I Street Apartments 3601 I St NE 16 Unit Apartment Building $5,249,965 CAD ($328,123 CAD/Unit) 6.77% Cap Rate Auburn, WA 98002

Lee & Associates | Northwest Multifamily Team is pleased to present the exclusive listing of the I Street Apartments, a well-maintained 16-unit apartment community in Auburn, Washington. Built in 1988, the property sits on a 26,875-square-foot C3-zoned lot, attractively positioned between the downtown regional cores of Auburn and Kent.
The community features garden-style layouts, offering a mix of four 1-bedroom, four 2-bedroom/1-bath, and eight 2-bedroom/2-bath units, with an average unit size of nearly 1,000 square feet. Interior highlights include tiled flooring and updated bathrooms in select units, along with fireplaces, private balconies or patios, and in-unit laundry in every residence.
The building envelope is composed of vinyl siding and a composition shingle roof. All windows were upgraded to double-pane units in 2016, enhancing energy efficiency and reducing ongoing maintenance. The electrical system features Romex wiring with individual panels. A total of 24 off-street parking stalls provides a favorable parking ratio and presents a potential income opportunity for new ownership.
With large and attractive units, durable, well-maintained systems and the potential for increased revenue through light interior updates, I Street Apartments represents a turnkey investment offering both stable in-place cash flow and long-term value-add upside. This opportunity will appeal to both seasoned and emerging multifamily investors.
Well-maintained asset, offering strong in place income and ease of ownership.
Diversified unit mix caters to a wide spectrum of tenants
Units feature desirable private balconies or patios
Additional upside available via cosmetic unit updates
Positioned equidistant from Downton Kent and Auburn, I Street Apartments benefits from convenient proximity to regional employers, and key transit infrastructure The property enjoys quick access to Auburn’s revitalizing main street and the Sounder Train Station, providing direct rail connectivity to Seattle and Tacoma. Nearby highways include SR-167, SR-18, and SR-164, connect residents to I-5 and I-405, facilitating commutes throughout the South King County and greater Puget Sound regions.
More than just a bedroom community, Auburn is home to major regional employers that collectively support over 15,400 jobs. Anchors include Boeing’s Auburn plant, the Muckleshoot Indian Tribe, MultiCare Health System, Safeway, Costco, and Ply Gem Windows. These institutions not only provide economic stability but also fuel consistent housing demand across the market.
Residents have access to a dynamic lifestyle mix of recreation and entertainment. Nearby amenities include Muckleshoot Casino, Emerald Downs Racetrack, Pacific Raceways, and the White River Amphitheatre. Arts and culture thrive with events at the Auburn Symphony and exhibits at the Postmark Center for the Arts. The city also boasts of 28 developed parks and over 23 miles of multi-use trails, including nearby access to the Green River and 27th Corridor trails, connecting Auburn to Renton and Seattle for both recreation and alternative commuting.
With its balance of affordability, employment, entertainment, and transportation, Auburn continues to distinguish itself as a compelling Puget Sound submarket for investment.