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exclusively offered by berkadia seattle
True 7-Cap Turnkey Portfolio Opportunity in Auburn, WA
501 & 802 21st St SE Auburn, WA 98002
highlights
$4.3M
Price
total units
15
properties
2
years renovated
years built
1973 & 1977
investment highlights
Strong In-Place Cap Rate: Offered at $4.3 million, with a current NOI of $304,000, this portfolio presents a true 7-cap investment opportunity from day one.
True Turn-Key Real Estate: Every unit has been meticulously renovated and includes in-unit washer and dryers; all units feature private garages and gated backyards.
Consistent Unit Layout: The portfolio consists of 15 two-bedroom, one-bath units, each averaging 928 square feet; this uniform layout enhances operational efficiency and ensures stable rental income.
Income Growth Potential: There is potential to significantly increase the net operating income with minimal expense adjustments and an 11% rent increase to align with current market rates; the current ownership has traditionally focused on maintaining full occupancy.
Prime Turnkey Asset in Pivot Point Location
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
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overview
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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.
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
Offered as a Portfolio: This opportunity includes two properties—a block apart on the same street in Auburn—comprising an 8-unit building and a 7-unit building; they are available as a portfolio, with the option to purchase separately.
Prime Location: Auburn boasts a robust rental market and exceptional quality of life, with proximity to multiple educational institutions and ongoing developments that enhance transit, healthcare, and entertainment options.
buildings
6
2022 & 2025
properties
2
year built
1973 & 1977