3028 Western Ave #501 · Seattle, WA 98121

$299,000

1 bd · 1.0 ba · 550 sqft · Condo public records · 39 Days on market

Built 1991 $544/sqft · 18% below area Est $366k · 18% under $556/mo HOA · 27% of rent

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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 +15.0/15.0
• Schools +6.1/10.0
• Appreciation +4.6/10.0
• Livability +3.8/5.0
• Cash flow +3.7/30.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +1.8/10.0
• DSCR +0.0/10.0

Listing remarks

Enjoy city living at its best in this sun-filled and peaceful top floor 1B/1B condo perfectly situated in vibrant Belltown. The open layout features a living room with a gas fireplace and bay windows overlooking the serene courtyard, an ideal spot to relax or entertain. The custom modern kitchen offers granite countertops, ample cabinets with built-in shelving, stainless steel appliances, and an eating bar with a beverage cooler. The spacious bedroom includes a large walk-in closet, while the full-size bathroom features a jetted soaking tub and heated tile floors for a touch of luxury. Additional highlights include an in-unit washer and dryer, no carpet throughout, and a designated parking

Key facts

• Gas fireplace
• Bay windows
• Granite countertops

Tags

• TOP FLOOR CONDO
• GAS FIREPLACE
• BAY WINDOWS
• CUSTOM MODERN KITCHEN
• GRANITE COUNTERTOPS
• EATING BAR

Property features AI

Finance

• Other: Building name: Alexandria Condominiums; 79 units in community; Insulated windows; Jetted/soaking tub noted as a unit feature
• Financial info: Listing terms: Cash or Conventional
• HOA & community: HOA with monthly fee ($556) covering common area maintenance, gas, sewer, trash and water; Community amenities: elevator, exercise room, game/rec room, rooftop deck, sauna, fire sprinklers

Exterior

• Parking: Common garage (56 parking spaces, 1 covered space)
• Security: Gated entry; Lobby entrance
• Utilities: Electric and natural gas service; Electric water heater
• Home design: Attached condominium; One-level condo unit; Unit on 5th floor; Main entry level
• Construction: Cement plank construction; Flat roof; Built in 1991; Multi-family structure, 5 stories
• Exterior features: Cement-plank exterior; Paved access with sidewalk

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Electric range
• Bedrooms: 1 bedroom (main level)
• Flooring: Ceramic tile; Laminate
• Bathrooms: 1 full bathroom with tub and shower
• Heating & cooling: Baseboard heating; No cooling
• Interior features: Fireplace (gas); Walk-in closet; Blinds; Water heater in closet (electric)
• Laundry & utility: Washer hookup; Dryer hookup (electric); Washer and dryer included

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $299k.

Deal economics

• At list price, monthly cash flow is $-876 ($-11k/yr) — negative.
• To cash-flow at today's rent, offer at most $144k (51.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $204k (31.8% below list).
• Recommended offer: $144k (51.8% below list) — sets the bar for cash-flow.
• Cap rate 2.8% 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 flat; 229 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 10,555 units permitted in King County in 2024 (7,119 in 5+ unit buildings).
• This rent is only 16% of the median local income ($152k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-0.8%/yr); year-one equity from $2k of loan paydown is wiped out by about $2k 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 39 days — a 3% lower offer ($290k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 18y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: HOA is 27% of rent.

Recommended offer $144,200 (51.8% 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 39 days. Have you received any prior offers? Is the seller open to a 52% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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?
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: 0.68% ✗
• Cap rate: 2.78%
• Cash-on-cash: -12.56%
• DSCR: 0.44
• GRM: 12.2

CMA / ARV

• ARV (median comp): $366,046
• List price: $299,000
• Delta: -18.32%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-0.81% appreciation · 0.05% rent growth · sell at horizon

5-year hold

• IRR: -23.3%
• Equity multiple: 0.03×
• Total profit: $-81,394
• Equity at exit: $74,853

10-year hold

• IRR: -19.8%
• Equity multiple: -0.64×
• Total profit: $-137,327
• Equity at exit: $80,907

Cash invested: $83,720 (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 98121

• Home prices YoY: -0.5%
• Rents YoY: 0.1%
• Active inventory: 229
• Price-to-rent: 12.2×

Monthly cashflow live

• Estimated rent: $2,038 high
• Mortgage (P&I): −$1,568
• Tax from tax record: −$238 /mo · $2,854/yr
• Insurance: −$125
• HOA: −$556
• Vacancy / Maint / Mgmt: −$428
• Net cashflow: $-876

