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1505 E Galer St Unit 1-4 Fourplex
D- Composite 35.21
Why this score? — see what drove the D- 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 +11.6/15.0
  • Cash flow +6.2/30.0
  • Schools +6.1/10.0
  • Livability +3.8/5.0
  • Rent growth +3.2/5.0
  • Condition / age +2.2/5.0
  • 1% rule +1.5/10.0
  • DSCR +0.6/10.0
  • Appreciation +0.0/10.0

$1,425,000

1505 E Galer St Unit 1-4 · Seattle, WA 98112
20 bd · 16.0 ba · 3,695 sqft · MultiFamily · 124 Days on market
Built 1958 Fair condition 4,640 sqft lot $386/sqft · 9% below area Est $1.569M · 9% under
🖨 Deal sheet (PDF) 📄 Offer letter ✓ Due diligence

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
  • Listed 123 days

Neighborhood map

Property Rental comp Retail Costco Walmart Transit Schools Stadiums Fortune 500 · Circle radius: 6.0 mi
Loading POIs…

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 16% 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 $-3k ($-31k/yr) — negative. Per door: $-642/mo.
  • To cash-flow at today's rent, offer at most $1.05M (26.1% below list).
  • To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $922k (35.3% below list).
  • Recommended offer: $922k (35.3% below list) — sets the bar for 1% rule.
  • Cap rate 4.1% 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: Rents rising (+3.0%/yr); 194 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals lingering (median 32d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 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

  • It's been on market 124 days — a 12% lower offer ($1.25M) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

  • Watch-outs: built in 1958 — expect roof / HVAC / electrical / plumbing capex.
Recommended offer $921,700 (35.3% 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. It's been on market 124 days. Have you received any prior offers? Is the seller open to a 35% concession, seller financing, or rate buy-down credit?
  3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
  4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
  5. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
  6. Built in 1958 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
  7. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
  8. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
  9. 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?
  10. 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?
  11. 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?
  12. 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.
  13. 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.
  14. 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
0.65% ✗
Cap rate
4.13%
Cash-on-cash
-7.72%
DSCR
0.66
GRM
12.9

CMA / ARV

ARV (median comp)
$1,568,632
List price
$1,425,000
Delta
-9.16%
Verdict
FAIR
Comps
20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 2.95% rent growth · sell at horizon

5-year hold
IRR
-29.9%
Equity multiple
0.01×
Total profit
$-394,693
Equity at exit
$212,472
10-year hold
IRR
-31.2%
Equity multiple
-0.39×
Total profit
$-555,503
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

Rents YoY
3.0%
Active inventory
194
Price-to-rent
52.9×

Monthly cashflow live

Estimated rent
$9,217 high interval (Pro) →
Mortgage (P&I)
−$7,473
Tax est. 1.5%
−$1,781 /mo · $21,375/yr
Insurance
−$594
HOA
−$0
Vacancy / Maint / Mgmt
−$1,936
Net cashflow
$-2,566

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

UnitsBedsBathsEst. rent
1× unit 2 1 $2,484
Total (4 units) $9,217

Break-even live

Break-even rent $12,466
Max offer price $1,053,634
Occupancy floor —

Sensitivity live

Price -10% $-1,582 -5% $-2,074 +0% $-2,566 +5% $-3,059 +10% $-3,551
Rent -10% $-3,295 -5% $-2,930 +0% $-2,566 +5% $-2,202 +10% $-1,838
Rate -1.0pp $-1,849 -0.5pp $-2,204 base $-2,566 +0.5pp $-2,936 +1.0pp $-3,311

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
Reserves months
—
Total cash needed
—

Loan-product check · same deal, 3 products live

Conventional

25% down · 7.5% · 30yr

Cash invested
—
Monthly P&I
—
Monthly cashflow
—
DSCR
—
Eligible?
—

Personal DTI + credit; lowest rate.

DSCR

20% down · 8.5% · 30yr

Cash invested
—
Monthly P&I
—
Monthly cashflow
—
DSCR
—
Eligible?
—

No personal income docs; deal must DSCR.

Hard money

10% down · 12.0% · 12mo

Cash invested
—
Monthly P&I
—
Monthly cashflow
—
DSCR
—
Eligible?
—

Short-term bridge; refi at stabilization.

