3901 Martin Luther King Jr Way S, Seattle, WA 98108
- $1,750,000
- 5,330
- SqFt
Listing courtesy of Westlake Associates, Inc..
- List Price
- $1,750,000
- Status
- ACTIVE
- MLS#
- 2562520
- Days on Market
- 0
- Style
- 55 - 5-9 Units
- Finished SqFt
- 5,330
- Area Total SqFt
- 5330
- Annual Tax Ammount
- 19649
- Lot Size (sq ft)
- 6,738
- Sewer
- Sewer Connected
Property Description
Empire Flats is a fully renovated 9-unit building conveniently located blocks from Mt Baker Light Rail Station. This is an excellent opportunity for an investor as most of the renovations have been completed and the buyer simply needs to raise rent/income. Comparable rents nearby show that there is room to raise rents significantly without additional upgrades. Empire Flats has spacious units that have been updated throughout with new cabinetry, quartz counters, and stainless appliances. The modernized apartments also have desirable LVP flooring and in-unit laundry. The low maintenance building has a newer roof and exterior paint. There are plans to covert the existing laundry area to a 10th unit (buyer to verify).
Additional Information
- List Date
- 2026-07-30 20:13:14
- Community
- Columbia City
- Net Operating Income
- $103,326
- Gross Adjusted Income
- $153,387
- Gross Scheduled Income
- $161,460
- Total Monthly Income
- $13,455
- Insurance Expenses
- $4,800
- Water/Sewer/Garbage Expenses
- $10,912
- Gross Rent Multiplier
- 10.84
- Total Expenses
- $50,061
- Cap Rate
- 5.9
- Vacancy Rate
- 5
- Total Number of Units
- 9
- Unit Name
- 3901
- Potential Terms
- Cash
- Year Built
- 1963
- Roof
- Composition
- Other Expenses
- 14700
- Energy Source
- Electric
- School District
- Seattle
- Total Monthly Income
- $13,455
- Gross Scheduled Income
- $161,460
- Vacancy Rate
- 5
- Gross Adjusted Income
- $153,387
- Tax Year
- 2026
- Insurance Expense
- $4,800
- W/S/G Expenses
- $10,912
- Total Expenses
- $50,061
- Net Operating Income
- $103,326
- Gross Rent Multiplier
- 10.84
- Cap Rate
- 5.9
Based on information submitted to the MLS GRID as of . All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.IDX information is provided exclusively for consumers’ personal noncommercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.