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Rentable SF
161k
BUilt
1979/80
Units
195
Berkadia Seattle Investment Sales is pleased to exclusively present Edgewood Park Apartments, a 195-home community built in 1979 and 1980, located in the highly sought-after city of Bellevue, Washington.
This well-maintained property features a diverse unit mix and a range of amenities, offering a unique value-add opportunity. With 187 partially renovated units, and 8 renovated units, investors have the potential to significantly enhance NOI through strategic renovations and upgrades.
Situated just 3 miles from downtown Bellevue, Edgewood Park Apartments is located in one of the most desirable neighborhoods in the Puget Sound region. The property is located in Washington’s top-rated school district and an affluent demographic area, with an average household income exceeding $240,000 within a 5-mile radius.
The Eastside is one of the fastest growing employment hubs in the nation, home to major employers such as Amazon, Microsoft, T-Mobile, Pokémon, Meta, and Salesforce.
This offering represents a rare opportunity to acquire a quality asset in a premier location, perfectly positioned to capitalize on Bellevue’s robust economic growth and expanding employment base.
Address
City, State, Zip
County
Parcel Numbers
Units
Construction Year
buildings
Stories
Site Size/Acreage
Rentable SF
Average Unit SF
Average Rent/Unit
Average Rent/SF
1501 145th Place SE
Bellevue, WA 98007
King
329280-0005, 032405-9119
195
1979 & 1980
21
Two & Three
9.39 Acres
160,703 SF
824 SF
$2,437
$2.96
Opportunity
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Edgewood Park features a variety of studio, one, and two-bedroom homes, each thoughtfully designed with stylish and convenient features, and boasts a great set of amenities. Located just outside downtown Bellevue, the property combines the convenience of city proximity with a suburban atmosphere, surrounded by mature landscaping, local parks and trailheads.
Asset
Studio
One Bedroom
Two Bedroom
8 Units
44 Units
143 Units
450 SF
649 SF
899 SF
Edgewood PArk
Contact us.
Kenny Dudunakis
Senior Managing Director
WA CRE #30749
206.521.7216 kenny.dudunakis@berkadia.com
Email
George Pallis
Director
WA CRE #138339
206.801.3070
george.pallis@berkadia.com
Email
David Sorensen
Managing Director
WA CRE #26603
206.801.3102 david.sorensen@berkadia.com
Email
Ben Johnson
Managing Director
WA CRE #114515
206.801.3144 ben.johnson@berkadia.com
Email
INVESTMENT SALES
411 108th Avenue NE
Suite 1080
Bellevue, WA 98004
425.230.2565
berkadia.com
berkadia.com/northwest
Bellevue Office
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.
© 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 the Tax Credit Syndication group. For state licensing details for the above entities, visit: https://www.berkadia.com/licensing/.
bellevue office
411 108th Avenue NE, Suite 1080
Bellevue, WA 98004
Peter Dudunakis
Associate Director
WA CRE #24008898
206.795.4169
peter.dudunakis@berkadia.com
Email
Michael Manolides
Senior Director
253.670.2143
michael.manolides@berkadia.com
Email
Brad Williamson
Managing Director
786.646.2580
brad.wiliamson@berkadia.com
Email
MORTGAGE BANKING
Driven by community demand, investors have both immediate and long-term growth potential through interior renovations. With 8 fully renovated homes, Edgewood Park Apartments provides an established blueprint for premium level renovations to homes that investors can confidently follow.
RENOVATION BREAKDOWN
187 partially renovated units
8 fully renovated units
Value-Add Opportunity
Renovated Premiums
In-Place Rents to
Berkadia Reno Pro Forma
$278+
Potential NOI Growth
December 2024
T-12 to Berkadia Reno Pro Forma
$1.14m+
Partially Renovated Unit
Fully Renovated Unit
1501 145th Place SE | Bellevue, WA 98007
Exclusive Multifamily Opportunity
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© 2022 Berkadia Proprietary Holding LLC
Berkadia® is a trademark of Berkadia Proprietary Holding LLC
Investment sales / real estate brokerage business is 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. This website is not intended to solicit commercial mortgage loan brokerage business in Nevada. In California, Berkadia Real Estate Advisors Inc. conducts business under CA Real Estate Broker Lic. #01931050, Berkadia Commercial Mortgage LLC under CA Finance Lender & Broker Lic. #988-0701, Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116. For state licensing details for the above entities, visit: www.berkadia.com/legal/licensing
Seattle office
601 Union St, Suite 3909
Seattle, WA 98101
bellevue office
411 108th Avenue NE, Suite 1080
Bellevue, WA 98004