Rent comps 40 comps

AddressBedsBaths SqftRent$/sqft DOM Units Dist
1151 19th Ave E Unit B Seattle, WA 1.0 1.0 675 $2,350 $3.48 21d 1 0.24mi
1808 E Prospect St Seattle, WA 1.0 1.0 — $1,250 — 60d 1 0.28mi
815 15th Ave E Seattle, WA — 1.0 510 $1,295 $2.54 31d 1 0.38mi
815 15th Ave E Seattle, WA — 1.0 494 $1,395 $2.82 0d 1 0.38mi
1132 10th Ave E Unit 6 Seattle, WA — 1.0 386 $1,150 $2.98 17d 1 0.40mi
1132 10th Ave E Apt C Seattle, WA 1.0 1.0 550 $1,199 $2.18 93d 1 0.40mi
1145 10th Ave E Seattle, WA 1.0–2.0 1.0–2.0 884 $3,225 $3.65 0d 3 0.43mi
1101 10th Ave E Seattle, WA 1.0 1.0 520 $1,581 $3.04 0d 1 0.45mi
750 11th Ave E Unit 854 Seattle, WA 1.0 1.0 541 $1,280 $2.37 66d 1 0.46mi
910 10th Ave E Seattle, WA 1.0 1.0 518 $1,691 $3.26 0d 1 0.49mi
1000 E Aloha St Seattle, WA 2.0 1.0 750 $2,250 $3.00 0d 1 0.51mi
741 Federal Ave E Unit 1 Seattle, WA 1.0 1.0 705 $1,999 $2.84 0d 1 0.51mi
605 15th Ave E Seattle, WA 1.0–2.0 1.0 584 $1,995 $3.42 0d 4 0.52mi
1400 E Mercer St Unit 17 Seattle, WA 1.0 1.0 700 $1,699 $2.43 65d 1 0.53mi
1400 E Mercer St Unit 17 Seattle, WA 1.0 1.0 700 $1,600 $2.29 56d 1 0.53mi
614 13th Ave E Seattle, WA 2.0 1.0 615 $2,760 $4.48 7d 20 0.53mi
614 13th Ave E Seattle, WA 2.0 1.0 615 $2,760 $4.48 0d 20 0.53mi
1511 E Mercer St Unit 10 Seattle, WA 1.0 1.0 475 $1,495 $3.15 0d 1 0.54mi
1511 E Mercer St Seattle, WA 1.0 1.0 475 $1,365 $2.87 93d 1 0.54mi
1911 E Roy St Apt 3 Seattle, WA 1.0 1.0 526 $1,749 $3.33 56d 1 0.54mi
1911 E Roy St Seattle, WA 1.0 1.0 530 $1,695 $3.20 54d 1 0.54mi
620 19th Ave E Seattle, WA 1.0 1.0 524 $1,795 $3.43 0d 1 0.54mi
601 14th Ave E Seattle, WA 1.0 1.5 700 $1,990 $2.84 0d 1 0.54mi
531 Malden Ave E Unit 104 Seattle, WA — 1.0 440 $1,595 $3.62 31d 1 0.55mi
1830 E Mercer St Seattle, WA 1.0 1.0 573 $2,500 $4.36 0d 1 0.55mi
1830 E Mercer St Seattle, WA 1.0–2.0 1.0–2.0 751 $2,700 $3.59 63d 1 0.55mi
555 15th Ave E Seattle, WA 1.0 1.0 632 $2,795 $4.42 0d 4 0.55mi
1404 25th Ave E Unit W50-Apt10 Seattle, WA 1.0 1.0 — $1,400 — 93d 1 0.56mi
521 16th Ave E Seattle, WA 1.0 1.0 722 $2,900 $4.02 29d 1 0.56mi
606 19th Ave E Seattle, WA 1.0 1.0 623 $2,195 $3.52 0d 1 0.56mi
611 12th Ave E Seattle, WA 2.0 1.0 768 $2,695 $3.51 46d 1 0.56mi
1305 E Mercer St Seattle, WA — 1.0 189 $857 $4.53 0d 6 0.57mi
603 12th Ave E Seattle, WA 1.0 1.0 685 $1,995 $2.91 0d 1 0.57mi
2322 E Ward St Apt 1 Seattle, WA 1.0 1.0 600 $2,400 $4.00 0d 1 0.58mi
526 19th Ave E Seattle, WA 1.0–2.0 1.0–2.0 717 $2,350 $3.28 0d 5 0.59mi
535 13th Ave E Seattle, WA 1.0 1.0 505 $2,045 $4.05 93d 3 0.59mi
734 Broadway E Apt 101 Seattle, WA — 1.0 411 $1,350 $3.28 93d 1 0.59mi
1942 Harvard Ave E #2 Seattle, WA 1.0 1.0 775 $1,795 $2.32 0d 1 0.59mi
628 10th Ave E Unit 1036000P Seattle, WA 2.0 2.0 — $6,212 — 48d 1 0.60mi
1210 Lakeview Blvd E Seattle, WA 2.0 1.0 887 $3,195 $3.60 43d 1 0.60mi

