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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
Beau Krueger
Associate Director
beau.krueger@berkadia.com
Michael Manolides
Senior Director
253.670.2143
michael.manolides@berkadia.com
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Robert Doxsee
Managing Director
425.777.0235
robert.doxsee@berkadia.com
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Mitchell Belcher
Managing Director
425.891.9594
mitchell.belcher@berkadia.com
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Seeking New Ownership After Twenty-Five Years
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Chad Blenz
Senior Director
206.491.2008
chad.blenz@berkadia.com
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.
Seattle office
601 Union St, Suite 3909
Seattle, WA 98101
bellevue office
411 108th Avenue NE, Suite 1080
Bellevue, WA 98004
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Phone: 206.521.7220
Fax: 206.521.7222
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The Crest Apartments, now available in Seattle’s vibrant Capitol Hill neighborhood, presents a unique investment opportunity in one of the city’s most desirable areas for residents and businesses. This property has been owner-operated for the last 25 years, ensuring stability and quality. Located on the edge of the Denny Triangle, The Crest offers direct access to Downtown Seattle, the Retail Core, and South Lake Union’s technological innovation hub. Residents benefit from exceptional connectivity and convenience, being close to over 336,000 employees and 1,000 workplaces, including major offices like Amazon, Google, Apple, Nordstrom, and Meta.
The Crest Apartments offer 52 professionally managed units, featuring an ideal mix of studios, one-bedroom, and two-bedroom apartments. Each unit includes a private balcony and in-unit washer and dryer, complemented by quality reinforced brick masonry construction. New ownership will benefit from investing in a highly affluent submarket with immediate upside potential. Current rents are set at 22% below market value, presenting opportunities for rent increases and utility recovery through RUBS. The property maintains a competitive edge over new construction projects, which lack minimum parking requirements due to the Capitol Hill urban center overlay. Less than half of the existing comparable inventory within a half-mile radius features secured parking.
With direct access to I-5 and I-90, The Crest offers seamless connectivity to Eastside employment hubs, attracting a highly affluent tenant profile. This strategic repositioning opportunity enables investors to leverage market dynamics through a comprehensive renovation strategy. Demographic highlights include affluent households with a median income projected at $130,205 in 2025, 9.2% above Metro Seattle, and highly educated residents, with 76% holding a bachelor’s degree or higher. Additionally, 70% of housing units are renter-occupied, with 40% of residents in the key renter age group of 18-35. Investing in The Crest provides a stable, lucrative opportunity in Seattle’s thriving Capitol Hill neighborhood.
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52-Unit Prime Repositioning Opportunity in A+ Location
Brandon Lawler
Senior Director
206.484.8114
brandon.lawler@berkadia.com
Artur Otto
Associate Director
artur.otto@berkadia.com
Michael Manolides
Associate Director
253.670.2143
michael.manolides@berkadia.com
Robert Doxsee
Managing Director
425.777.0235
robert.doxsee@berkadia.com
artur Otto
Associate Director
artur.otto@berkadia.com
Beau krueger
Associate Director
beau.krueger@berkadia.com
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
INVESTMENT ADVISORS
MORTGAGE BANKING
Our team
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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 loan brokerage business in Nevada.
© 2023 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 the Tax Credit Syndication group. For state licensing details for the above entities, visit: https://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
Patrick harmon
Associate Director
patrick.harmon@berkadia.com
Patrick harmon
Associate Director
patrick.harmon@berkadia.com
Highly Coveted, A+ Location: Capitol Hill provides quick access to the Central Business District, Downtown Seattle, and South Lake Union, with a near-perfect Walk Score of 98 and a Transit Score of 98. The Crest connects easily to major employer centers on the Eastside via I-5 and I-90.
Primed for Repositioning: Built in 1988, The Crest has received light cosmetic upgrades in select units. The diverse unit mix of studios, one-bedroom, and two-bedroom floorplans offers a prime opportunity to implement a comprehensive value-add program, increasing rents by an average of $520 per unit post-renovation.
Desirable Urban Submarket with Strong Demographics: Within a one-mile radius, 76% of residents hold a bachelor’s degree or higher, compared to 45% in the Seattle metro. Average household income is projected to exceed $208,000 annually by 2029.
Additional Income Streams: New owners can implement a RUBS utility program to boost operational expense recovery. With 52 secured garage parking spaces in a neighborhood with minimal off-street parking, $150 monthly premiums could generate over $93,000 in additional operating income.
World-Class Healthcare Provides Recession-Proof Employment: Seven hospitals, strategically located within five miles of the property, offer recession-proof employment and support over 50,000 jobs in the region.
Pivot Point for Transit, Employment, and Entertainment: The Crest is well-connected to major employment hubs, including Capitol Hill, South Lake Union, and Downtown Seattle, home to over 9,300 workplaces and notable employers like Amazon, Google, and the University of Washington.
Life of Convenience: Capitol Hill offers easy access to Seattle’s expanding Light Rail, QFC and Trader Joe’s, Seattle Library, and the Pike-Pine Corridor—all within a 15-minute walk.
Limited New Supply Bolsters Occupancy: After a year of unprecedented new deliveries, construction starts are expected to slow by an average of 40% from the 2024 peak over the next four years.
PEAK 88
Unit Mix
Address
City, State, Zip
Units
Avg. Unit Size
Price
Year Built
Building Size
Market Cap Rate
Renovated Proforma Cap Rate
Parking
Parcel
Lot Size
Zoning
County
1718 Melrose Ave
Seattle, WA 98122
52
555
$14,200,000
1988
28,848 SF
5.75%
6%
52 spaces (Secured Garage)
872560-0030
16,170 SF / 0.37 acres
MR (M)
King
Mitchell Belcher
Managing Director
425.891.9594
mitchell.belcher@berkadia.com
connor lemley
Associate Director
206.455.1592
connor.lemley@berkadia.com
Michael Manolides
Senior Director
253.670.2143
michael.manolides@berkadia.com