Mixed-Use Residential Building with Retail
For Sale
Contact for pricing
816 North 38th Street, Seattle, WA 98103
Four-story building offers five residential apartments plus a ground-floor commercial suite for diversified income potential.
Property Size4,469 SF
Price / SF$425.15
Days on Market56
Property Features for 816 North 38th Street
General Information
Standard status
Active
Size
4,469 SF
Property subtype
Retail, Multifamily
Zoning
C1-55(M)
Net Operating Income
$106,489
Building Details
Year Built
1990
Buildings
1
Units
6
Listing Agency:
Westlake Associates, Inc.
Listed By:
Rich Kemp · License #31127
Source:
Crexi
Added: Jun 17
Changed: Aug 8
Last Checked: Aug 10 at 4:21AM
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.
Originally constructed in 1990, this four-story frame building includes five spacious residential apartments and one ground-floor commercial suite. The residential mix features four oversized one-bedroom units and one expansive two-bedroom unit, with southern exposure, large bedrooms, well-appointed kitchens with abundant cabinetry, and private outdoor patios. In-unit amenities include a range, refrigerator, dishwasher, microwave, and air-conditioning. The commercial space is finished with beautiful hardwood flooring, a kitchenette, and a private shower, with a layout designed to support flexible tenant uses.
The property is maintained with durable vinyl siding and a pitched roof in excellent condition. Tenant amenities include a common laundry facility and an inviting rooftop deck with neighborhood views. An exceptional 1:1 parking ratio is provided, a rare feature noted for the Fremont urban core. The combination of homes and a dedicated commercial suite creates an uncommon mix for a property of this size.
For buyers or investors, the structure supports a diversified setup with both residential living space and a separate commercial component. For commercial tenants, the suite’s kitchenette and private shower can help accommodate a range of service-oriented or small-operator concepts, while residents benefit from private patios, indoor comforts, and shared rooftop and laundry amenities.
The property is maintained with durable vinyl siding and a pitched roof in excellent condition. Tenant amenities include a common laundry facility and an inviting rooftop deck with neighborhood views. An exceptional 1:1 parking ratio is provided, a rare feature noted for the Fremont urban core. The combination of homes and a dedicated commercial suite creates an uncommon mix for a property of this size.
For buyers or investors, the structure supports a diversified setup with both residential living space and a separate commercial component. For commercial tenants, the suite’s kitchenette and private shower can help accommodate a range of service-oriented or small-operator concepts, while residents benefit from private patios, indoor comforts, and shared rooftop and laundry amenities.
Key Highlights
- Four‑story mixed‑use building built in 1990 with 5 residential apartments plus a ground‑floor commercial suite
- Residential units include four oversized 1‑bedroom units and one 2‑bedroom unit
- Each apartment has southern exposure and private outdoor patios, plus in‑unit range, refrigerator, dishwasher, microwave, and air‑conditioning
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
$97,224
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
5.12%
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%
$1,944,480
$1.9M
Cap Rate 7%
$1,388,914
$1.4M
Cap Rate 9%
$1,080,267
$1.1M
Market Conditions
NOI Build-Up for 4,469 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
$143.2K $32.04/SF
− Vacancy
−$4.3K −$0.96/SF
EGI
$138.9K $31.08/SF
− OpEx
−$41.7K −$9.32/SF
NOI
$97.2K $21.76/SF
Area
ZIP 98103
Vacancy
3.00%
Lease Rate
$32.04 /SF/Yr
Expense Ratio
30.00%
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%
$1,944,480
Cap Rate 7%
$1,388,914
Cap Rate 9%
$1,080,267
Alternative Uses
Best Use
Retail
$1.39M
$1.22M – $1.62M
NOI $97,224 @ 7.0% cap · market cap 5.12%
Second Best
Apartment 5plus
$1.02M
$891.3K – $1.19M
NOI $71,302 @ 7.0% cap · market cap 3.75%
Theoretical Best
Office A
$1.81M
$1.58M – $2.11M
NOI $126,455 @ 7.0% cap · market cap 6.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,831
Businesses Nearby
Explore this area
Business Placement
Demographics for 98103, WA
53,056
Population
27,857
Households
1.9
Avg Household Size
35
Median Age
77%
College-Educated
98%
High-School Grad
4.6 sq mi
ZIP Area
11,534
Density / Sq Mi
$127,372
Median Household Income
$80,508
Median Earnings
$2,006
Median Rent
$1,012,900
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 - Four-story building offers five residential apartments plus a ground-floor commercial suite for diversified income potential.
Where is this apartment building located?
The property is located at 816 North 38th Street Seattle, WA.
What is the asking price?
The asking price for this property is $1,900,000.
What are key features of this property?
This property features: Four‑story mixed‑use building built in 1990 with 5 residential apartments plus a ground‑floor commercial suite; Residential units include four oversized 1‑bedroom units and one 2‑bedroom unit; Each apartment has southern exposure and private outdoor patios, plus in‑unit range, refrigerator, dishwasher, microwave, and air‑conditioning
