5016 7TH AVE NE SEATTLE WA 98105-3601
7bed UW Rooming House | Potential House Hack
Marketing description
Turnkey, income-producing rooming house in Seattle's University District, operated as student housing for decades with a 20+ year rental history. A lease is already in place for the upcoming school year, so the property delivers cash flow from day one. It currently rents for $6,000/month (~$72,000/year gross).
The appeal is the operating model: because a rooming house has one single lease for the property but rent is calculated by the bedroom rather than as a single unit, it typically generates more gross income - and a stronger cap rate and cash-on-cash return - than a comparably priced single-family rental or small multifamily. Seven rooms under one roof, in a submarket that has supported student housing for years.
Two-Unit "House Hack" Layout
The home lives as two separate units, giving an owner-occupant a genuine house-hack option:
- Upstairs: 4 bedrooms + full kitchen
- Renovated daylight basement: 3 bedrooms, its own kitchen, ¾ bath, and a separate entrance
Live in one unit and let the other offset the mortgage, or keep operating all seven rooms as a rental.
Light, Cosmetic Value-Add
This is a stable asset in good working order - including updated electrical (Square D), two water heaters, and two refrigerators. The finishes are dated but fully functional, so the upside is a light cosmetic refresh (floors, paint, trim) to support higher rents - not a heavy renovation.
In-Place Income
- Current rent: $6,000/month (~$72,000/year gross)
- Lease secured for the upcoming school year
- 2025 taxes: $8,839
- 2025 insurance: $3,400
- Total Annual Expenses: 20% of Gross Income
Property Features
- 7 bedrooms / 1.75 baths (full bath upstairs, ¾ bath down) · 3,000 SF · built 1927 · 4,280 SF lot
- Two kitchens; furnished
- Daylight basement; forced-air gas heat; composition roof
- Free on-site laundry
- Off-street alley parking for 3 cars + detached garage + secure bike storage
- Back deck; private, fenced yard with street and alley access
Location
Located in Seattle's University District — close to Trader Joe's with quick I-5 access, in an area with a long track record as student housing.
The bottom line: a proven student-housing performer with in-place income, a signed lease, two-unit house-hack flexibility, and light cosmetic upside.
Investment highlights
- Lease signed for the upcoming school year - tenants moving in soon, income in place
- Proven rooming house - with a 20-year track record of stable operation
- Tenants pay all utilities - owner covers taxes, insurance, and maintenance
- House-hack potential - live in one unit and rent the other to students
- Cosmetic upgrade upside - to drive higher rents
- Turnkey and functional as-is, with a long history of reliable performance under routine upkeep
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