1505 E Galer St Unit 1-4 · Seattle, WA 98112

$1,425,000

20 bd · 16.0 ba · 3,695 sqft · MultiFamily

Built 1958 Fair condition 4,640 sqft lot $386/sqft · 9% below area Est $1.564M · 9% under

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Why this score? — see what drove the F 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).

• ARV discount +11.5/15.0
• Schools +6.1/10.0
• Cash flow +4.3/30.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• 1% rule +0.4/10.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks

Well positioned in Seattle’s premier North Capitol Hill neighborhood at the corner of 15th Ave E and E Galer St, this fourplex offers an exceptional investment opportunity directly across from iconic Volunteer Park, renowned for its Olmsted-designed landscape. The property benefits from a highly walkable, transit-oriented location with convenient access to South Lake Union, Downtown Seattle, and the Eastside, making it especially attractive to tenants seeking both connectivity and neighborhood charm. The building features classic mid-century architecture and a preferable unit mix comprised of three one-bedroom units and one two-bedroom unit, appealing to a broad renter base.

Key facts

• 4,640 sq ft lot
• Built 1958

What this means for you Summary

Snapshot

• This is a 3×1bd/1ba + 1×2bd/1ba units multifamily listed at $1.43M. Condition is rated fair.
• This rent per unit is only 13% of the median local income ($172k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Deal economics

• At list price, monthly cash flow is $-4k ($-46k/yr) — negative. Per door: $-949/mo.
• To cash-flow at today's rent, offer at most $876k (38.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $766k (46.2% below list).
• Recommended offer: $766k (46.2% below list) — sets the bar for 1% rule.
• Cap rate 3.1% vs local median 1.7% 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.
• Zoned schools: Stevens Elementary School (174 students, 32% FRL); Washington Middle School (555 students, 65% FRL); Garfield High School (1,642 students, 40% FRL) — zoned schools average 46% FRL vs 30% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 244 active listings in the ZIP; high-income renter base; 10,555 units permitted in King County in 2024 (7,119 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $10k of loan paydown is wiped out by about $43k 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 0 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1958 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $766,200 (46.2% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1958 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
10. 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.
11. 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.
12. 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: 0.54% ✗
• Cap rate: 3.10%
• Cash-on-cash: -11.41%
• DSCR: 0.49
• GRM: 15.5

CMA / ARV

• ARV (median comp): $1,563,818
• List price: $1,425,000
• Delta: -8.88%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -37.2%
• Equity multiple: -0.18×
• Total profit: $-472,493
• Equity at exit: $212,472

10-year hold

• IRR: -53.5%
• Equity multiple: -0.81×
• Total profit: $-722,193
• Equity at exit: $123,208

Cash invested: $399,000 (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 98112

• Active inventory: 244
• Price-to-rent: 66.2×

Monthly cashflow live

• Estimated rent: $7,662 high
• Mortgage (P&I): −$7,473
• Tax est. 1.5%: −$1,781 /mo · $21,375/yr
• Insurance: −$594
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,609
• Net cashflow: $-3,795

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

Units	Beds	Baths	Est. rent
▸ 3× units	1	1	$5,385
1× unit	2	1	$2,277
Total (4 units)			$7,662

Break-even live

Break-even rent $12,466

Max offer price $875,876

Occupancy floor —

Sensitivity live

Price	-10% $-2,810	-5% $-3,302	+0% $-3,795	+5% $-4,287	+10% $-4,780
Rent	-10% $-4,400	-5% $-4,098	+0% $-3,795	+5% $-3,492	+10% $-3,190
Rate	-1.0pp $-3,077	-0.5pp $-3,432	base $-3,795	+0.5pp $-4,164	+1.0pp $-4,540

