Property Details
816 N 38th Street
Seattle, WA 98103
$1,900,000
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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
