1214 N 137th St - Apartments FOR SALE


Seattle, WA 98133- Haller Lake
$2,875,000 USD
206-491-2008
1214 N 137th St, Seattle, WA for Sale
$2,875,000 USD
Apartments - FOR SALE
1/9
null | 5.55% Cap Rate

1214 N 137th St
Seattle, WA 98133
Haller Lake


HIGHLIGHTS

  • Value-Add Opportunity: All units currently averaging $155 below market rate; deeper cosmetic reno would allow new owner to achieve higher premiums
  • Ideal Unit Mix: 12 one- and two-bedroom units averaging 754 SF; Amenities include fireplaces, balconies, common laundry, and 1:1 parking ratio
  • Pivot Point Location: Situated between Highway 99 and Interstate 5, offering convenient access to the region's major employment centers
  • Strong Rental Submarket: $1,943 per month average effective rent in the N. Seattle/Shoreline submarket as of Q4 2024, up 3.9% YoY
  • Significant CapEx Invested: Current ownership has invested over $200K in the past year on new exterior siding, decks, and interior unit renos

OVERVIEW

Berkadia Seattle presents Dynasty Manor, a 12-unit multifamily property in North Seattle minutes from the Northgate Light Rail Station, the $80 million headquarters and practice facility for the Seattle Kraken, and the redevelopment underway at Northgate Mall. Located less than 10 miles from downtown, the property provides easy access to a variety of retail and lifestyle amenities, as well as numerous employment opportunities throughout the Puget Sound. Built in 1988 and recently renovated, Dynasty Manor is comprised of one four-story building with a unit mix of one- and two-bedroom units averaging 754 square feet. While most units have been partially upgraded over the last few years, new ownership will have the opportunity to implement a value-add program to upgrade the remaining classic units and further upgrade the partially renovated units as well. With in-place rent $155 below market rate on average, Dynasty Manor provides the ideal opportunity to acquire a well-maintained asset poised to benefit from the rapidly expanding economic drivers of the Puget Sound.

FOR SALE DETAILS

PRICE

$2,875,000 USD

PRICE/SF

$321 USD /SF

# OF UNITS

12

PRICE/UNIT

$239,583

CAP RATE

5.55%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Dynasty Manor

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Mid-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

4

YEAR BUILT

1988

PARKING SPACES

12

LAND DETAILS

LAND ACRES

0.15 AC

LAND SF

6,747 SF

ZONING

LR2 (M)

APN/PARCEL ID

614970-0175

ASK ABOUT THIS PROPERTY

Chad BlenzBerkadiaMore Info
206-491-2008

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Chad BlenzBerkadiaMore Info
206-491-2008

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.