Dynasty Manor 1214 N 137th St
12 Unit Apartment Building $4,235,875 CAD ($352,990 CAD/Unit) 5.41% Cap Rate Seattle, WA 98133
INVESTMENT HIGHLIGHTS
- Value-Add Opportunity: All units currently averaging $155 below market rate; deeper cosmetic reno would allow new owner to achieve higher premiums
- Pivot Point Location: Situated between Highway 99 and Interstate 5, offering convenient access to the region's major employment centers
- Significant CapEx Invested: Current ownership has invested over $200K in the past year on new exterior siding, decks, and interior unit renos
- Ideal Unit Mix: 12 one- and two-bedroom units averaging 754 SF; Amenities include fireplaces, balconies, common laundry, and 1:1 parking ratio
- Strong Rental Submarket: $1,943 per month average effective rent in the N. Seattle/Shoreline submarket as of Q4 2024, up 3.9% YoY
EXECUTIVE SUMMARY
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.
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.
DATA ROOM Click Here to Access
PROPERTY FACTS
| Price | $4,235,875 CAD |
| Price Per Unit | $352,990 CAD |
| Sale Type | Investment |
| Cap Rate | 5.41% |
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.15 AC |
| Building Size | 8,965 SF |
| Average Occupancy | 100% |
| No. Stories | 4 |
| Year Built/Renovated | 1988/1992 |
| Parking Ratio | 1.33/1,000 SF |
UNIT AMENITIES
- Balcony
- Fireplace
SITE AMENITIES
- Laundry Facilities
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 2 | - | 600 |
| 2+1 | 9 | - | 775 |
| 2+2.5 | 1 | - | 875 |
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Walk Score®
Very Walkable (76)
Bike Score®
Very Bikeable (79)
PROPERTY TAXES
| Parcel Number | 614970-0175 | Improvements Assessment | $2,874,854 CAD |
| Land Assessment | $730,259 CAD | Total Assessment | $3,605,114 CAD |
ZONING
| Zoning Code | LR2 (M) |
