Property Details
3901 Martin Luther King Jr Way S
Seattle, WA 98108
$1,750,000
Active
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Property Overview
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).
Property Details
Property Information
Property Type
Residential Income
Subtype
Multi Family
Status
Active
County
King
Neighborhood
Columbia City
Listed
Jul 30, 2026
Structure Type
Multi Family
Parcel Number
2381700140
Tax & HOA
Annual Property Tax
$19,649 (2026)
Est. Monthly Tax
$1,637/mo
Financial Summary
Cap Rate
5.94%
Net Operating Income
$103,896
Gross Scheduled Income
$162,060
Gross Rent Multiplier
10.80
Total Expenses
$50,061
Vacancy Rate
5.0%
Building & Use
Building Sq Ft
5,330
Leasable Area
5,330 sqft
Total Units
9
Zoning
Multi-Family
Possible Use
Multi-Family
Lot Size
6,739 sqft
Year Built
1963
Exterior & Lot
Lot Size
0.15 sqft
Year Built
1963
Exterior Materials
Brick
Sewer
Sewer Connected
Lot Features
Paved, Sidewalk
Exterior Features
Brick
Community & Access
Directions
From Seattle, take I-5 S to Rainier Ave S. Take exit 3 from I-90 E. Driving S on Rainier Ave S, turn right onto Martin Luther King Jr Way S. Property is on the right.
Location
City
Seattle
County
King
Coordinates
47.56886, -122.29715
Additional Information
Tax Year
2026
Annual Taxes
$19,649
Possession
Array
Based on information submitted to the MLS GRID as of August 12, 2026 7:00 PM. 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, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Copyright 2026 NWMLS. All rights reserved.
IDX information is provided exclusively for consumers’ personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Copyright 2026 NWMLS. All rights reserved.
