Florence connects residents to over 1,000 workplaces including industry giants like Amazon, Google, and Meta. Capitol Hill presents a prime real estate investment opportunity, with strong demographic trends, a thriving rental market, and a strategic positioning that cannot be replicated.
St. Florence is on the market and seeking new ownership for the first time in 30 years. The professionally managed property features 40 units, offering an ideal mix of studios and one-bedroom apartments, along with an exclusive live/work two-bedroom addition completed in 2018. The property has preserved its historic charm and original design, with large bay windows, hardwood floors, ten-foot ceilings, and an ornate marbled entryway. Select units have received premium upgrades, including quartz countertops, contemporary light fixtures, undermount sinks, and shaker style cabinetry. The current ownership has invested in recent capital expenditures including extensive repainting, carpet replacements during unit turnovers, telecommunication enhancements, and modern appliance upgrades.
New ownership will inherit a property with a highly affluent tenant profile, positioning St. Florence for immediate revenue growth through modest rent adjustments to market standards ($50/unit), with substantial upside potential through expanded renovation initiatives.
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40-Unit Trophy Asset with Upside in A+ Location
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
Patrick harmon
Associate Director
206.799.5322
patrick.harmon@berkadia.com
INVESTMENT ADVISORS
MORTGAGE BANKING
Our team
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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 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
Impeccable Location: Capitol Hill provides fast access to the Central Business District, Downtown Seattle, and South Lake Union. With proximity to I-5 and I-90, the property offers a gateway to major employer centers on the Eastside. St. Florence boasts a Walk Score of 98 and a Transit Score of 94.
Supplemental Rental Income: The rooftop cell tower, under a long-term lease with AT&T telecommunications, generates over $40,000 in additional annual income; upgrades to C-Band spectrum antenna were completed in 2023.
World-Class Healthcare Provides Recession-Proof Employment: Seven hospitals within five miles of the property offer recession-proof employment, supporting over 50,000 jobs in the region.
Superior Income Demographics: Within a one-mile radius, 76% of residents hold a bachelor’s degree or higher, compared to 45% in the Seattle metro area; average household income is projected to exceed $208,000 annually by 2029.
Value-Add Opportunity: Minimal operational changes can achieve rent premiums of $50 per unit by aligning rents with market rates; further renovation projects can yield 14% rent premiums across all unit types.
Exceptional Connectivity: A short bus or bike ride connects you to Seattle’s largest tech employers, including Amazon, Apple, Fred Hutchinson Cancer Center, Swedish Medical Center, and the Bill and Melinda Gates Foundation, among over 9,300 workplaces.
Life of Convenience: Within a 15-minute walk to Seattle’s expanding Light Rail, QFC, Whole Foods, Seattle Library, Pike-Pine corridor, and Trader Joe’s.
Limited New Supply Bolsters Occupancy: Following a year of unprecedented new deliveries, construction starts are expected to slow by 40% from the 2024 peak, on average, over the next four years.
Amenities With Character: In-unit amenities include rare, vaulted ceilings, original hardwood floors, quartz countertops, and large bay windows.
PEAK 88
Unit Mix
Address City, State, Zip Units
Avg. Unit Size Price
Year Built
Building Size
Market Cap Rate Renovated Cap Rate
Parcel
Lot Size Zoning
County
504 E Denny Way
Seattle, WA 98122 40
674 SF $7,995,000
1914
26,950 NRSF
6.22%
6.54%
684820-0650
8,821 SF / 0.20 acres
MR (M)
King
Mitchell Belcher
Managing Director
425.891.9594
mitchell.belcher@berkadia.com
patrick harmon
Associate Director
206.799.5322
patrick.harmon@berkadia.com