Emerson Apartments 600 W Emerson St 12 Unit Apartment Building $3,400,000 ($283,333/Unit) 5.87% Cap Rate Seattle, WA 98119

The Lee & Associates Northwest Multifamily Team is pleased to present the Emerson Apartments, a 12-unit apartment community built in 1965 in Seattle’s coveted North Queen Anne neighborhood, delivered fully vacant at closing. This rare offering gives investors and owner-occupants the immediate ability to lease all units at current market rents, pursue targeted renovations, or both, with no inherited lease obligations and no displacement concerns.
The building offers eight one-bedrooms and four two bedrooms with functional layouts, spacious bedrooms and
living areas, and select units featuring private decks with canal views. Residents benefit from 12 surface parking spaces and a dedicated laundry and storage room on each of the three floors. The building arrives with its major systems addressed: new siding and exterior painting in 2002, a roof replacement, comprehensive electrical upgrades in 2023 and 2024, and interior renovations in 2015 covering new appliances, kitchen and bathroom remodeling, and new exterior doors throughout. A new owner can direct capital toward light interior value-add rather than deferred maintenance.
Positioned on W Emerson Street, the Emerson Apartments offer seamless access to Interbay, Fremont, Ballard, South Lake Union, and Downtown Seattle, with major employers including Apple, Meta, Anthropic, Google, Amazon, and Expedia all within easy reach. North Queen Anne’s amenity rich, walkable character and strong professional tenant base make it one of Seattle’s most consistently in-demand rental submarkets. With a well-maintained building and fully vacant delivery, the Emerson Apartments represent an immediate executable opportunity to lease, reposition, and maximize returns from day one.