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57-Units with Value-Add Upside Near Central Washington University
Outstanding Location
Glacier is just steps from Central Washington University (CWU) and minutes from Downtown Ellensburg, offering a reliable tenant base and minimizing vacancy risks; CWU enrolls over 8,500 students with 1,700 employees
Desirable Unit Mix
The property features primarily two-bedroom units, along with one-bedroom options, which appeal to young professionals seeking an economical rent per square foot.
Significant Value-Add Opportunity
With units in classic condition, new ownership can implement a full value-add program while increasing rents to market rates. Currently, average rents are 5% below market rates for comparable properties in the area. Post-Renovation, rent premiums are projected to yield monthly averages of $150+ per unit across all unit types.
Building Upgrades
While interiors remain in classic condition, ownership has installed wood-style laminate flooring in kitchen and dining areas, upgraded the common laundry facility to a cashless payment system, and repainted or resided portions of exteriors. All building roofs are less than ten years old, reducing deferred maintenance costs.
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
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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.
© 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
1997
Price
$8.2M
Market Cap
6.02%
Stories
2
Parking Spaces
109
NRSF
39,020
Lot Size
2.13 Acres | 92,783 SF
Parcel
174034
unit mix:
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Chad Blenz
Senior Director
206.491.2008
chad.blenz@berkadia.com
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1015 E 18th Ave
Ellensburg, WA 98926
County
Kittitas
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Units
57
Affordable Cost of Living
Ellensburg offers a sales/use tax rate of 8.6%, significantly lower than the double-digit rates in the Puget Sound, and well below the average rate across other cities in Washington.
beau krueger
Associate Director
425.765.6780
beau.krueger@berkadia.com
Scene Location
Ellensburg surrounds residents with stunning landscapes, including mountains, hills, and rivers, making it perfect for outdoor enthusiasts seeking a more affordable cost of living. Residents can easily access outdoor activities such as hiking, fishing, camping, and skiing.
Portfolio Upside
Glacier is being offered individually or as part of a three-property portfolio totaling 110 units, priced at $17.2M or $156,364 per unit.
Connor lemley
Associate Director
206.455.1592
connor.lemley@berkadia.com
Michael Manolides
Senior Director
253.670.2143
michael.manolides@berkadia.com
Available Individually or as Three-Property Portfolio
