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INVESTMENT ADVISORS
Primary Contact:
Chad Blenz
Senior Director
206.491.2008
chad.blenz@berkadia.com
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566 University Rd & 518 Tucker Ave
Friday Harbor, WA 98250
2
18
2018 & 2020
12,084 NRSF
Residential
San Juan
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.
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
Privacy | Terms of Use
The Opportunity
/ Opportunity to acquire a pair of turnkey communities with rental waitlists, 100% occupancy since construction, and zero delinquency located less than a mile from the ferry terminal
/ 9 leases are in the early stages of a 5-year contract with the government, achieving market rents with 3% annual increases; option to increase the number of government leases
/ Ability to boost income immediately by raising non-contract rents to market rate and implementing utility collections
/ Friday Harbor is a high-growth but predictable market with 34% of housing units occupied by renters, and the average mortgage payment more than 4x the average effective rent
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/ Proven need for rentals with skyrocketing single family home prices and just a few areas of land suitable for multifamily development remain on island, all of which are very low-density zoning
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
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.
© 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.
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
518 Tucker Ave & 566 University Rd
Friday Harbor, WA 98250
total Units
18
total Size
12,084 NRSF
properties
2
Location Map
Our Team
Document Center
The Opportunity
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View Opportunity
/ Opportunity to acquire a pair of turnkey communities with rental waitlists, 100% occupancy since construction, and zero delinquency located less than a mile from the ferry terminal
/ 9 leases are in the early stages of a 5-year contract with the government, achieving market rents with 3% annual increases; option to increase the number of government leases
/ Proven need for rentals with skyrocketing single family home prices and just a few areas of land suitable for multifamily development remain on island, all of which are very low-density zoning
/ Friday Harbor is a high-growth but predictable market with 34% of housing units occupied by renters, and the average mortgage payment more than 4x the average effective rent
/ Ability to boost income immediately by raising non-contract rents to market rate and implementing utility collections
Built
2018 & 2020
18 Units | 2 Properties | Turnkey Opportunity
Persistent Rental Demand | Seller Financing Option
18 Units | 2 Properties | Turnkey Opportunity
Persistent Rental Demand | Seller Financing Option
county
San Juan
chad.blenz@berkadia.com
chad.blenz@berkadia.com
206.491.2008
206.491.2008
Chad Blenz | Senior Director
Primary Contact:
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