Van Lloyd Apartments 255 SW 154th St 12 Unit Apartment Building $2,800,000 ($233,333/Unit) 6.27% Cap Rate Burien, WA 98166

Berkadia presents Van Lloyd Apartments, a best-in-class 12-unit multifamily investment located in Burien’s dynamic Midtown neighborhood. This extensively renovated boutique community—available free and clear or with attractive loan assumption—combines top-tier unit finishes, proven operational upgrades, and strong income potential.
Between 2021 and 2025, the current owner invested over $375,000 ($31,250+/unit) in comprehensive interior and exterior capital improvements. Each renovated apartment features white shaker cabinetry, quartz countertops, decorative tile backsplashes, stainless steel appliances, vinyl plank flooring, in-suite washers and dryers or hookups, LED lighting, and dual-pane windows—upgrades that demand higher rental rates and attracting high-quality residents. Extensive mechanical upgrades beyond aesthetics including new electrical systems, plumbing, heating, water heaters, and a TPO membrane roof, which reduce operating costs and ensure stability for years to come.
The property offers a desirable 75%/25% mix of one- and two-bedroom floorplans averaging 642 square feet, exceptional parking, and proven market rent premiums ($150 per unit per month) for the four units with in-suite washers and dryers. Ownership has demonstrated upside through continued amenity additions, and eight additional washer/dryer installations stand ready to immediately increase Net Operating Income and asset value.
Qualified buyers can assume a Freddie Mac Small Balance Loan at 4.06% interest, locked until September 2029, which provides ongoing stability during volatile interest rate periods.
With its strategic location, extensive renovations, and robust operational profile, Van Lloyd Apartments offers an outstanding investment for private or institutional buyers who seek strong day-one cash flow, capital appreciation, and turnkey ease of management in the heart of Burien.
Van Lloyd Apartments sits in vibrant Burien and benefits from unmatched connectivity to key economic centers, including the Seattle-Tacoma International Airport (SEA) and downtown Seattle. The local economy thrives on retail and healthcare sectors, which provide a strong employment base and support rental growth. Burien's favorable cost of living and expanding, affluent renter base further strengthen the property's investment potential, making Van Lloyd a prime candidate for investors seeking long-term value and growth in the multifamily market
INVESTMENT HIGHLIGHTS:
· Prime Location: Van Lloyd stands as a rare find in Burien—a well-maintained asset with pride-of-ownership quality and future upside. The property sits close to the Highline School District, attractive retail options, and major employment hubs across diverse sectors, including travel and tourism, healthcare, tech, private education, and manufacturing.
· Significant Capital Investments: Ownership has completed over $375,000 in recent capital improvements, including upgraded electrical, plumbing, and heating systems, a new TPO roof, double-pane windows, and enhanced stormwater drainage. Additional improvements—including refreshed landscaping, privacy fencing, exterior paint, and a newly paved parking lot—reduce maintenance costs, enhance curb appeal, and ensure long-term asset stability.
· Interior Renovations with Proven Rental Upside: Ownership has renovated 11 of 12 units, and the highest-performing units now command near top-of-market rates. Recent interior upgrades—including shaker-style cabinetry, quartz countertops, decorative tile backsplashes, stainless steel appliances, vinyl plank flooring, and LED lighting—drive rent growth. Four of the twelve units include washers and dryers.
· Desirable Unit Mix: Van Lloyd offers a desirable blend of one- and two-bedroom units averaging 642 square feet. In-place rent represents only 14.9% of average household income, which indicates strong affordability and room for future rent increases.
· Turnkey Asset with Minimal Deferred Maintenance: Van Lloyd delivers immediate positive cash flow at a true cap rate north of 6% with no deferred maintenance or capital concerns. The property offers immediate rental upside by pushing rents to market ($125 per unit average) and installing in-unit washers and dryers in the remaining units.
· Favorable Demand vs. Supply Balance: Demand in the Burien submarket consistently matches or exceeds new supply, keeping occupancy high. Forecasters project net absorption will average 123 units per year through 2029, minimizing oversupply risk and supporting continued rent growth.
· Existing Assumable Debt: Qualified buyers can assume approximately $1.55M in debt with nearly four years remaining at a 4.06% fixed rate.
· Employer Arterial: Burien sits near Seattle-Tacoma International Airport (SEA) with excellent transportation infrastructure. The city hosts nearly 2,000 businesses that employ over 15,000 residents, supports 174,950 total jobs, and generates $33.4 billion in total business output.