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exclusively offered by berkadia seattle
24-Units with Value-Add Upside in Seattle’s Coveted Magnolia Neighborhood
2410 W Manor Pl
Seattle, WA 98199
highlights
$7.75M
Price
total units
24
Market Cap rate
5.27%
year built
1977
Renovated Cap Rate
5.74%
investment highlights
Value-Add Offering: This stabilized garden-style community has undergone partial renovations with cosmetic updates, offering new owners the chance to implement a comprehensive value-add program and increase rents by an average of $660 per unit post-renovation.
Immediate Upside Potential: Current rents are 18.7% below market rates, offering new ownership a chance to significantly increase net operating income by aligning with market rates; this opportunity is bolstered by strong effective rent growth projections in the neighborhood, with growth expected to surpass 2.9% by Q4 2025 within Magnolia’s zip code.
Coveted Asset: This stable operating community is in one of Seattle’s most recognized suburban neighborhoods, surrounded by high-end, million-dollar single-family homes; Magnolia’s apartment supply is extremely limited, with no competition from new construction expected through 2030.
Additional Income Streams: New owners can boost additional income $35,000 annually in the near term by implementing a RUBS utility program to recover operational expenses and capitalizing on additional revenue from 25 dedicated parking spaces.
First Time on Market in Twenty Years Value-Add Opportunity in Thinly-Traded Magnolia
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
Ideal Unit Mix & Layouts: The community features spacious two-bedroom units, with average sizes just under 1,000 square feet; nearly all units include private balconies with views of Lake Washington’s Ship Canal, Queen Anne, and Downtown Seattle.
Strategic Location: Located near the heart of Queen Anne, this property is within walking distance of some of the most recognized parks in the Puget Sound, as well as iconic restaurants, cafes, and grocery stores; situated just 14 minutes northwest of Downtown Seattle, which is home to 336,900 jobs, providing tenants with quick access to major corporate headquarters like Amazon, Nordstrom, and Zillow.
Affluent Tenant Demographics: Magnolia Suites maintains 100% occupancy, indicating high demand and consistent rental income; within a 1-mile radius, the median household income is $153,211, approximately 41% higher than the metro average, suggesting a strong tenant base and an opportunity to increase rents to market rates.