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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.
© 2024 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.
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
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
Investment Advisors
Michael Manolides
Senior Director 253.670.2143 michael.manolides@berkadia.com
Associate Director 253.670.2143 michael.manolides@berkadia.com
Robert Doxsee
Managing Director 425.777.0235 robert.doxsee@berkadia.com
Managing Director 425.777.0235 robert.doxsee@berkadia.com
Mortgage Banking
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
year built
1988
NRSF
9,052
T-12 Cap Rate
5.41%
total units
12
List Price
$2.95M
investment highlights
Turnkey, well-maintained, with upside
exclusively offered by berkadia seattle
Renovated & Well-Maintained 12-Unit Apartment in North Seattle
Dynasty Manor 1214 N 137th Street | Seattle, WA 98133
highlights
overview
overview
deal room
deal room
contact
contact
listings
listings
OVERVIEW
DEAL ROOM
LOCATION
LISTINGS
Terms of Use
Privacy
CONTACT
Primary contact
Chad Blenz
email
Call
Market Cap Rate
5.75%
upgraded unit
partially upgraded
partially upgraded
Well-maintained asset with upside
Value-Add Opportunity 1988 construction with 75% of units renovated in recent years; all units currently averaging $155 below market rate; deeper cosmetic renovation would allow new owner to achieve additional monthly rental premiums
Ideal Unit Mix
Includes a large common area (710 sq. ft.) on street level, an oversized lobby, shared laundry, bike storage, and more
Pivot Point Location Situated in between Highway 99 and Interstate 5, offering convenient access to the region’s major employment centers
Proximity to Major Employers
Straight drive up or down Interstate 5 to University of Washington, Amazon, Boeing, Google, Apple, Expedia, and Meta, among many others
Transit Access
Nearest bus stop within 5-minute walk offering frequent service access to downtown Seattle via RapidRide E Line
Strong Submarket Fundamentals
$1,943 per month average effective rent in the North Seattle/Shoreline submarket as of 4Q24, representing a 3.9% increase year-over-year
Significant Cap Ex Invested
Current ownership has invested over $200k in the past year, installing new exterior siding and decks ($155k), as well as interior unit renovations ($50k). Higher scope interior renovations would unlock further rental premiums
upgraded unit
NRSF
9,052
upgraded unit