3425 14th Ave W · Seattle, WA 98119

$3,988,000

266 bd · 361.0 ba · 9,790 sqft · MultiFamily public records · 75 Days on market

Built 1989 9,000 sqft lot

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Why this score? — see what drove the B- 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 +29.2/30.0
• DSCR +10.0/10.0
• 1% rule +7.6/10.0
• ARV discount +7.5/15.0
• Schools +6.1/10.0
• Livability +3.8/5.0
• Rent growth +2.9/5.0
• 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: 19 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

Well-located 19 unit multifamily investment positioned in Seattle’s Queen Anne / Interbay corridor with expansive views overlooking Interbay, Magnolia, and Fishermen’s Terminal. The unit mix consists of a combination of large studio units and large one-bedroom residences with an average unit size of approximately 646 square feet. Most units have received interior updates including refreshed cabinetry, LVP flooring, and a mix of Formica, granite, and quartz countertops. Building capital improvements include the installation of a new TPO roof in 2025. Other building systems include copper plumbing, GE electrical panels, and double-pane aluminum windows. Additional amenities such a

Key facts

• In-unit water tanks
• Expansive views
• New tpo roof

Tags

• EXPANSIVE VIEWS
• INTERIOR UPDATES
• NEW TPO ROOF
• COPPER PLUMBING
• SECURED ENTRY INTERCOM
• IN-UNIT WATER TANKS

What this means for you Summary

Snapshot

• This is a 19 × 14-bed/19.0-bath units multifamily listed at $3.99M.

Deal economics

• At list price, monthly cash flow is $14k ($166k/yr) — positive. Per door: $729/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($50k rent vs $3.99M).
• Recommended offer: $3.75M (6.0% below list) — sets the bar for market timing.
• Cap rate 10.5% 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 (+1.6%/yr); 174 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 $50,296/mo this rent would consume 489% of the median local household income ($124k/yr) (locally 1144% 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 $28k of loan paydown is wiped out by about $120k 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.
• At projected returns (-3.0% appreciation + 1.6% rent growth), your $1.12M cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 75 days — a 6% lower offer ($3.75M) is reasonable based on typical stale-listing flexibility.
• Current owner paid $2.85M; 40% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $3,748,720 (6.0% below list)

Questions for the listing agent

1. It's been on market 75 days. Have you received any prior offers? Is the seller open to a 6% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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.
9. 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.
10. 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: 1.26% ✓
• Cap rate: 10.46%
• Cash-on-cash: 14.88%
• DSCR: 1.66
• GRM: 6.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.64% rent growth · sell at horizon

5-year hold

• IRR: 3.9%
• Equity multiple: 1.15×
• Total profit: $167,643
• Equity at exit: $594,624

10-year hold

• IRR: 12.2%
• Equity multiple: 1.90×
• Total profit: $1,009,530
• Equity at exit: $344,809

Cash invested: $1,116,640 (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 98119

• Rents YoY: 1.6%
• Active inventory: 174
• Price-to-rent: 125.5×

Monthly cashflow live

• Estimated rent: $50,296 medium
• Mortgage (P&I): −$20,914
• Tax from tax record: −$3,310 /mo · $39,716/yr
• Insurance: −$1,662
• HOA: −$0
• Vacancy / Maint / Mgmt: −$10,562
• Net cashflow: $13,849

Break-even live

Break-even rent $32,766

Max offer price $3,988,000

Occupancy floor 67%

Sensitivity live

Price	-10% $16,107	-5% $14,978	+0% $13,849	+5% $12,720	+10% $11,591
Rent	-10% $9,876	-5% $11,862	+0% $13,849	+5% $15,836	+10% $17,822
Rate	-1.0pp $15,857	-0.5pp $14,863	base $13,849	+0.5pp $12,816	+1.0pp $11,764

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

Units	Beds	Baths	Est. rent
▸ 19× units	14	19	$50,293
Total (19 units)			$50,296

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: $997,000
• Closing costs: $119,640
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-04-20
   status Pending
2. 2026-04-02
   price $3,988,000
3. 2026-02-04
   listed $4,395,000 Active
4. 2008-12-11
   soldstatus $2,846,200

ⓘ 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: $39,716 · $3,310/mo
• Projected year-2 tax: $39,716 · $3,310/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 · 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: $603,552
• − Mortgage interest: −$223,390
• − Property taxes: −$39,716
• − Insurance: −$19,940
• − Repairs & maintenance: −$48,284
• − Management: −$48,284
• − Depreciation: −$116,015
• Taxable income: $107,923
• Est. tax owed @ 24.0%: −$25,902
• After-tax cash flow: $140,286/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): 26,879
• Household income: $123,551
• Rent vs Own: 61.8% rent · 38.2% own
• Severe rent burden: 1144.0

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 (67%)
• Race & ethnicity: White 67% Asian 12% Two or more races 12% Hispanic / Latino 9% Black 3%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Italian 5% Portuguese 5% Slovak 3%
• Foreign-born: 15% · Canada, China, South Korea
• Languages at home: 86% English-only · Spanish 5% Chinese 3% Other Indo-European 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: ▼ -1107.81%
• Current HPI: 309.791
• Rent YoY: ▲ 1.64%
• 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

+40.1% since first listed

4 events — show timeline

• 2026-04-20 Pending — NWMLS as Distributed by MLS Grid
• 2026-04-02 Price Changed $3,988,000 NWMLS as Distributed by MLS Grid
• 2026-02-04 Listed $4,395,000 NWMLS as Distributed by MLS Grid
• 2008-12-11 Sold (Public Records) $2,846,200 Public Records

Property tax history

+5.9%/yr

Latest (2025): $39,716 · -12.5% YoY. Source: county tax records.