Renovated 9-Unit Apartment
For Sale
Contact for pricing
3901 Martin Luther King Junior Way South, Seattle, WA 98108
Updated apartments feature quartz countertops, stainless appliances, and in-unit laundry.
Property Size5,330 SF
Price / SF$328.33
Days on Market13
Property Features for 3901 Martin Luther King Junior Way South
General Information
Standard status
Active
Size
5,330 SF
Property subtype
Multifamily
Zoning
LR3(M)
Net Operating Income
$103,326
Additional Details
Public Transit
Yes
Multifamily Units
9
Amenities
in-unit laundry
Building Details
Year Built
1963
Buildings
1
Units
9
Listing Agency:
Westlake Associates, Inc.
(206) 505-9400
Listed By:
Travis Kannier · License #WA
Source:
Crexi
Added: Jul 30
Changed: Aug 5
Last Checked: Aug 11 at 7:15AM
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.
This 5,330-square-foot apartment building was constructed in 1963 and has undergone extensive renovations. The nine apartments include updated cabinetry, quartz countertops, stainless steel appliances, LVP flooring, and in-unit laundry. Building improvements also include a pitched composite roof and exterior paint, supporting a lower-maintenance property profile.
Located at 3901 Martin Luther King Junior Way South in Seattle, the property is positioned a few blocks from the Mt Baker Light Rail Station. The site carries LR3(M) zoning. Plans call for converting the existing laundry area into a 10th unit, subject to buyer verification. The listing also identifies access to Downtown Seattle’s CBD and South Lake Union employment centers, along with neighborhood amenities within walking distance.
Located at 3901 Martin Luther King Junior Way South in Seattle, the property is positioned a few blocks from the Mt Baker Light Rail Station. The site carries LR3(M) zoning. Plans call for converting the existing laundry area into a 10th unit, subject to buyer verification. The listing also identifies access to Downtown Seattle’s CBD and South Lake Union employment centers, along with neighborhood amenities within walking distance.
Key Highlights
- Nine‑unit apartment building with 5,330 square feet
- Renovated apartments with new cabinetry, quartz countertops, and stainless appliances
- LVP flooring and in‑unit laundry in the apartments
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
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 feature quartz countertops, stainless appliances, and in-unit laundry.
Where is this apartment building located?
The property is located at 3901 Martin Luther King Junior Way South 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: Nine‑unit apartment building with 5,330 square feet; Renovated apartments with new cabinetry, quartz countertops, and stainless appliances; LVP flooring and in‑unit laundry in the apartments
