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exclusively offered by berkadia seattle
10-Unit Value-Add Opportunity with Upside in Lakewood
14402 Washington Ave SW Lakewood, WA 98121
highlights
$1.75M
List Price
total units
10
market cap rate
7.80%
year built
1942
AVG Unit Size
954 SF
investment highlights
Value-Add Opportunit: Built in 1942 and well-maintained, this property offers significant rental upside and the opportunity to reduce operating costs.
Ideal Unit Mix: Offers a variety of spacious 1-, 2-, and 3-bedroom units, including single-family homes and cottages.
Income Growth Potential: Potential to significantly boost net operating income with minimal expense adjustments and a 9% rent increase to match market rates.
Renovation Upside: 4 of the 10 units have been completely renovated while all the units have received updated electrical panels and new water heaters; additional renovation projections indicate a 7.31% cap rate at post-renovation market rents.
Prime Location Offering Premium Rents Post-Renovation
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.
Primary contact
Chad Blenz
email
Call
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
Primary contact
Brandon Lawler
email
Call
Prime Location: Ideally located in Lakewood, offering easy access to major employment hubs such as JBLM, Boeing-Frederickson, Frederickson One, UW-Tacoma, and Downtown Tacoma, while avoiding Tacoma’s restrictive tenant and landlord regulations.
The most populated city in Pierce County, the average household income falls below the Seattle MSA average by nearly 25%; lower-rent properties tend to have higher occupancy rates than luxury properties with vacancy nearly non-existent in low-income complexes