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. 2026-08-08
    days on market $1,425,000 Active 124 DOM
  2. 2026-08-07
    days on market $1,425,000 Active 123 DOM
  3. 2026-08-06
    days on market $1,425,000 Active 122 DOM
  4. 2026-08-05
    days on market $1,425,000 Active 121 DOM
  5. 2026-08-04
    days on market $1,425,000 Active 120 DOM
  6. 2026-08-03
    days on market $1,425,000 Active 119 DOM
  7. 2026-07-31
    days on market $1,425,000 Active 116 DOM
  8. 2026-07-30
    days on market $1,425,000 Active 115 DOM
  9. 2026-07-29
    days on market $1,425,000 Active 114 DOM
  10. 2026-07-28
    days on market $1,425,000 Active 113 DOM
  11. 2026-07-27
    days on market $1,425,000 Active 112 DOM
  12. 2026-07-26
    days on market $1,425,000 Active 111 DOM
  13. 2026-07-25
    days on market $1,425,000 Active 110 DOM
  14. 2026-07-24
    days on market $1,425,000 Active 109 DOM
  15. 2026-07-23
    days on market $1,425,000 Active 108 DOM
  16. 2026-07-22
    days on market $1,425,000 Active 107 DOM
  17. 2026-07-21
    days on market $1,425,000 Active 106 DOM
  18. 2026-07-20
    days on market $1,425,000 Active 105 DOM
  19. 2026-07-18
    days on market $1,425,000 Active 103 DOM
  20. 2026-07-17
    days on market $1,425,000 Active 102 DOM
  21. 2026-07-16
    days on market $1,425,000 Active 101 DOM
  22. 2026-07-15
    days on market $1,425,000 Active 100 DOM
  23. 2026-07-14
    days on market $1,425,000 Active 99 DOM
  24. 2026-07-13
    days on market $1,425,000 Active 98 DOM
  25. 2026-07-12
    days on market $1,425,000 Active 97 DOM
  26. 2026-07-11
    days on market $1,425,000 Active 96 DOM
  27. 2026-07-10
    days on market $1,425,000 Active 95 DOM
  28. 2026-07-09
    days on market $1,425,000 Active 94 DOM
  29. 2026-07-08
    days on market $1,425,000 Active 93 DOM
  30. 2026-07-07
    days on market $1,425,000 Active 92 DOM
  31. 2026-07-06
    days on market $1,425,000 Active 91 DOM
  32. 2026-07-05
    days on market $1,425,000 Active 90 DOM
  33. 2026-07-04
    days on market $1,425,000 Active 89 DOM
  34. 2026-07-03
    days on market $1,425,000 Active 88 DOM
  35. 2026-07-02
    days on market $1,425,000 Active 87 DOM
  36. 2026-07-01
    days on market $1,425,000 Active 86 DOM
  37. 2026-06-30
    days on market $1,425,000 Active 85 DOM
  38. 2026-06-29
    days on market $1,425,000 Active 84 DOM
  39. 2026-06-28
    days on market $1,425,000 Active 83 DOM
  40. 2026-06-27
    days on market $1,425,000 Active 82 DOM
  41. 2026-06-26
    days on market $1,425,000 Active 81 DOM
  42. 2026-06-26
    days on market $1,425,000 Active 80 DOM
  43. 2026-06-24
    days on market $1,425,000 Active 79 DOM
  44. 2026-06-23
    days on market $1,425,000 Active 78 DOM
  45. 2026-06-22
    days on market $1,425,000 Active 77 DOM
  46. 2026-06-21
    days on market $1,425,000 Active 76 DOM
  47. 2026-06-21
    days on market $1,425,000 Active 75 DOM
  48. 2026-06-19
    days on market $1,425,000 Active 74 DOM
  49. 2026-06-18
    days on market $1,425,000 Active 73 DOM
  50. 2026-06-17
    days on market $1,425,000 Active 72 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

Nearby sold comps map

Loading sold comps map…

Walkable amenities ~0.75 mi

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Taxation est. · year 1

Rental income
$110,604
− Mortgage interest
−$79,822
− Property taxes
−$21,375
− Insurance
−$7,125
− Repairs & maintenance
−$8,848
− Management
−$8,848
− Depreciation
−$41,455
Taxable loss
−$56,869
combined federal + state — saved on this device
Est. tax savings @ 24.0%
+$13,649
After-tax cash flow
$-17,148/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

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 (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%

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
—

Price history

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

Cash-flow waterfall

monthly

Sold comps — $/sqft

last 12 mo · ≤1 mi

Loading sold comps…