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: $356,250
• Closing costs: $42,750
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1505 E Galer St Apt 2 Seattle, WA	1.0	1.0	750	$1,795	$2.39	30d	1	0.01mi
1505 E Galer St Apt 2 Seattle, WA	1.0	1.0	750	$1,795	$2.39	0d	1	0.01mi
1151 19th Ave E Unit 2 Seattle, WA	1.0	1.0	675	$2,350	$3.48	24d	1	0.24mi
1151 19th Ave E Unit B Seattle, WA	1.0	1.0	675	$2,350	$3.48	68d	1	0.24mi
1132 10th Ave E Apt C Seattle, WA	1.0	1.0	550	$1,199	$2.18	139d	1	0.40mi
1645 10th Ave E Apt 102 Seattle, WA	1.0	1.0	657	$1,995	$3.04	0d	1	0.42mi
1145 10th Ave E Seattle, WA	2.0	1.0–2.0	779	$3,345	$4.29	0d	6	0.43mi
750 11th Ave E Unit 854 Seattle, WA	1.0	1.0	541	$1,280	$2.37	112d	1	0.46mi
750 11th Ave E #105 Seattle, WA	1.0	1.0	541	$1,995	$3.69	0d	1	0.46mi
1000 E Aloha St Seattle, WA	2.0	1.0	725	$2,350	$3.24	24d	1	0.51mi
741 Federal Ave E Apt 10 Seattle, WA	1.0	1.0	650	$1,650	$2.54	0d	1	0.51mi
741 Federal Ave E Unit 1 Seattle, WA	1.0	1.0	705	$1,895	$2.69	0d	1	0.51mi
605 15th Ave E Seattle, WA	1.0–2.0	1.0	594	$1,895	$3.19	0d	2	0.52mi
1400 E Mercer St Unit 17 Seattle, WA	1.0	1.0	700	$1,699	$2.43	111d	1	0.53mi
1400 E Mercer St Unit 17 Seattle, WA	1.0	1.0	700	$1,600	$2.29	103d	1	0.53mi
614 13th Ave E Seattle, WA	2.0	1.0	615	$2,760	$4.48	54d	20	0.53mi
614 13th Ave E Seattle, WA	1.0	1.0	579	$2,956	$5.11	0d	13	0.53mi
1909 Broadway E Unit 1905 Seattle, WA	1.0	1.0	1100	$2,950	$2.68	0d	1	0.53mi
1911 E Roy St Apt 3 Seattle, WA	1.0	1.0	526	$1,749	$3.33	103d	1	0.54mi
1911 E Roy St Seattle, WA	1.0	1.0	530	$1,695	$3.20	21d	1	0.54mi
620 19th Ave E Seattle, WA	1.0	1.0	590	$1,775	$3.01	0d	1	0.54mi
601 14th Ave E Seattle, WA	1.0	1.5	700	$1,990	$2.84	24d	1	0.54mi
606 13th Ave E Seattle, WA	2.0	1.0	1000	$2,600	$2.60	0d	1	0.54mi
1830 E Mercer St Seattle, WA	1.0–2.0	1.0–2.0	751	$2,700	$3.59	109d	1	0.55mi
1830 E Mercer St Seattle, WA	1.0	1.0	629	$2,525	$4.01	0d	2	0.55mi
555 15th Ave E Seattle, WA	1.0–2.0	1.0–2.0	789	$2,495	$3.16	0d	3	0.55mi
521 16th Ave E Seattle, WA	1.0	1.0	722	$2,900	$4.02	76d	1	0.56mi
521 16th Ave E #8 Seattle, WA	1.0	1.0	550	$2,000	$3.64	9d	1	0.56mi
606 19th Ave E Seattle, WA	1.0–2.0	1.0	757	$2,095	$2.77	0d	2	0.56mi
611 12th Ave E Seattle, WA	2.0	1.0	800	$2,492	$3.11	0d	2	0.56mi
2322 E Ward St Apt 1 Seattle, WA	1.0	1.0	600	$2,400	$4.00	0d	1	0.58mi
532 12th Ave E Unit 532B Seattle, WA	1.0	1.0	540	$1,895	$3.51	0d	1	0.58mi
1005 E Roy St Seattle, WA	1.0	1.0	869	$2,795	$3.22	0d	1	0.58mi
526 19th Ave E Seattle, WA	1.0–2.0	1.0–2.0	717	$2,100	$2.93	0d	5	0.59mi
535 13th Ave E Seattle, WA	1.0	1.0	505	$2,045	$4.05	139d	3	0.59mi
535 13th Ave E Seattle, WA	1.0	1.0	560	$1,795	$3.21	0d	1	0.59mi
1942 Harvard Ave E #2 Seattle, WA	1.0	1.0	775	$1,750	$2.26	25d	1	0.59mi
1210 Lakeview Blvd E Seattle, WA	2.0	1.0	887	$3,195	$3.60	89d	1	0.60mi
1406 E Republican St Seattle, WA	1.0	1.0	459	$2,395	$5.22	109d	3	0.61mi
1406 E Republican St Seattle, WA	1.0	1.0	536	$2,650	$4.94	0d	2	0.61mi