Break-even live

Break-even rent $3,147

Max offer price $144,200

Occupancy floor —

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: $74,750
• Closing costs: $8,970
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3104 Western Ave #213 Seattle, WA	1.0	1.0	506	$2,000	$3.95	19d	1	0.01mi
107 1st Ave N Seattle, WA	—	1.0	450	$1,375	$3.06	1d	1	0.05mi
3028 1st Ave Seattle, WA	—	1.0	308	$1,110	$3.60	1d	3	0.07mi
3028 1st Ave Seattle, WA	—	1.0	794	$1,402	$1.77	44d	5	0.07mi
3016 1st Ave Seattle, WA	—	1.0	387	$1,449	$3.74	1d	3	0.08mi
100 Denny Way Seattle, WA	2.0	1.0–2.0	911	$3,159	$3.47	1d	8	0.09mi
105 Warren Ave N Seattle, WA	1.0–2.0	1.0–2.0	767	$1,809	$2.36	1d	5	0.09mi
115 Warren Ave N Seattle, WA	1.0	1.0	705	$2,049	$2.90	1d	5	0.11mi
159 Denny Way Seattle, WA	1.0	1.0–1.5	696	$2,900	$4.16	1d	3	0.11mi
109 John St Seattle, WA	1.0	1.0	532	$1,795	$3.37	1d	4	0.12mi
101 John St Seattle, WA	1.0–2.0	1.0–2.0	845	$1,650	$1.95	1d	4	0.12mi
2929 1st Ave #721 Seattle, WA	—	1.0	438	$1,600	$3.65	1d	1	0.12mi
2922 Western Ave Seattle, WA	2.0	1.0–2.0	684	$2,118	$3.10	1d	12	0.14mi
2933 2nd Ave Seattle, WA	—	1.0	429	$1,375	$3.21	1d	3	0.14mi
151 John St Seattle, WA	1.0	1.0	608	$1,995	$3.28	1d	2	0.15mi
215 Queen Anne Ave N Seattle, WA	1.0	1.0	389	$1,745	$4.48	1d	4	0.16mi
222 Queen Anne Ave N Seattle, WA	1.0–2.0	1.0–2.0	781	$1,899	$2.43	1d	2	0.17mi
2900 1st Ave Seattle, WA	1.0–2.0	1.0	732	$2,629	$3.59	1d	3	0.17mi
219 1st Ave N Seattle, WA	1.0	1.0	452	$1,750	$3.87	1d	2	0.17mi
2911 2nd Ave Seattle, WA	1.0	1.0	603	$1,795	$2.98	1d	1	0.17mi
229 1st Ave N Apt 200 Seattle, WA	—	1.0	400	$1,295	$3.24	1d	1	0.18mi
215 1st Ave W Seattle, WA	2.0	1.0–2.0	625	$2,260	$3.62	1d	7	0.19mi
200 2nd Ave W Seattle, WA	—	1.0	509	$1,795	$3.53	1d	3	0.20mi
19 W Thomas St Seattle, WA	1.0	1.0	625	$1,595	$2.55	1d	2	0.21mi
2801 1st Ave Seattle, WA	1.0	1.0	719	$2,500	$3.48	1d	1	0.22mi
2801 1st Ave Seattle, WA	1.0	1.0	721	$2,500	$3.47	18d	1	0.22mi
2800 Western Ave Seattle, WA	2.0	1.0–2.0	869	$2,629	$3.02	1d	6	0.22mi
2801 Western Ave Seattle, WA	3.0	1.0–2.0	1409	$2,753	$1.95	1d	22	0.23mi
306 Queen Anne Ave N Seattle, WA	1.0	1.0	659	$2,650	$4.02	1d	1	0.23mi
307 Queen Anne Ave N Seattle, WA	1.0	1.0	660	$1,425	$2.16	1d	1	0.23mi
10 Clay St Seattle, WA	1.0	1.0	625	$2,895	$4.63	1d	2	0.23mi
10 Clay St Seattle, WA	2.0	1.0–2.0	830	$1,975	$2.38	14d	1	0.23mi
300 1st Ave W Seattle, WA	3.0	1.0–2.0	916	$2,824	$3.08	1d	10	0.24mi
81 Clay St Unit 774 Seattle, WA	—	1.0	486	$2,130	$4.38	20d	1	0.24mi
81 Clay St #526 Seattle, WA	1.0	1.0	652	$2,150	$3.30	1d	1	0.24mi
2721 1st Ave Seattle, WA	1.0	1.0	617	$2,022	$3.28	44d	3	0.24mi
315 1st Ave N Seattle, WA	1.0	1.0	571	$2,428	$4.25	1d	11	0.24mi
2716 Elliott Ave Seattle, WA	—	1.0	500	$1,625	$3.25	1d	1	0.25mi
320 Queen Anne Ave N Seattle, WA	1.0	1.0–2.0	576	$2,940	$5.10	1d	5	0.25mi
2721 1st Ave Seattle, WA	1.0	1.0	657	$2,150	$3.27	2d	1	0.25mi

HOA detail condo

• Monthly dues: $556 · $6,672/yr
• Likely covers: gas
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 37 events

