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Bertona Steps 3402 15th Ave W 8 Unit Apartment Building $3,000,000 ($375,000/Unit) 5.96% Cap Rate Seattle, WA 98119
Matterport 3D Tours
INVESTMENT HIGHLIGHTS
- Bertona Steps comprises eight luxurious condominium-style apartments, including four loft apartments.
- On the western side of Queen Anne, this location provides easy access to Seattle's lifestyle amenities and employment opportunities.
- Constructed in 2018, Bertona Steps offers a coveted location and modern units with designer finishes.
- Close to excellent transportation options, with Metro bus service, a future Sound Transit light rail station, bike paths, and major roadways.
EXECUTIVE SUMMARY
Experience modern and simplistic living in the heart of Seattle at Bertona Steps, located in the highly desirable Queen Anne neighborhood. Completed in 2018, this modern eight-unit 7,275-square-foot property offers immediate income potential with full occupancy and minimal maintenance requirements, making it an ideal turnkey investment.
Strategically positioned on the western slope of Queen Anne, Bertona Steps provides seamless access to downtown Seattle, Ballard, Magnolia, and Interbay via Highway 99 and the Ballard Bridge. Bertona Steps is in a peaceful and serene part of the city, surrounded by trees, yet close to all the action. Surrounded by a vibrant mix of retail, dining, and recreational amenities, including Interbay Golf Course, Discovery Park, and Elliott Bay Trail. Minutes away from planned transit developments such as the Ballard Link Extension, enhancing long-term connectivity and value.
Bertona Steps features eight condominium-style residences, including four spacious loft units ranging from 771 to 808 square feet, and four two-bedroom, one-bath units at 1,020 square feet each. Every unit showcases high-end finishes such as oversized windows, plank flooring, quartz countertops, stainless steel appliances, in-unit Whirlpool washer/dryers, and air conditioning. These thoughtfully designed homes offer both style and functionality, appealing to discerning renters seeking upscale living in a central location.
Bertona Steps benefits from its exemption from Seattle’s latest rental regulation programs, offering investors greater flexibility and reduced operational risk. With a surrounding population of over 1 million people and an average household income of $157,000, the area continues to experience strong demand and consistent rent growth. The Queen Anne submarket has outpaced the metro average, with a 2.4% increase in asking rents compared to 1.3% citywide.
This is a rare opportunity to acquire a stabilized, modern multifamily asset in one of Seattle’s most sought-after neighborhoods. Bertona Steps combines luxury living, strategic location, and long-term growth potential, making it a premier investment in the Seattle multifamily market.
Strategically positioned on the western slope of Queen Anne, Bertona Steps provides seamless access to downtown Seattle, Ballard, Magnolia, and Interbay via Highway 99 and the Ballard Bridge. Bertona Steps is in a peaceful and serene part of the city, surrounded by trees, yet close to all the action. Surrounded by a vibrant mix of retail, dining, and recreational amenities, including Interbay Golf Course, Discovery Park, and Elliott Bay Trail. Minutes away from planned transit developments such as the Ballard Link Extension, enhancing long-term connectivity and value.
Bertona Steps features eight condominium-style residences, including four spacious loft units ranging from 771 to 808 square feet, and four two-bedroom, one-bath units at 1,020 square feet each. Every unit showcases high-end finishes such as oversized windows, plank flooring, quartz countertops, stainless steel appliances, in-unit Whirlpool washer/dryers, and air conditioning. These thoughtfully designed homes offer both style and functionality, appealing to discerning renters seeking upscale living in a central location.
Bertona Steps benefits from its exemption from Seattle’s latest rental regulation programs, offering investors greater flexibility and reduced operational risk. With a surrounding population of over 1 million people and an average household income of $157,000, the area continues to experience strong demand and consistent rent growth. The Queen Anne submarket has outpaced the metro average, with a 2.4% increase in asking rents compared to 1.3% citywide.
This is a rare opportunity to acquire a stabilized, modern multifamily asset in one of Seattle’s most sought-after neighborhoods. Bertona Steps combines luxury living, strategic location, and long-term growth potential, making it a premier investment in the Seattle multifamily market.
