Property Details

816 N 38th Street
Seattle, WA 98103
$1,900,000
MLS# 2541763 courtesy of NWMLS Listing firm: Westlake Associates, Inc.

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816 N 38th Street , Seattle, WA 98103, Seattle

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816 N 38th Street , Seattle, WA 98103, Seattle

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Multi-Family
Property Type
5,030
Bldg Sq Ft
6
Units
5.60%
Cap Rate
1990
Year Built

Property Overview

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-appointed 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.

Property Details

Property Information

Property Type Residential Income
Subtype Multi Family
Status Active
County King
Neighborhood Fremont
Listed Jun 17, 2026
Structure Type Multi Family
Parcel Number 1972201671

Tax & HOA

Annual Property Tax $18,027 (2026)
Est. Monthly Tax $1,502/mo

Financial Summary

Cap Rate 5.60%
Net Operating Income $106,489
Gross Scheduled Income $156,408
Gross Rent Multiplier 12.15
Total Expenses $45,227
Vacancy Rate 3.0%

Building & Use

Building Sq Ft 5,030
Leasable Area 4,469 sqft
Total Units 6
Zoning Multi-Family
Possible Use Multi-Family
Lot Size 2,400 sqft
Year Built 1990

Exterior & Lot

Lot Size 0.06 sqft
Year Built 1990
Exterior Materials Wood
Sewer Sewer Connected
Lot Features Alley, Curbs, Paved, Sidewalk
Exterior Features Wood

Community & Access

Directions On Hwy 99 N/Aurora Ave N, slight right on Bridge Wy N. Left on N 38th St. Right on Linden Ave N. Right on N 39th St. Right on Aurora Ave N. Right on N 38th St. Site on right.

Location

City Seattle
County King
Coordinates 47.65290, -122.34779

Additional Information

Tax Year 2026
Annual Taxes $18,027
Possession Array
Listed By
Richard L. Kemp
Westlake Associates, Inc.

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