1822 S King St 4 Unit Apartment Building $1,650,000 ($412,500/Unit) 4.98% Cap Rate Seattle, WA 98144

This well-located fourplex presents a compelling opportunity to acquire a turnkey multifamily asset in Seattle’s highly desirable Central District. The property benefits from an outstanding urban setting with a Walker’s Paradise walk score of 92, placing residents within easy reach of Downtown Seattle, major hospitals, neighborhood restaurants and shops, and convenient transit options.
Constructed in 1988 and with a full-gut renovation in 2001, the building features modern systems, updated siding, and upgraded exterior stairs. The property offers an attractive and efficient unit mix consisting of three one-bedroom units and one two-bedroom unit, appealing to a wide range of renters seeking quality housing in a central location. The upper units each have two operable skylights and views of Downtown Seattle, the Olympics, and the Stadium.
Each unit has been fully renovated with contemporary finishes, including updated kitchens and bathrooms, and the convenience of in-unit laundry. Three of the four units also offer dishwashers. Each unit has its own private patio, providing desirable outdoor space rarely found in similar properties. Additional amenities include four off-street parking spaces, further enhancing tenant appeal in this walkable neighborhood.
Notably, the property has demonstrated success as a short-term rental, with one of the one-bedroom units currently furnished and achieving stable income diversification. This presents a proven model for additional income generation across other units, while also offering flexibility for a future owner to pursue a mix of short-term and long-term rental strategies.
With strong in-place operations, additional upside through the implementation of utility bill-backs, and a proven alternative short-term rental income strategy, the property offers investors both stability and future income growth potential in one of Seattle’s most sought-after neighborhoods.