MATTERPORT 3D TOURS
Explore Bertona Steps
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SALE FLYER
FINANCIAL SUMMARY (ACTUAL - 2024) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
-
|
-
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$259,920
|
$35.73
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$78,331
|
$10.77
|
| Net Operating Income |
$181,589
|
$24.96
|
FINANCIAL SUMMARY (ACTUAL - 2024)
| Gross Rental Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $259,920 |
| Annual Per SF | $35.73 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $78,331 |
| Annual Per SF | $10.77 |
| Net Operating Income | |
|---|---|
| Annual | $181,589 |
| Annual Per SF | $24.96 |
PROPERTY FACTS
| Price | $3,000,000 | Apartment Style | Mid-Rise |
| Price Per Unit | $375,000 | Building Class | B |
| Sale Type | Investment | Lot Size | 0.13 AC |
| Cap Rate | 5.96% | Building Size | 7,275 SF |
| Sale Condition | Lease Option | Average Occupancy | 100% |
| No. Units | 8 | No. Stories | 4 |
| Property Type | Multifamily | Year Built | 2018 |
| Property Subtype | Apartment | Parking Ratio | 0.82/1,000 SF |
| Zoning | NC3-55 (M) | ||
| Price | $3,000,000 |
| Price Per Unit | $375,000 |
| Sale Type | Investment |
| Cap Rate | 5.96% |
| Sale Condition | Lease Option |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | B |
| Lot Size | 0.13 AC |
| Building Size | 7,275 SF |
| Average Occupancy | 100% |
| No. Stories | 4 |
| Year Built | 2018 |
| Parking Ratio | 0.82/1,000 SF |
| Zoning | NC3-55 (M) |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Balcony
- Dishwasher
- Washer/Dryer
- Hardwood Floors
- Carpet
- Loft Layout
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1.5 | 4 | $2,250 | 775 |
| 2+1 | 4 | $2,850 | 1,020 |
Walk Score®
Very Walkable (71)
Bike Score®
Very Bikeable (70)
ABOUT QUEEN ANNE
Queen Anne and Magnolia offer residents proximity to downtown and some of Seattle’s best entertainment options, including Climate Pledge Arena. The area’s centrality attracts pedestrians and commuters, with easy access to Seattle’s main bus routes and Interstate 5.
The area also includes access to walkable business districts with local shops and restaurants. It also includes many parks and walking routes such as the four-mile Queen Anne Boulevard loop and the 534-acre Discovery Park, complete with a beach and miles of trails.
Strong demand from renters wanting the best of urban and suburban amenities has led to low vacancies in the area, especially as some workers return to the office at major companies close by. Apartment owners tend to hold on to properties for a long time, as these demand drivers provide for healthy cash flows in a fast-growing city.
PROPERTY TAXES
| Parcel Number | 277060-3480 | Improvements Assessment | $2,430,300 |
| Land Assessment | $582,700 | Total Assessment | $3,013,000 |
PROPERTY TAXES
Parcel Number
277060-3480
Land Assessment
$582,700
Improvements Assessment
$2,430,300
Total Assessment
$3,013,000
SALE ADVISOR
SALE ADVISOR
Troy Gessel, Principal
Troy is a Principal at the Pacific Northwest office of Lee & Associates, a Bellevue-based real estate brokerage firm offering a comprehensive range of commercial real estate services to over 65 markets across the US.
Troy brings over 30 years of expertise in commercial real estate to Lee & Associates. Prior to joining Lee, Troy was a principal and founding partner at AGM, Inc., a Pacific Northwest commercial real estate and investment firm where he created a portfolio of over $500 million in acquired assets and raised over $100 million in equity. Troy started this firm with his partner after successful careers at Colliers Macaulay Nicolls and Pacific Real Estate partners.
With a vision to expand their focus, Gessel and his partner acquired Phillips Real Estate, a 40-year-old Pacific Northwest property management firm. The new partnership launched a combined portfolio of Commercial (AGM commercial portfolio), Multifamily, HOA | Community Association, and Residential assets.
With the association to Lee, Troy has created a partnership which benefits his clients by providing the power and resources of a larger corporation, and the personal attention of a smaller firm. Both have allowed Troy to better continue his focus on real estate investments through a full-service approach, all combined under the banner of Lee & Associates.
Gessel’s business acumen and passion for commercial real estate is complemented by his close friendships and personal ties with the Eastside community. Gessel and his wife of over 25 years, Elizabeth, have two children and are active in social and philanthropic circles in both Seattle and Los Angeles.
Troy brings over 30 years of expertise in commercial real estate to Lee & Associates. Prior to joining Lee, Troy was a principal and founding partner at AGM, Inc., a Pacific Northwest commercial real estate and investment firm where he created a portfolio of over $500 million in acquired assets and raised over $100 million in equity. Troy started this firm with his partner after successful careers at Colliers Macaulay Nicolls and Pacific Real Estate partners.
With a vision to expand their focus, Gessel and his partner acquired Phillips Real Estate, a 40-year-old Pacific Northwest property management firm. The new partnership launched a combined portfolio of Commercial (AGM commercial portfolio), Multifamily, HOA | Community Association, and Residential assets.
With the association to Lee, Troy has created a partnership which benefits his clients by providing the power and resources of a larger corporation, and the personal attention of a smaller firm. Both have allowed Troy to better continue his focus on real estate investments through a full-service approach, all combined under the banner of Lee & Associates.
Gessel’s business acumen and passion for commercial real estate is complemented by his close friendships and personal ties with the Eastside community. Gessel and his wife of over 25 years, Elizabeth, have two children and are active in social and philanthropic circles in both Seattle and Los Angeles.
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Bertona Steps | 3402 15th Ave W
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