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exclusively offered by berkadia seattle
18-Units with Value-Add Upside in Attractive Seattle Neighborhood
8500 16th Ave NW Seattle, WA 98117
highlights
$5M
Price
total units
18
Market Cap rate
5.54%
year built
1976
Renovated Cap Rate
6.06%
investment highlights
Strategic Location: With a Walk Score of 87, the property provides residents with a prime location near several grocery stores, restaurants, and coffee shops; just steps away from public transit, offering service to the University of Washington and Downtown Seattle, and easy access to leading regional employers like Amazon, Apple, Google, and Meta.
Value-Add Offering: This well-maintained building has undergone partial renovations with cosmetic updates, creating an opportunity for new owners to implement a comprehensive value-add program and increase rents by an average of $600 per unit after renovations.
Immediate Upside Potential: Current rents fall significantly below market rates, presenting new ownership with the opportunity to enhance net operating income by aligning all units with market rates; this is supported by strong effective rent growth projections in the submarket, where gains are expected to exceed 3.8% by Q4 2025 within a one-mile radius of the property.
Well-Maintained: This owner-operated property has recently received deferred maintenance repairs to electrical and fire safety systems; several units now feature upgrades including vinyl plank flooring, undermount sinks, and granite countertops.
First Time on Market in Thirty Years Value-Add Opportunity in North Ballard
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
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.
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
Additional Income Streams: New owners can implement a RUBS utility program to recover operational expenses; with 16 dedicated spaces in a neighborhood with minimal off-street parking, plus on-site laundry facilities, operating income can be increased by $11,000 annually.
Ideal Unit Mix & Layouts: Elskan primarily consists of spacious two-bedroom units, averaging over 800 square feet; most units include western-facing private balconies overlooking the Olympic Mountains.
Strong Submarket Fundamentals: The area boasts a strong rental market, with 49% of housing units renter-occupied within a one-mile radius; average effective rents reached $2,009 through Q1 2025, with average annual rent increases of 3% or greater projected through 2030.