8848 Stone Ave N · Seattle, WA 98103

$1,800,000

120 bd · 100.0 ba · 6,108 sqft · MultiFamily public records · 17 Days on market

Built 1988 6,150 sqft lot

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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 +20.0/30.0
• ARV discount +7.5/15.0
• DSCR +6.3/10.0
• Schools +6.1/10.0
• 1% rule +4.7/10.0
• Livability +3.8/5.0
• Rent growth +3.1/5.0
• 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: 10 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

We are pleased to present 8848 Stone Ave N, a pride-of-ownership 10-unit apartment community in Seattle’s North Green Lake neighborhood. Built in 1988, the building offers a well-balanced unit mix of 2 studios, 4 one-bedrooms, and 4 two-bedrooms — spacious floor plans filled with natural light and equipped with in-unit laundry throughout. Durable building systems include copper plumbing, a Siemens electric panel, and a 2021 roof replacement, delivering a new owner a clean operational foundation with minimal deferred maintenance. A secured entry system and fully fenced rear parking lot with 10 assigned spaces complete a resident experience that is low-friction and well managed. I

Key facts

• Copper plumbing
• Secured entry system
• In unit laundry

Tags

• NORTH GREEN LAKE NEIGHBORHOOD
• IN UNIT LAUNDRY
• COPPER PLUMBING
• SIEMENS ELECTRIC PANEL
• 2021 ROOF REPLACEMENT
• SECURED ENTRY SYSTEM

Property features AI

Finance

• Financial info: Listing terms: Cash or Conventional; Gross scheduled income: $174,000; Gross adjusted income: $165,300; Total monthly income: $14,033; Net operating income: $98,219; Total expenses: $70,181; Insurance expense: $9,165; Other expenses: $22,920; Gross rent multiplier: 10.3; Vacancy rate: 5%; Total units in building: 10

Exterior

• Parking: Covered parking (10 spaces); Carport parking (10 spaces)
• Security: Partially fenced; Fire sprinklers
• Utilities: Electric energy; Seattle Public Utilities water; Seattle Public Utilities sewer (sewer connected); Seattle City Light power
• Home design: Multi-family residential income property; Multi-family building with 3 stories; Property in very good condition; Built (effective) 2005; Entry/structure type: Multi Family
• Construction: Metal/vinyl exterior; Torch down roof; Poured concrete foundation
• Exterior features: Partially fenced; Deck; Partial fencing; High-speed internet available; Sprinkler system; Curbs, paved surfaces and sidewalks

Interior

• Kitchen: Range/oven in every unit; Refrigerator in every unit; Dishwasher in every unit
• Bedrooms: Various unit bedroom counts (1–2 bedrooms depending on unit)
• Flooring: Vinyl flooring; Carpet flooring
• Bathrooms: Each unit has 1 bathroom
• Heating & cooling: Baseboard heating; No cooling
• Interior features: Vinyl and carpet flooring
• Laundry & utility: Washer/dryer in every unit

What this means for you Summary

Snapshot

• This is a 4×2bd/1ba + 4×1bd/1ba + 2×?bd/1ba units multifamily listed at $1.80M.

Deal economics

• At list price, monthly cash flow is $2k ($26k/yr) — positive. Per door: $219/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 $1.75M (2.9% below list).
• Recommended offer: $1.75M (2.9% below list) — sets the bar for 1% rule.
• Cap rate 7.8% 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 (+2.2%/yr); 360 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 $17,482/mo this rent would consume 160% of the median local household income ($131k/yr) (locally 2586% 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 $12k of loan paydown is wiped out by about $54k 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 17 days — a 2% lower offer ($1.77M) is reasonable based on typical stale-listing flexibility.
• Current owner paid $555k; list at $1.80M implies a 224% gain — meaningful room to come down on a strong offer.

