7329 15th Ave NW · Seattle, WA 98107

$1,400,000

63 bd · 49.0 ba · 3,932 sqft · MultiFamily public records · 94 Days on market

Built 1912 4,403 sqft lot $356/sqft · at area comps Est $1604k · 13% under

---

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 +17.9/30.0
• ARV discount +13.2/15.0
• Schools +6.1/10.0
• DSCR +5.6/10.0
• 1% rule +4.2/10.0
• Livability +3.8/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 7 units. confirmed

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 Ballard Seven is a 7-unit apartment complex located just blocks from Ballard High School. The property unit mix consists of (1) Studio, (3) 1 bedroom/1bath and (3) 2 bedroom/1bath apartments. One 2 bedroom apartment is 1,100 sf and features a large rooftop terrace. The apartment interiors have been diligently maintained by the current ownership, which includes recent plumbing and electrical upgrades. This offering presents an investor with a cash-flow positive investment on day 1 with a simple value add path to an above market cash on cash return. The property has historically low vacancy and the current rents are within 10% of market rates which offers an attractive risk profile for a

Key facts

• Rooftop terrace
• Plumbing upgrades
• Electrical upgrades

Tags

• ROOFTOP TERRACE
• PLUMBING UPGRADES
• ELECTRICAL UPGRADES

What this means for you Summary

Snapshot

• This is a 4×1bd/1ba + 3×2bd/1ba units multifamily listed at $1.40M.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $168/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.29M (7.5% below list).
• Recommended offer: $1.27M (9.0% below list) — sets the bar for market timing.
• Cap rate 7.3% 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 (+2.8%/yr); 196 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 $12,945/mo this rent would consume 109% of the median local household income ($143k/yr) (locally 1547% 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 $10k of loan paydown is wiped out by about $42k 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

• It's been on market 94 days — a 9% lower offer ($1.27M) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y ago; this cycle's ask has dropped $75k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $543k; list at $1.40M implies a 158% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1912 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $1,274,000 (9.0% below list)

Questions for the listing agent

1. It's been on market 94 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1912 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 0.92% ✗
• Cap rate: 7.30%
• Cash-on-cash: 3.61%
• DSCR: 1.16
• GRM: 9.0

CMA / ARV

• ARV (median comp): $1,603,901
• List price: $1,400,000
• Delta: -12.71%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 2.8% rent growth · sell at horizon

5-year hold

• IRR: -10.9%
• Equity multiple: 0.61×
• Total profit: $-154,540
• Equity at exit: $208,745

10-year hold

• IRR: -1.9%
• Equity multiple: 0.87×
• Total profit: $-49,253
• Equity at exit: $121,046

Cash invested: $392,000 (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 98107

• Rents YoY: 2.8%
• Active inventory: 196
• Price-to-rent: 65.0×

Monthly cashflow live

• Estimated rent: $12,945 high
• Mortgage (P&I): −$7,342
• Tax from tax record: −$1,122 /mo · $13,466/yr
• Insurance: −$583
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,718
• Net cashflow: $1,179

Break-even live

Break-even rent $11,452

Max offer price $1,400,000

Occupancy floor 86%

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

Units	Beds	Baths	Est. rent
▸ 4× units	1	1	$7,176
▸ 3× units	2	1	$5,769
Total (7 units)			$12,945

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: $350,000
• Closing costs: $42,000
• Reserves months: —
• Total cash needed: —

Listing history 26 events

1. 2026-06-19
   days on market $1,400,000 Active 94 DOM
2. 2026-06-18
   days on market $1,400,000 Active 93 DOM
3. 2026-06-17
   days on market $1,400,000 Active 92 DOM
4. 2026-06-16
   days on market $1,400,000 Active 91 DOM
5. 2026-06-15
   days on market $1,400,000 Active 90 DOM
6. 2026-06-15
   days on market $1,400,000 Active 89 DOM
7. 2026-06-13
   days on market $1,400,000 Active 88 DOM
8. 2026-06-12
   days on market $1,400,000 Active 87 DOM
9. 2026-06-10
   days on market $1,400,000 Active 85 DOM
10. 2026-06-09
    days on market $1,400,000 Active 84 DOM
11. 2026-06-08
    days on market $1,400,000 Active 83 DOM
12. 2026-06-07
    days on market $1,400,000 Active 82 DOM
13. 2026-06-07
    days on market $1,400,000 Active 81 DOM
14. 2026-06-04
    days on market $1,400,000 Active 79 DOM
15. 2026-06-04
    price $1,400,000 Active 78 DOM
16. 2026-06-03
    days on market $1,475,000 Active 78 DOM
17. 2026-06-02
    days on market $1,475,000 Active 77 DOM
18. 2026-06-01
    days on market $1,475,000 Active 76 DOM
19. 2026-05-31
    days on market $1,475,000 Active 75 DOM
20. 2026-03-17
    listed $1,475,000 Active
21. 2024-08-12
    historical $1,595
22. 2024-07-28
    listed $1,595
23. 2024-07-28
    historical $1,595
24. 2024-07-27
    listed $1,595
25. 2003-12-22
    soldstatus $543,200
26. 1981-06-12
    soldstatus $126,000

ⓘ 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: $13,466 · $1,122/mo
• Projected year-2 tax: $13,720 · $1,143/mo
• Expected delta: +$254/yr (+$21/mo · 1.9%)

ⓘ 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 · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 10 unhealthy d/yr today · 11 by 30 yrs out

Taxation est. · year 1

• Rental income: $155,340
• − Mortgage interest: −$78,422
• − Property taxes: −$13,466
• − Insurance: −$7,000
• − Repairs & maintenance: −$12,427
• − Management: −$12,427
• − Depreciation: −$40,727
• Taxable loss: −$9,129
• Est. tax savings @ 24.0%: +$2,191
• After-tax cash flow: $16,343/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): 28,776
• Household income: $142,662
• Rent vs Own: 61.7% rent · 38.3% own
• Severe rent burden: 1547.0

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 (71%)
• Race & ethnicity: White 71% Asian 13% Two or more races 11% Hispanic / Latino 7% Black 1%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Italian 6% Portuguese 4% Slovak 3%
• Foreign-born: 15% · China, Canada, South Korea
• Languages at home: 86% English-only · Chinese 5% Spanish 3% Other Indo-European 3%

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: ▼ -1408.40%
• Current HPI: 297.0696
• Rent YoY: ▲ 2.80%
• 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

+1070.6% since first listed

7 events — show timeline

• 2026-03-17 Listed $1,475,000 NWMLS as Distributed by MLS Grid
• 2024-08-12 Rental Removed $1,595 LISTANZA
• 2024-07-28 Listed for Rent $1,595 LISTANZA
• 2024-07-28 Rental Removed $1,595 SEATTLERENTALS
• 2024-07-27 Listed for Rent $1,595 SEATTLERENTALS
• 2003-12-22 Sold (Public Records) $543,200 Public Records
• 1981-06-12 Sold (Public Records) $126,000 Public Records

Property tax history

+5.3%/yr

Latest (2025): $13,466 · -9.2% YoY. Source: county tax records.