2600 -2626 Thorndyke Ave W · Seattle, WA 98119

$6,225,000

35 bd · 31.0 ba · 7,930 sqft · MultiFamily public records · 11 Days on market

Built 1954 0.79 ac lot $785/sqft · 147% above area Est $5526k · 13% over

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Why this score? — see what drove the C grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +25.4/30.0
• DSCR +8.4/10.0
• Schools +6.1/10.0
• 1% rule +5.5/10.0
• Livability +3.8/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• ARV discount +1.8/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

The Magnolia Assemblage offers a new investor the ability to acquire a 3 building portfolio suitable for a value-add opportunity located in a core Seattle area. The current arrangement offers 31 multi-family units plus a single family house. All together the assemblage represents 34,262 square feet of LR3 (M) zoned dirt suitable for a development of +/- 30 townhouses.

Key facts

• 0.79 acre lot
• Built 1954
• Listed 10 days

What this means for you Summary

Snapshot

• This is a 35-bed/31.0-bath multifamily listed at $6.22M.

Deal economics

• At list price, monthly cash flow is $14k ($171k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($65k rent vs $6.22M).
• Cap rate 9.0% vs local median 1.6% in Seattle — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 75/100 on livability (#166 in WA, #4,033 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, employment A+; Watch: crime F, cost of living F.
• Seattle Public Schools (urban): math 64% / reading 72% proficiency, ranked #19 of 291 in WA (top 6%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+1.6%/yr); 173 active listings in the ZIP; high-income renter base; 10,555 units permitted in King County in 2024 (7,119 in 5+ unit buildings).
• At $65,301/mo this rent would consume 634% of the median local household income ($124k/yr) (locally 1144% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $43k of loan paydown is wiped out by about $187k of value loss. Plan a longer hold.
• King County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $480k; list at $6.22M implies a 1197% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1954 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $6,225,000

Questions for the listing agent

1. Built in 1954 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
4. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
5. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
6. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
7. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.05% ✓
• Cap rate: 9.04%
• Cash-on-cash: 9.82%
• DSCR: 1.44
• GRM: 7.9

CMA / ARV

• ARV (median comp): $5,526,449
• List price: $6,225,000
• Delta: 12.64%
• Verdict: OVERPRICED
• Comps: 4 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 1.64% rent growth · sell at horizon

5-year hold

• IRR: -3.0%
• Equity multiple: 0.89×
• Total profit: $-191,313
• Equity at exit: $928,168

10-year hold

• IRR: 5.3%
• Equity multiple: 1.37×
• Total profit: $640,493
• Equity at exit: $538,224

Cash invested: $1,743,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (CITY): 0 Strongly Tenant-Friendly
• State Washington: 28 Tenant-Leaning · D+8
• County: — inherits STATE
• City Seattle: 0 Strongly Tenant-Friendly · D+52

Just Cause + Relocation Assistance + Source of Income + First in Time.

Methodology + full state rankings →

ZIP-level market 98119

• Rents YoY: 1.6%
• Active inventory: 173
• Price-to-rent: 246.3×

Monthly cashflow live

• Estimated rent: $65,301 medium
• Mortgage (P&I): −$32,645
• Tax from tax record: −$2,092 /mo · $25,100/yr
• Insurance: −$2,594
• HOA: −$0
• Vacancy / Maint / Mgmt: −$13,713
• Net cashflow: $14,258

Break-even live

Break-even rent $47,253

Max offer price $6,225,000

Occupancy floor 73%

31-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 31× units	2	1	$65,286
Total (31 units)			$65,301

