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Dynasty Manor 1214 N 137th St 12 Unit Apartment Building £2,056,382 (£171,365/Unit) 6.11% Net Initial Yield Seattle, WA 98133
INVESTMENT HIGHLIGHTS
- Value-Add Opportunity: All units currently averaging $130 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
- Ideal Unit Mix: 12 one- and two-bedroom units averaging 754 SF; Amenities include fireplaces, balconies, common laundry, and 1:1 parking ratio
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 $130 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.
Strong Submarket Fundamentals: As of Q2 2025, the average effective rent in the North Seattle submarket is $1,926 per month, representing a 180-basis point growth year-over-year; similar occupancy rose 1.8% over the same span to 95.9%.
Significant Cap Ex Invested: Current ownership has invested over $200,000 in the past year, including $155,000 on new exterior siding and decks, plus $50,000 in interior unit upgrades; an expanded interior renovation scope will generate additional rental premiums.
Competitive Pricing: New asking price of $2,750,000 delivers a 6.11% T-12 cap rate and 6.70% as-is proforma cap rate.
Attractive Seller Financing: Ownership is offering favorable financing terms generating 12% cash-on-cash returns from day one, with 70% LTV, 5% interest-only payments, and 5-year term.
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 $130 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.
Strong Submarket Fundamentals: As of Q2 2025, the average effective rent in the North Seattle submarket is $1,926 per month, representing a 180-basis point growth year-over-year; similar occupancy rose 1.8% over the same span to 95.9%.
Significant Cap Ex Invested: Current ownership has invested over $200,000 in the past year, including $155,000 on new exterior siding and decks, plus $50,000 in interior unit upgrades; an expanded interior renovation scope will generate additional rental premiums.
Competitive Pricing: New asking price of $2,750,000 delivers a 6.11% T-12 cap rate and 6.70% as-is proforma cap rate.
Attractive Seller Financing: Ownership is offering favorable financing terms generating 12% cash-on-cash returns from day one, with 70% LTV, 5% interest-only payments, and 5-year term.
DATA ROOM Click Here to Access
PROPERTY FACTS
| Price | £2,056,382 | Costar Property Class | C |
| Price Per Unit | £171,365 | Total Plot Size | 0.15 ac |
| Sale Type | Investment | Property Size | 8,965 sq ft |
| Yield | 6.11% | Average Occupancy | 100% |
| No. Units | 12 | No. Floors | 4 |
| Property Type | Build-to-Rent | Year Built/Renovated | 1988/1992 |
| Property Subtype | Apartment | Parking Allocation | 1.33/1,000 sq ft |
| Apartment Style | Mid-Rise | ||
| Use Class | LR2 (M) | ||
| Price | £2,056,382 |
| Price Per Unit | £171,365 |
| Sale Type | Investment |
| Yield | 6.11% |
| No. Units | 12 |
| Property Type | Build-to-Rent |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Costar Property Class | C |
| Total Plot Size | 0.15 ac |
| Property Size | 8,965 sq ft |
| Average Occupancy | 100% |
| No. Floors | 4 |
| Year Built/Renovated | 1988/1992 |
| Parking Allocation | 1.33/1,000 sq ft |
| Use Class | LR2 (M) |
AMENITIES
UNIT AMENITIES
- Balcony
- Fireplace
SITE AMENITIES
- Laundry Facilities
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT PCM | sq ft |
|---|---|---|---|
| 1+1 | 2 | - | 600 |
| 2+1 | 9 | - | 775 |
| 2+2.5 | 1 | - | 875 |
1 1
Walk Score®
Easily Walkable (75)
Bike Score®
Good for cycling (78)
PROPERTY TAXES
| Parcel Number | 614970-0175 | Improvements Assessment | £1,489,569 |
| Land Assessment | £378,374 | Total Assessment | £1,867,943 |
PROPERTY TAXES
Parcel Number
614970-0175
Land Assessment
£378,374
Improvements Assessment
£1,489,569
Total Assessment
£1,867,943
CONTACTS
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Chad Blenz -
Mitchell Belcher -
Steven Chattin -
Jay Timpani -
Brandon Lawler -
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Dynasty Manor | 1214 N 137th St
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