Recommended offer $1,748,200 (2.9% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 0.97% ✗
• Cap rate: 7.76%
• Cash-on-cash: 5.23%
• DSCR: 1.23
• GRM: 8.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.2% rent growth · sell at horizon

5-year hold

• IRR: -9.1%
• Equity multiple: 0.67×
• Total profit: $-166,092
• Equity at exit: $268,386

10-year hold

• IRR: -0.7%
• Equity multiple: 0.96×
• Total profit: $-21,986
• Equity at exit: $155,631

Cash invested: $504,000 (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 98103

• Rents YoY: 2.2%
• Active inventory: 360
• Price-to-rent: 80.8×

Monthly cashflow live

• Estimated rent: $17,482 high
• Mortgage (P&I): −$9,439
• Tax from tax record: −$1,427 /mo · $17,119/yr
• Insurance: −$750
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,671
• Net cashflow: $2,195

Break-even live

Break-even rent $14,704

Max offer price $1,800,000

Occupancy floor 82%

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$7,428
▸ 4× units	1	1	$6,596
▸ 2× units	0	1	$3,458
Total (10 units)			$17,482

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: $450,000
• Closing costs: $54,000
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-19
   days on market $1,800,000 Active 17 DOM
2. 2026-06-18
   days on market $1,800,000 Active 16 DOM
3. 2026-06-17
   days on market $1,800,000 Active 15 DOM
4. 2026-06-16
   days on market $1,800,000 Active 14 DOM
5. 2026-06-15
   days on market $1,800,000 Active 13 DOM
6. 2026-06-15
   days on market $1,800,000 Active 12 DOM
7. 2026-06-13
   days on market $1,800,000 Active 11 DOM
8. 2026-06-12
   days on market $1,800,000 Active 10 DOM
9. 2026-06-10
   days on market $1,800,000 Active 8 DOM
10. 2026-06-09
    days on market $1,800,000 Active 7 DOM
11. 2026-06-08
    days on market $1,800,000 Active 6 DOM
12. 2026-06-07
    days on market $1,800,000 Active 5 DOM
13. 2026-06-07
    days on market $1,800,000 Active 4 DOM
14. 2026-06-04
    days on market $1,800,000 Active 2 DOM
15. 2026-06-03
    remarks 687-char remark
16. 2026-06-03
    listed $1,800,000 Active 1 DOM

ⓘ 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: $17,119 · $1,427/mo
• Projected year-2 tax: $17,640 · $1,470/mo
• Expected delta: +$521/yr (+$43/mo · 3.0%)

ⓘ 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 10 unhealthy d/yr today · 11 by 30 yrs out

Taxation est. · year 1

• Rental income: $209,784
• − Mortgage interest: −$100,828
• − Property taxes: −$17,119
• − Insurance: −$9,000
• − Repairs & maintenance: −$16,783
• − Management: −$16,783
• − Depreciation: −$52,364
• Taxable loss: −$3,092
• Est. tax savings @ 24.0%: +$742
• After-tax cash flow: $27,080/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): 52,671
• Household income: $131,154
• Rent vs Own: 55.6% rent · 44.4% own
• Severe rent burden: 2586.0

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 (70%)
• Race & ethnicity: White 70% Two or more races 11% Asian 11% Hispanic / Latino 8% Black 3%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Italian 4% Portuguese 4% Romanian 3%
• Foreign-born: 15% · Canada, China, South Korea
• Languages at home: 83% English-only · Spanish 4% Other Indo-European 3% Chinese 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: ▼ -1970.58%
• Current HPI: 314.4545
• Rent YoY: ▲ 2.20%
• 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

+2669.2% since first listed

5 events — show timeline

• 2026-06-02 Listed $1,800,000 NWMLS as Distributed by MLS Grid
• 1990-12-14 Sold (Public Records) $555,000 Public Records
• 1988-07-22 Sold (Public Records) $415,000 Public Records
• 1988-02-05 Sold (Public Records) $80,000 Public Records
• 1986-05-14 Sold (Public Records) $65,000 Public Records

Property tax history

+4.2%/yr

Latest (2025): $17,119 · -15.2% YoY. Source: county tax records.