1. 2026-06-19
   days on market $299,000 Active 39 DOM
2. 2026-06-18
   days on market $299,000 Active 38 DOM
3. 2026-06-17
   days on market $299,000 Active 37 DOM
4. 2026-06-16
   days on market $299,000 Active 36 DOM
5. 2026-06-15
   days on market $299,000 Active 35 DOM
6. 2026-06-15
   days on market $299,000 Active 34 DOM
7. 2026-06-13
   days on market $299,000 Active 33 DOM
8. 2026-06-12
   days on market $299,000 Active 32 DOM
9. 2026-06-10
   days on market $299,000 Active 30 DOM
10. 2026-06-09
    days on market $299,000 Active 29 DOM
11. 2026-06-08
    days on market $299,000 Active 28 DOM
12. 2026-06-07
    days on market $299,000 Active 27 DOM
13. 2026-06-07
    days on market $299,000 Active 26 DOM
14. 2026-06-04
    days on market $299,000 Active 24 DOM
15. 2026-06-03
    days on market $299,000 Active 23 DOM
16. 2026-06-02
    days on market $299,000 Active 22 DOM
17. 2026-06-01
    days on market $299,000 Active 21 DOM
18. 2026-06-01
    price $299,000 Active 20 DOM
19. 2026-05-31
    days on market $303,000 Active 20 DOM
20. 2026-05-11
    listed $303,000 Active
21. 2025-03-05
    historical $1,540
22. 2025-02-15
    price $1,540
23. 2025-02-08
    price $1,650
24. 2024-12-31
    listed $1,680
25. 2023-06-16
    soldstatus $358,950
26. 2023-06-15
    soldstatus $358,950 Closed
27. 2023-05-17
    status Pending
28. 2023-05-13
    price $349,950
29. 2023-04-10
    listed $365,000 Active
30. 2008-03-06
    soldstatus $277,000 Sold
31. 2008-03-06
    soldstatus $277,000
32. 2008-02-06
    historical
33. 2008-01-18
    listed $277,000
34. 2005-07-20
    soldstatus $182,000
35. 1999-05-17
    soldstatus $142,000
36. 1997-12-11
    soldstatus $110,000
37. 1994-03-17
    soldstatus $91,000

ⓘ 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: $2,854 · $238/mo
• Projected year-2 tax: $2,930 · $244/mo
• Expected delta: +$76/yr (+$6/mo · 2.7%)

ⓘ 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: $24,457
• − Mortgage interest: −$16,749
• − Property taxes: −$2,854
• − Insurance: −$1,495
• − Repairs & maintenance: −$1,957
• − Management: −$1,957
• − HOA: −$6,672
• − Depreciation: −$8,698
• Taxable loss: −$15,924
• Est. tax savings @ 24.0%: +$3,822
• After-tax cash flow: $-6,694/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): 21,166
• Household income: $152,019
• Rent vs Own: 77.4% rent · 22.6% own
• Severe rent burden: 1835.0

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: Diverse neighborhood (Simpson 0.65)
• Race & ethnicity: White 47% Asian 34% Two or more races 9% Hispanic / Latino 8% Black 3%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Portuguese 3% Italian 3% Slovak 2%
• Foreign-born: 40% · China, Canada, South Korea
• Languages at home: 59% English-only · Other Indo-European 13% Chinese 10% Spanish 5%

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: ▼ -0.81%
• Current HPI: 165.0124
• Rent YoY: ▬ 0.05%
• 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

+228.6% since first listed

19 events — show timeline

• 2026-06-01 Price Changed $299,000 NWMLS as Distributed by MLS Grid
• 2026-05-11 Listed $303,000 NWMLS as Distributed by MLS Grid
• 2025-03-05 Rental Removed $1,540 Avail
• 2025-02-15 Price Changed $1,540 Avail
• 2025-02-08 Price Changed $1,650 Avail
• 2024-12-31 Listed for Rent $1,680 Avail
• 2023-06-16 Sold (Public Records) $358,950 Public Records
• 2023-06-15 Sold (MLS) $358,950 NWMLS as Distributed by MLS Grid
• 2023-05-17 Pending — NWMLS as Distributed by MLS Grid
• 2023-05-13 Price Changed $349,950 NWMLS as Distributed by MLS Grid
• 2023-04-10 Listed $365,000 NWMLS as Distributed by MLS Grid
• 2008-03-06 Sold (Public Records) $277,000 Public Records
• 2008-03-06 Sold (MLS) $277,000 NWMLS as Distributed by MLS Grid
• 2008-02-06 Delisted — NWMLS as Distributed by MLS Grid
• 2008-01-18 Listed $277,000 NWMLS as Distributed by MLS Grid
• 2005-07-20 Sold (Public Records) $182,000 Public Records
• 1999-05-17 Sold (Public Records) $142,000 Public Records
• 1997-12-11 Sold (Public Records) $110,000 Public Records
• 1994-03-17 Sold (Public Records) $91,000 Public Records

Property tax history

+2.9%/yr

Latest (2025): $2,854 · -12.2% YoY. Source: county tax records.