Property features AI

Finance

• Other: Calculated building area: 3,695 square feet
• Financial info: Total of 4 unitsGross scheduled income: $76,800Gross adjusted income: $72,960Total monthly income: $6,400Net operating income: $41,561Total expenses: $31,399Insurance expense: $6,500Other expenses: $3,423Gross rent multiplier: 18.6Listing terms: Cash or Conventional

Exterior

• Parking: 4 uncovered parking spaces
• Utilities: Electric-powered systemsPublic waterSewer connected
• Home design: Residential income property (multi-family)4-plex (quadruplex)2 storiesProperty located on the corner of E Galer St and 15th Ave E, across from Volunteer Park
• Construction: Built with brick, cement plank, stucco and woodFlat roof
• Exterior features: Corner lotAdjacent to public landAlley accessCurbs and sidewalkPaved

Interior

• Kitchen: Range/oven included in each unitRefrigerator included in each unitNo dishwashers
• Bedrooms: Unit 1: 1 bedroomUnit 2: 1 bedroomUnit 3: 2 bedroomsUnit 4: 1 bedroom
• Bathrooms: Unit 1: 1 bathroomUnit 2: 1 bathroomUnit 3: 1 bathroomUnit 4: 1 bathroom
• Interior features: Thermal windowsCoin-operated laundry (on-site)Storage
• Laundry & utility: No in-unit washers/dryersOn-site coin-operated laundry

Listing history 50 events

1. 2026-09-21
   days on market $1,425,000 Active
2. 2026-09-20
   days on market $1,425,000 Active 167 DOM
3. 2026-09-19
   days on market $1,425,000 Active 166 DOM
4. 2026-09-18
   days on market $1,425,000 Active 165 DOM
5. 2026-09-17
   days on market $1,425,000 Active 164 DOM
6. 2026-09-16
   days on market $1,425,000 Active 163 DOM
7. 2026-09-15
   days on market $1,425,000 Active 162 DOM
8. 2026-09-14
   days on market $1,425,000 Active 161 DOM
9. 2026-09-13
   days on market $1,425,000 Active 160 DOM
10. 2026-09-12
    days on market $1,425,000 Active 159 DOM
11. 2026-09-11
    days on market $1,425,000 Active 158 DOM
12. 2026-09-06
    days on market $1,425,000 Active 153 DOM
13. 2026-09-05
    days on market $1,425,000 Active 152 DOM
14. 2026-09-04
    days on market $1,425,000 Active 151 DOM
15. 2026-09-03
    days on market $1,425,000 Active 150 DOM
16. 2026-09-02
    days on market $1,425,000 Active 149 DOM
17. 2026-08-31
    days on market $1,425,000 Active 147 DOM
18. 2026-08-30
    days on market $1,425,000 Active 146 DOM
19. 2026-08-29
    days on market $1,425,000 Active 145 DOM
20. 2026-08-28
    days on market $1,425,000 Active 144 DOM
21. 2026-08-27
    days on market $1,425,000 Active 143 DOM
22. 2026-08-26
    days on market $1,425,000 Active 142 DOM
23. 2026-08-25
    days on market $1,425,000 Active 141 DOM
24. 2026-08-24
    days on market $1,425,000 Active 140 DOM
25. 2026-08-23
    days on market $1,425,000 Active 139 DOM
26. 2026-08-22
    days on market $1,425,000 Active 138 DOM
27. 2026-08-21
    days on market $1,425,000 Active 137 DOM
28. 2026-08-20
    days on market $1,425,000 Active 136 DOM
29. 2026-08-19
    days on market $1,425,000 Active 135 DOM
30. 2026-08-18
    days on market $1,425,000 Active 134 DOM
31. 2026-08-17
    days on market $1,425,000 Active 133 DOM
32. 2026-08-16
    days on market $1,425,000 Active 132 DOM
33. 2026-08-15
    days on market $1,425,000 Active 131 DOM
34. 2026-08-14
    days on market $1,425,000 Active 130 DOM
35. 2026-08-13
    days on market $1,425,000 Active 129 DOM
36. 2026-08-12
    days on market $1,425,000 Active 128 DOM
37. 2026-08-11
    days on market $1,425,000 Active 127 DOM
38. 2026-08-10
    days on market $1,425,000 Active 126 DOM
39. 2026-08-09
    days on market $1,425,000 Active 125 DOM
40. 2026-08-08
    days on market $1,425,000 Active 124 DOM
41. 2026-08-07
    days on market $1,425,000 Active 123 DOM
42. 2026-08-06
    days on market $1,425,000 Active 122 DOM
43. 2026-08-05
    days on market $1,425,000 Active 121 DOM
44. 2026-08-04
    days on market $1,425,000 Active 120 DOM
45. 2026-08-03
    days on market $1,425,000 Active 119 DOM
46. 2026-07-31
    days on market $1,425,000 Active 116 DOM
47. 2026-07-30
    days on market $1,425,000 Active 115 DOM
48. 2026-07-29
    days on market $1,425,000 Active 114 DOM
49. 2026-07-28
    days on market $1,425,000 Active 113 DOM
50. 2026-07-27
    days on market $1,425,000 Active 112 DOM

