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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
INVESTMENT ADVISORS
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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Historically High Occupancy & Well-Maintained
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
contact
Phone: 206.521.7220
Fax: 206.521.7222
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Prime Location
The Montrose is a rare find in Burien, offering a well-maintained apartment building close to the Highline School District, attractive retail options, and major employment hubs.
Attractive Pricing and Leverage
With minimal operational changes and aligning all units to market rates, the property is projected to achieve a 6.63% cap rate.
Proven Rental Upside
Highest achieving rents are commanding up to $95 in monthly premiums over current market rates. New ownership can align all rents to market rates and expand the recently successful RUBS program to boost top-line rental income by 6%.
Ample Parking
The property features a robust 1.28 parking ratio, with 124 dedicated parking spaces on a sprawling 3.3-acre parcel.
Value-Add Opportunity
While some light remodeling has been done, most units remain in turn-of-the-century condition, making the property ideal for a full value-add program to enhance tenant appeal and increase rents by nearly $200 across all unit types.
Historically High Occupancy
The submarket has consistently outperformed the Seattle metro, with Burien’s occupancy rates averaging 190 basis points higher over the past five years.
Employer Arterial
Located near Seattle-Tacoma International Airport (SEA) with excellent transportation infrastructure, Burien is home to nearly 1,600 businesses employing over 14,400 residents, plus an additional 23,000 workers at SEA.
Desirable Unit Mix
The Montrose offers a desirable blend of one-, two-, and three-bedroom units, catering to a broad range of renters.
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Rare 97-Unit Investment Opportunity with Strong In-Place Cap Rate
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
Mitchell Belcher
Managing Director
425.891.9594
mitchell.belcher@berkadia.com
INVESTMENT ADVISORS
MORTGAGE BANKING
Our team
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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 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
The Montrose presents a rare investment opportunity in Burien, WA, with its substantial 97-unit scale and the scarcity of similarly sized assets in the area. This well-maintained property is strategically positioned to deliver immediate positive leverage, boasting a 6.20% in-place cap rate. The units feature well-equipped kitchens with electric stoves, disposals, and dishwashers, along with vinyl plank flooring in the kitchen and dining areas. Additionally, future renovation costs have been minimized, as the majority of the units include in-unit washers and dryers and over $50,000 was spent on roof replacement costs in October 2024. Investors can further enhance returns through a value-add program, potentially increasing the cap rate to nearly 7%. The property’s unique layout, situated off the main road, provides a tranquil atmosphere and serene living environment while maintaining accessibility to major employment hubs and retail options.
Attractively priced at $190,721 per unit, The Montrose is a compelling acquisition opportunity in a high-demand submarket. The property boasts a robust parking ratio with 124 dedicated spaces, enhancing tenant appeal and supporting occupancy rates that have consistently outperformed the Seattle metro area. With historically high occupancy and proven rental upside, new ownership can focus on aligning rents with market rates and implementing operational efficiencies to boost top-line rental income.
Located in the vibrant city of Burien, The Montrose benefits from unmatched connectivity to key economic centers, including the Seattle-Tacoma International Airport (SEA) and downtown Seattle. The local economy thrives on sectors such as retail and healthcare, providing a strong employment base and supporting rental growth. Burien’s favorable cost of living and expanding, affluent renter base further bolster the property’s investment potential, making The Montrose a prime candidate for investors seeking long-term value and growth in the multifamily market.
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Unit Mix
Address
City, State, Zip
Year Built
Price
Price / Unit
Price / SF
T-3 Cap Rate
Market Cap Rate
Renovated Cap Rate
Units
Average Unit Size
NRSF
Parking
Lot Size
Parcel Number
220 S 152nd St
Burien, WA 98146
1963
$18,500,000
$190,722
$232
6.2%
6.63%
6.77%
97
821
79,658
124 spaces
146,937 SF / 3.37 acres
176060-0267
Unit Mix