Document Center
Contact
LOCATION
Executive Summary
Terms of Use
Privacy
Investment Highlights
Prime value-add opportunity in thriving submarket
Value-Add Opportunity
Built in 1962 and well-maintained, this property offers significant rental upside by completing renovations; additional premiums can be achieved through RUBS collections and other operational changes.
Strong & Stabilized Asset
The property maintains 100% occupancy with zero delinquency.
Renovation Upside
Renovations are projected to increase rental income by over 15% and achieve a renovated Pro Forma Cap Rate of 6.61%.
Ideal Unit Mix
The property offers a variety of one- and two-bedroom units, averaging 620 square feet, attracting a broad range of potential renters.
Michael Manolides
Senior Director
253.670.2143
michael.manolides@berkadia.com
Robert Doxsee
Managing Director
425.777.0235
robert.doxsee@berkadia.com
David Sorensen
Managing Director
206.801.3102
david.sorensen@berkadia.com
Ben Johnson
Managing Director
206.801.3144
ben.johnson@berkadia.com
Chad Blenz
Senior Director
206.491.2008
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
MORTGAGE BANKING
INVESTMENT ADVISORS
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 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
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
21428 International Blvd
Kent, WA 98032
Year Built
1962
Units
11
T-12 Cap Rate
5.41%
market
cap rate
6.03%
reno cap rate
6.61%
NRSF
6,816 SF
Lot Size
0.70 acres
Parcel Number
00380400001000
fully occupied, well-maintained apartments
Document Center
Investment
Contact
Privacy
Terms of Use
Evergreen Apartments presents an incredible value-add opportunity in Edmonds, Washington. Built in 1962, this well-maintained, 11-unit property currently boasts 100% occupancy with zero delinquencies. Recent years have shown proven rental upside among renovated units, and by continuing renovations there is potential to increase rental income over 15%.
The property features an ideal mix of one- and two-bedroom units, averaging 620 square feet. On-site amenities include a community laundry facility, property management, shared outdoor space, and surface parking. Each unit comes with an outdoor patio and additional storage space included in the rent price.
Located in Edmonds, Evergreen Apartments offers residents easy access to the region’s major job centers, including downtown Seattle, Bellevue, and Everett via I-5 and I-405. As the population continues to grow, the Edmonds submarket offers a diverse tenant base, blending affordable and upscale communities. The new Lynnwood Link Extension is expected to further enhance the property’s connectivity and accessibility to Seattle and SeaTac, attracting even more residents with its thriving job market, strong school district, and vibrant mix of social, cultural, and outdoor activities.
Steven Chattin
Managing Director
425.269.3826
steven.chattin@berkadia.com
Visit the Document Center
Questions? Get in Touch!
Privacy | Terms of Use
LINK 7
Map
Map
Executive Summary
Investment Highlights
Contact
Document Center
MENU
20901 76th Ave W Edmonds, WA 98026
Zoning
RM-1.5
Map
Price
$2.475M
Positive Rental Growth
Strong rental demand and a favorable market trajectory enhances the property’s investment potential with promising stable income growth.
Connor lemley
Associate Director
206.455.1592
connor.lemley@berkadia.com
Michael Manolides
Senior Director
253.670.2143
michael.manolides@berkadia.com