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

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 6 d/yr ≥86°F today · 12 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 11 unhealthy d/yr today · 11 by 30 yrs out

Taxation est. · year 1

• Rental income: $91,944
• − Mortgage interest: −$79,822
• − Property taxes: −$21,375
• − Insurance: −$7,125
• − Repairs & maintenance: −$7,356
• − Management: −$7,356
• − Depreciation: −$41,455
• Taxable loss: −$72,544
• Est. tax savings @ 24.0%: +$17,410
• After-tax cash flow: $-28,128/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.

Condition & rehab AI · 9 photos

Fair 45/100 Moderate rehab Est. rehab $92,375–$166,275 screening

This fourplex in the North Capitol Hill neighborhood requires moderate renovations to improve its condition and appeal to buyers and renters.

Repairs flagged

• Minor exterior paint — Some discoloration
• Minor kitchen appliances — Dated design
• Minor bathroom fixtures — Standard design

Value-add opportunities

• Both update kitchen appliances — Modern appliances would attract both buyers and renters ↑
• Both update bathroom fixtures — Modern fixtures would attract both buyers and renters ↑
• Both paint exterior — Fresh paint would improve curb appeal and attract both buyers and renters ↑

ⓘ Rehab cost is a screening estimate — Moderate scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

Zoned Schools

Elementary Stevens Elementary School Middle Edmonds S. Meany Middle School High Garfield High School

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

B Composite livability gradescore 75/100

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 · 2,576,485 people
• City population: 706,262
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 23,921
• Household income: $171,572
• Rent vs Own: 39.8% rent · 60.2% own
• Severe rent burden: 6% of renters

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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%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (76%)
• Race & ethnicity: White 76% Asian 10% Two or more races 8% Black 4% Hispanic / Latino 4%
• Common ancestry: Portuguese 6% Lithuanian 4% Italian 4%
• Foreign-born: 11% · Canada, China, South Korea
• Languages at home: 85% English-only · Other Asian/Pacific 3% Spanish 3% German/W. Germanic 2%

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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: ▼ -1537.83%
• Current HPI: 262.4214
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 4.65%
• F500 in state: 22

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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

Property features AI

Finance

• Other: Calculated building area: 3,695 square feet
• Financial info: Total of 4 unitsGross scheduled income: $76,800Gross adjusted income: $72,960Total monthly income: $6,400Net operating income: $41,561Total expenses: $31,399Insurance expense: $6,500Other expenses: $3,423Gross rent multiplier: 18.6Listing terms: Cash or Conventional

Exterior

• Parking: 4 uncovered parking spaces
• Utilities: Electric-powered systemsPublic waterSewer connected
• Home design: Residential income property (multi-family)4-plex (quadruplex)2 storiesProperty located on the corner of E Galer St and 15th Ave E, across from Volunteer Park
• Construction: Built with brick, cement plank, stucco and woodFlat roof
• Exterior features: Corner lotAdjacent to public landAlley accessCurbs and sidewalkPaved

Interior

• Kitchen: Range/oven included in each unitRefrigerator included in each unitNo dishwashers
• Bedrooms: Unit 1: 1 bedroomUnit 2: 1 bedroomUnit 3: 2 bedroomsUnit 4: 1 bedroom
• Bathrooms: Unit 1: 1 bathroomUnit 2: 1 bathroomUnit 3: 1 bathroomUnit 4: 1 bathroom
• Interior features: Thermal windowsCoin-operated laundry (on-site)Storage
• Laundry & utility: No in-unit washers/dryersOn-site coin-operated laundry

Price history

1 event — show timeline

• 2026-04-06 Listed $1,425,000 NWMLS as Distributed by MLS Grid