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $1,556,250
• Closing costs: $186,750
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-06-19
   days on market $6,225,000 Active 11 DOM
2. 2026-06-18
   days on market $6,225,000 Active 10 DOM
3. 2026-06-17
   days on market $6,225,000 Active 9 DOM
4. 2026-06-16
   days on market $6,225,000 Active 8 DOM
5. 2026-06-15
   days on market $6,225,000 Active 7 DOM
6. 2026-06-15
   days on market $6,225,000 Active 6 DOM
7. 2026-06-13
   days on market $6,225,000 Active 5 DOM
8. 2026-06-12
   days on market $6,225,000 Active 4 DOM
9. 2026-06-10
   days on market $6,225,000 Active 2 DOM
10. 2026-06-08
    days on marketlisting id $6,225,000 Active 1 DOM
11. 2026-05-31
    days on market $6,225,000 Active 94 DOM
12. 2026-02-26
    listed $6,225,000 Active
13. 1994-01-04
    soldstatus $480,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast WA · Resets to sale price

• Current annual tax: $25,100 · $2,092/mo
• Projected year-2 tax: $61,005 · $5,084/mo
• Expected delta: +$35,905/yr (+$2,992/mo · 143.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥86°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 11 unhealthy d/yr today · 12 by 30 yrs out

Taxation est. · year 1

• Rental income: $783,612
• − Mortgage interest: −$348,697
• − Property taxes: −$25,100
• − Insurance: −$31,125
• − Repairs & maintenance: −$62,689
• − Management: −$62,689
• − Depreciation: −$181,091
• Taxable income: $72,221
• Est. tax owed @ 24.0%: −$17,333
• After-tax cash flow: $153,760/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Seattle Public Schools
• NCES district ID: 5307710
• Math proficiency: 64% ▼ -1.00%
• Reading proficiency: 72% ▬ 0.00%
• Median HH income: $68,695
• Composite: 60.76/100
• National rank: #1649
• State rank: #19 of 291 in WA

Livability — Seattle

• Score: 75/100
• State rank: #166
• US rank: #4033

Category grades

Amenities A+ Commute A+ Cost of living F Crime F Employment A+ Housing B Health & safety A+ User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Seattle, WA
• County: King County · 2,251,916 people
• City population: 706,262
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 26,879
• Household income: $123,551
• Rent vs Own: 61.8% rent · 38.2% own
• Severe rent burden: 1144.0

Population outlook (King County) Hauer SSP2

• Today (2025): 2,576,485 people
• By 2030: 2,803,316 · +8.8%
• By 2040: 3,255,921 · +26.4%
• By 2050: 3,706,444 · +43.9%
• By 2075: 4,746,063 · +84.2%
• By 2100: 5,407,730 · +109.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (67%)
• Race & ethnicity: White 67% Asian 12% Two or more races 12% Hispanic / Latino 9% Black 3%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Italian 5% Portuguese 5% Slovak 3%
• Foreign-born: 15% · Canada, China, South Korea
• Languages at home: 86% English-only · Spanish 5% Chinese 3% Other Indo-European 2%

Political lean MEDSL · King

• 2024 margin: Solid D (+51.7) · D 74.2% · R 22.5% · Other 3.4%
• 2008→2024 swing: +9.6pp toward D · 2008: 42.1pp · 2024: 51.7pp
• All cycles: 2024: D+51.7 2020: D+52.7 2016: D+50.4 2012: D+39.9 2008: D+42.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -1107.81%
• Current HPI: 309.791
• Rent YoY: ▲ 1.64%
• Metro: Seattle-Tacoma-Bellevue, WA
• State GDP YoY: ▲ 4.65%
• F500 in state: 22

Industry mix (Fortune 500 HQ in WA)

Industry	F500 HQs	Revenue
▸Retail	2	$269B
▸Technology / Retail	1	$638B
▸Technology	1	$245B
▸Telecommunications	1	$38B
▸Food / Beverage	1	$36B
▸Automotive / Trucks	1	$34B

Price history

+1196.9% since first listed

2 events — show timeline

• 2026-02-26 Listed $6,225,000 NWMLS as Distributed by MLS Grid
• 1994-01-04 Sold (Public Records) $480,000 Public Records

Property tax history

+5.9%/yr

Latest (2025): $25,100 · -9.9% YoY. Source: county tax records.