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exclusively offered by berkadia seattle
42-Unit Prime Value-Add Opportunity on Expansive Three Acres
10701 109th Street SW Lakewood, WA 98498
highlights
$7.6M
List Price
total units
42
market cap rate
7.25%
years built
1968/1974
AVG Unit Size
858 SF
investment highlights
Strong Unity Mix: Offers a strong mix of one-, two-, and three-bedroom units averaging 858 square feet, appealing to a wide range of potential renters.
Attractive Pricing Per Unit: Priced at a competitive $180,952 per unit and $210 per rentable square foot.
Oversized Lot and Parking: The property includes a lot spanning 3.18 acres across three parcels, which includes 34 designated parking spaces and 32 carport spots.
Value-Add Opportunity: Strong in-place cap rate of 6.59%, with potential for full renovations and rent increases to market rates; average post-renovation rent premiums are projected at $217 across all unit types.
Fully Occupied with 6.59% In-Place Cap Rate & Upside
contact us to learn more
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
chad blenz
Senior Director 206.491.2008 chad.blenz@berkadia.com
brandon lawler
Senior Director 206.484.8114 brandon.lawler@berkadia.com
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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
Privacy
terms of use
overview
deal room
contact
listings
avg unit size
576 SF
Market cap rate
6.78%
year built
1925
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.
Primary contact
Chad Blenz
email
Call
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
Primary contact
Brandon Lawler
email
Call
Prime Location: Prime location near Tacoma’s largest employers, retail, and recreation hot spots; offers quick access to I-5, connecting residents to downtown Tacoma and the Seattle metro area.
The most populated city in Pierce County, the average household income falls below the Seattle MSA average by nearly 25%; lower-rent properties tend to have higher occupancy rates than luxury properties with vacancy nearly non-existent in low-income complexes
