Renovated 9-Unit Apartment
For Sale
$1,750,000
3901 Martin Luther King Jr, Seattle, WA 98108
Updated apartments offer quartz countertops, stainless steel appliances, LVP flooring, and in-unit laundry.
Property Size5,330 SF
Price / SF$328.33
Days on Market22
Property Features for 3901 Martin Luther King Jr
General Information
Standard status
Active
Size
5,330 SF
Property subtype
Multi-family
Additional Details
Public Transit
Yes
Multifamily Units
9
Amenities
in-unit laundry
Building Details
Year Built
1963
Buildings
1
Listing Agency:
Westlake Associates,Inc.
Listed By:
Travis Kannier
(425) 455-2065
Source:
Skylineproperties
Added: Jul 20
Changed: Aug 10
Last Checked: Aug 10 at 4:27AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Westlake Associates,Inc.
Investment Insights
Based on property information with market context.
Empire Flats is a 9-unit apartment building in Seattle with 5,330 square feet and a 1963 construction date. Renovated interiors include new cabinetry, quartz countertops, stainless steel appliances, LVP flooring, and in-unit laundry. The building also features a newer roof and exterior paint, supporting a lower-maintenance ownership profile.
Located at 3901 Martin Luther King Jr, the property sits blocks from Mt Baker Light Rail Station. Plans call for converting the existing laundry area into a 10th unit, subject to buyer verification. The existing unit count, updated finishes, and transportation proximity define the property’s current configuration.
Located at 3901 Martin Luther King Jr, the property sits blocks from Mt Baker Light Rail Station. Plans call for converting the existing laundry area into a 10th unit, subject to buyer verification. The existing unit count, updated finishes, and transportation proximity define the property’s current configuration.
Key Highlights
- 9‑unit apartment building with 5,330 SF
- Renovated interiors with new cabinetry and quartz countertops
- Stainless steel appliances, LVP flooring, and in‑unit laundry
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$89,959
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.14%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,799,180
$1.8M
Cap Rate 7%
$1,285,129
$1.3M
Cap Rate 9%
$999,544
$999.5K
Market Conditions
NOI Build-Up for 5,330 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$169.5K $31.80/SF
− Vacancy
−$5.9K −$1.11/SF
EGI
$163.6K $30.69/SF
− OpEx
−$73.6K −$13.81/SF
NOI
$90.0K $16.88/SF
Area
Seattle, WA
Vacancy
3.50%
Lease Rate
$31.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,799,180
Cap Rate 7%
$1,285,129
Cap Rate 9%
$999,544
Alternative Uses
Best Use
Apartment 5plus
$1.29M
$1.12M – $1.50M
NOI $89,959 @ 7.0% cap · market cap 5.14%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.60M
$1.40M – $1.87M
NOI $112,248 @ 7.0% cap · market cap 6.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
9
Residential units
Location Intelligence
Trade Area within ½ mile
1,165
Businesses Nearby
Explore this area
Business Placement
Demographics for 98108, WA
25,009
Population
9,096
Households
2.7
Avg Household Size
37
Median Age
37%
College-Educated
83%
High-School Grad
7.4 sq mi
ZIP Area
3,380
Density / Sq Mi
$90,806
Median Household Income
$48,703
Median Earnings
$1,463
Median Rent
$693,500
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Updated apartments offer quartz countertops, stainless steel appliances, LVP flooring, and in-unit laundry.
Where is this apartment building located?
The property is located at 3901 Martin Luther King Jr Seattle, WA.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: 9‑unit apartment building with 5,330 SF; Renovated interiors with new cabinetry and quartz countertops; Stainless steel appliances, LVP flooring, and in‑unit laundry
