5505 NE 65th Street Seattle WA 98115 MLS #NWM2448363

Burkewood Apartments is an appealing 8-unit multifamily investment in Seattle’s sought-after Hawthorne Hills neighborhood. This well-maintained property, built in 1956, boasts 8 moderately updated 1BD/1BA units on a 6,000 SF lot zoned NR3, offering future redevelopment potential. Burkewood provides strong value-add opportunities via rent increases—current averages of $1,409 per unit could rise to proforma market levels of $1,550, elevating NOI from $86,662 to $110,933 and cap rate from 5.29% to 6.72%. The prime location, near Magnuson Park, the Burke-Gilman Trail, University of Washington, Seattle Children’s Hospital, and University Village, drives tenant appeal in a high-demand, supply-limited area with top schools and amenities.