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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
Associate Director
253.670.2143
michael.manolides@berkadia.com
INVESTMENT ADVISORS
Robert Doxsee
Managing Director
425.777.0235
robert.doxsee@berkadia.com
MORTGAGE BANKING
Questions? Get in Touch!
Chad Blenz
Senior Director
206.491.2008
chad.blenz@berkadia.com
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perfect repositioning
opportunity near Boeing
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Repositioning Opportunity Near Boeing and Everett
Light Rail Expansion
Address
City, State, Zip
Units
Year Built
Total Size
Parcel No.
Total Lot Size
Zoning
County
618 75th St SE
Everett, WA 98203
19
1969
18,125 NRSF
00393700201500
0.68 acres
R3
Snohomish
spacious units with
tremendous upside
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 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/.
Seattle office
601 Union St, Suite 3909
Seattle, WA 98101
bellevue office
411 108th Avenue NE, Suite 1080
Bellevue, WA 98004
contact
Phone: 206.521.7220
Fax: 206.521.7222
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/ Ideal repositioning opportunity; well-maintained asset featuring 19 spacious one, two, and three-bedroom units; ample parking and private garages
/ Property features 7 units in classic condition and in-place rents 15% below market rate across the board; further premiums up to $250 post renovation achievable
/ 3 miles and under from the Boeing Everett Production Facility with 30,000+ employees, Seagen Inc.’s under-construction 270,000-SF facility, and Amazon and Funko distribution centers, among others
/ Half-mile from planned Evergreen Light Rail Station for Sound Transit’s Everett Link Extension with service beginning in 2037
/ Beverly Heights is comprised of 2 one-bed, 14 two-bed, and 3 three-bed units averaging 954 square-feet
/ Property amenities include common laundry, off-street and garage parking, and well-maintained grounds; units offer private patios and/or balconies
/ New ownership provided guaranteed income stream with ability to raise rents to market rate and increase rents by 15%
/ 63% of units have been lightly upgraded to include new appliances, wood-style flooring, and modern lighting; further renovations include in-unit washers/dryers and stainless steel appliance packages
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/ 48% of housing units in Everett are renter occupied; Everett to see positive leasing trends continue into next year given multiple significant developments underway; city’s concentration of blue-collar workers makes it ideal for multifamily housing
Repositioning Opportunity Near Boeing & Everett Light Rail Expansion
Brandon Lawler
Senior Director
206.484.8114
brandon.lawler@berkadia.com
/ 48% of housing units in Everett are renter occupied; Everett to see positive leasing trends continue into next year given multiple significant developments underway; city’s concentration of blue-collar workers makes it ideal for multifamily housing
/ Capitalize on area demand and complete renovation scope prior to anticipated deliveries coinciding with light rail expansion
/ In-place rents for the upgraded units average $222 below market rate
Artur Otto
Associate Director
artur.otto@berkadia.com
/ Capitalize on area demand and complete renovation scope prior to anticipated deliveries coinciding with light rail expansion
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
Mitchell Belcher
Managing Director
425.891.9594
mitchell.belcher@berkadia.com
INVESTMENT ADVISORS
MORTGAGE BANKING
Our team
Back to Top
View Listings
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
/ In-place rents for the upgraded units average $222 below market rate
/ 7 classic units average $169 below market, with a further average premium of $279 achievable upon renovation
/ 7 classic units average $169 below market, with a further average premium of $279 achievable upon renovation