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Mitchell Belcher
Managing Director
206.801.3072
mitchell.belcher@berkadia.com
Steven Chattin
Managing Director
206.521.7224
steven.chattin@berkadia.com
Jay Timpani
Managing Director
206.801.3067
jay.timpani@berkadia.com
Beau Krueger
Associate Director
425.765.6780
beau.krueger@berkadia.com
INVESTMENT ADVISORS
Questions? Get in Touch!
Mitchell Belcher
Managing Director
425.891.9594
mitchell.belcher@berkadia.com
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0.53 acres
next to Seattle center
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Beau Krueger
Associate Director
425.765.6780
beau.krueger@berkadia.com
Chad Blenz
Director
206.801.3075
chad.blenz@berkadia.com
Jay Timpani
Managing Director
206.801.3067
jay.timpani@berkadia.com
Steven Chattin
Managing Director
206.521.7224
steven.chattin@berkadia.com
Mitchell Belcher
Managing Director
206.801.3072
mitchell.belcher@berkadia.com
INVESTMENT ADVISORS
Our team
Retaining its mid-century charm while modernizing its functionality, Palm Court features include authentic mid-century attributes such as poured terrazzo floors, custom light fixtures, refinished oak floors, ceiling fans, wooden tiki window blinds, high gloss white kitchen cabinets, starburst door hardware, and extensive mosaic tile detailing. The landscape includes a variety of palm trees, yuccas, succulents and agave plants. A BBQ pit, horseshoe toss and Adirondack chairs complete the outdoor amenity area. Additional upgrades completed in 2022 include the roof cleaned and recoated; partial exterior painting; and exterior walkways cleaned and recoated. A new coin operated washer and dryer was installed in 2020.
City, State, Zip
No. Properties
Existing SF
Total Lot Size
Seattle, WA 98109
4
17,176 RSF
23,040 SF / 0.53 acres
> Berkadia Seattle presents the exclusive opportunity to acquire four adjacent parcels totaling 23,040 square feet
> Located in Seattle’s Queen Anne neighborhood, just northwest of the city’s CBD
> Highly visible in a bullseye location, the site is surrounded by numerous economic drivers and transit options
> Seattle Center is home to Climate Pledge Arena, the Space Needle, Pacific Science Center, Museum of Pop Culture, Chihuly Art Museum and more
> Sound Transit’s Ballard Link Light Rail Extension proposes Seattle Center station
> $2,141 average effective rent in 4Q22, up 5.6% YoY
> Renting significantly more affordable with average mortgage payment at $4,965
> Projected net absorption of 1,650 units in 2023 would mark 2nd highest total since 2010
> 94.8% average occupancy rate
ideal
location
> Situated in heart of popular Ballard neighborhood with near-perfect Walk Score of 98
> Superior access to major employers including Google, Expedia, and Providence Swedish Health System
> Within two miles of Seattle Pacific University, less than four miles from UW
> Downtown Seattle less than 15 minutes away
beautifully renovated
Chad Blenz
Director
206.801.3075
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 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/.
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
> Built in 1957
> Extensively renovated over the past several years
> 7 total units averaging 677 square feet
> Opportunity to increase rents to market rate
Palm Court
overview
> 100% occupied and fully stabilized
> Extensively renovated, high quality asset
> 6 one-bed and 1 two-bed units
> Mid-century charm with modern upgrades and functionality
> Capitalize on rental demand and increase rents to market rate
turnkey
investment
located in
seattle's iconic ballard Neighborhood
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Addresses
Parcel No.
352 Roy Street
356 Roy Street
372 Roy Street
708 Nob Hill
5457801315
5457801300
5457801295
5457801265
130 units proposed
0.53 Acres in seattle's queen anne neighborhood
0.53 acres
next to Seattle center