View at the Lake

206 Units | Built in 1969/62

View at the Lake

206 Units | Built in 1962 & 1969

View at the Lake

Exclusive multifamily opportunity

30602 Pacific Hwy S ​ | ​ Federal Way, WA 98003

206 Units Built in 1962 & 1969
​ 30602 Pacific Hwy S ​ | ​ Federal Way, WA 98003

Berkadia Seattle Investment Sales is pleased to announce it has been retained as the exclusive listing broker for View at the Lake, a garden-style community located in Federal Way, WA.

Built as two properties in 1962 and 1969, and featuring 206-units, View at the Lake is ideally wedged between Seattle and Tacoma and provides residents with easy access to a plethora of large employment centers nearby – highlighted by the Kent Valley and seamless commutes to the entire Seattle/Bellevue MSA. With a blank canvas for a full renovation, View at the Lake offers tremendous upside for investors while also providing immediate scale in one of South King County’s strongest markets.

​ ​ ​ With a limited development pipeline throughout the South Sound, View at the Lake will continue to see high occupancy, increased NOI through a renovation, and offer the investment community attractive yields moving forward.

Value-Add Opportunity

View at the Lake offers investors a significant value-add opportunity with a blank canvas for interior and exterior renovations. Upgrades including appliances, cabinets, flooring, lighting package, electrical and plumbing hardware, hard surface countertops, and paint. Such renovations have the potential to increase rental premiums roughly $378 over in-place rents and increase net operating income over $1,040,000 above current operations. In addition to unit upgrades, new ownership can round out the exterior finishes and community spaces.

Market Highlights

Market Highlights

The Median Household Income in Federal way is $72,462 and is projected to increase to $89,820 by 2027 according to Berkadia research.

Home values in Federal Way appreciated 13.3% annually to reach a median price of $587,500.

Location Highlights

The city of Federal Way is in southwestern King County along the Puget Sound inlet and is a key component of the Seattle-Tacoma-Bellevue Metropolitan Statistical Area (MSA). Nestled between two mountain ranges, this coastal city is surrounded by breathtaking vistas and offers an incomparable quality of life. Federal Way residents enjoy affordable living options compared to other parts of the metro, while residing within a short commute of the bustling cities of Seattle and Tacoma.

The Kent Valley is home to the second-largest industrial park on the West Coast, and fifth in the nation. Kent also ranks as the third-largest distribution/warehouse market in the country, trailing only New York and Los Angeles. Finally, the Seattle/Tacoma port system boasts the third-largest container hub ​ in the country.

Between 2015 and 2020, the Seattle MSA added over 35%, or nearly 190,000 employees, to its tech workforce. Forecasts predict that this trend will only continue, as more than 50,000 employees are projected to begin employment in the Greater Bellevue area by 2026.

Link light rail station – set to open in 2024, the Federal Way Link Light Rail Station is just under 1 mile from the property and will provide residents with easy access to SeaTac International Airport and Downtown Seattle.

View at the Lake

206 Units ​ | ​ Built in 1962 & 1969

30602 Pacific Hwy S ​ | ​ Federal Way, WA 98003

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. ​

© 2022 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: www.berkadia.com/legal/licensing.