Property Details

Empire Flats is a fully renovated nine unit building conveniently located blocks from the 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 the 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 pitched composite roof and exterior paint. There are plans to convert the existing laundry area to a 10th unit (buyer to verify). The Central District / Mt. Baker neighborhoods has seen some of the strongest rent growth for any submarket and has excellent access to employment hubs including the CBD in Downtown Seattle and South Lake Union. With neighborhood amenities within walking distance this property has everything that tenants could ever need. Empire Flats offers an immediate opportunity to take over a solid, modernized building with stabilized income and achieve significant long-term upside.