816 N 38th St 5 Unit Apartment Building $1,900,000 ($380,000/Unit) 5.60% Cap Rate Seattle, WA 98103

Originally constructed in 1990, the four-story building consists of five spacious residential apartments and one highly desirable commercial suite, creating a diversified income stream uncommon among properties of this size. The residential component includes four oversized one-bedroom units and one expansive two-bedroom unit, each featuring thoughtful floorplans designed to maximize functionality and natural light. All apartment homes benefit from southern exposure and offer generous living spaces, large bedrooms, well-ap-pointed kitchens with abundant cabinetry, and private outdoor patios. Additional in-unit amenities include a range, refrigerator, dishwasher, microwave, and air-conditioning.
The ground-floor commercial space further enhances the property’s appeal, offering an attractive, flexible environment characterized by beautiful hardwood flooring, a kitchenette, and a private shower. This unique component provides investors with additional income diversification while serving a variety of potential tenant uses.
The property has been meticulously maintained throughout ownership and features frame construction with durable vinyl siding and a pitched roof that remains in excellent condition. Additional tenant amenities include a common laundry facility, an inviting rooftop deck with neighborhood views, and an exceptional 1:1 parking ratio, an rare feature in Fremont’s urban core.