121 Stewart St #504 · Seattle, WA 98101

$599,000

2 bd · 1.0 ba · 983 sqft · Condo public records · 93 Days on market

Built 2020 $609/sqft · 30% below area Est $863k · 31% under $1169/mo HOA · 30% of rent ↓ 8% since listing

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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 +4.7/10.0
• Livability +3.8/5.0
• Cash flow +3.2/30.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• 1% rule +1.6/10.0
• DSCR +0.0/10.0

Listing remarks

Motivated Seller! Amazing value for an Urban 2 Bedroom built in 2020! Experience the pinnacle of urban luxury at The Emerald, Seattle’s premier address located just one block from Pike Place Market and two blocks from the Seattle Waterfront. This Urban Two Bedroom is a rare find with a private terrace and city views. The upscale interior features floor-to-ceiling windows, custom wood cabinetry, hardwood floors, and the convenience of Latch keyless entry and a full-size W/ D. Upgrades include professionally installed wallpaper and full glass shower enclosure. Residents enjoy an unparalleled resort-style lifestyle with world-class amenities, including a fitness center, yoga studio, pet

Key facts

• Full size w d
• Private terrace
• Keyless entry

Tags

• PRIVATE TERRACE
• FLOOR TO CEILING WINDOWS
• CUSTOM WOOD CABINETRY
• HARDWOOD FLOORS
• KEYLESS ENTRY
• FULL SIZE W D

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $599k.

Deal economics

• At list price, monthly cash flow is $-2k ($-23k/yr) — negative.
• To cash-flow at today's rent, offer at most $265k (55.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $396k (34.0% below list).
• Recommended offer: $265k (55.8% below list) — sets the bar for cash-flow.
• Cap rate 2.5% 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 soft (-0.3%/yr); 155 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 0d 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 runs 37% of the median local income ($129k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $1k of equity ($4k loan paydown + $-3k appreciation (-0.5% local appreciation)).
• King County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 10, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 93 days — a 9% lower offer ($545k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y 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 30% of rent.

Recommended offer $264,625 (55.8% 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 93 days. Have you received any prior offers? Is the seller open to a 56% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 0.66% ✗
• Cap rate: 2.50%
• Cash-on-cash: -13.54%
• DSCR: 0.40
• GRM: 12.6

CMA / ARV

• ARV (median comp): $863,080
• List price: $599,000
• Delta: -30.60%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-0.52% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -22.7%
• Equity multiple: 0.02×
• Total profit: $-163,605
• Equity at exit: $158,468

10-year hold

• IRR: -18.7%
• Equity multiple: -0.65×
• Total profit: $-277,519
• Equity at exit: $178,547

Cash invested: $167,720 (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 98101

• Home prices YoY: -0.3%
• Rents YoY: -0.3%
• Active inventory: 155
• Price-to-rent: 12.6×

Monthly cashflow live

• Estimated rent: $3,956 high
• Mortgage (P&I): −$3,141
• Tax from tax record: −$458 /mo · $5,497/yr
• Insurance: −$250
• HOA: −$1,169
• Vacancy / Maint / Mgmt: −$831
• Net cashflow: $-1,893

Break-even live

Break-even rent $6,352

Max offer price $264,625

Occupancy floor —

Sensitivity live

Price	-10% $-1,554	-5% $-1,723	+0% $-1,893	+5% $-2,062	+10% $-2,232
Rent	-10% $-2,205	-5% $-2,049	+0% $-1,893	+5% $-1,737	+10% $-1,580
Rate	-1.0pp $-1,591	-0.5pp $-1,740	base $-1,893	+0.5pp $-2,048	+1.0pp $-2,206

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: $149,750
• Closing costs: $17,970
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1915 2nd Ave Seattle, WA	2.0	1.0–2.0	765	$3,950	$5.16	0d	10	0.01mi
121 Stewart St #1508 Seattle, WA	1.0	1.0	590	$2,400	$4.07	8d	1	0.03mi
121 Stewart St #807 Seattle, WA	1.0	1.0	758	$3,100	$4.09	0d	1	0.03mi
1900 1st Ave Seattle, WA	1.0–2.0	1.0–2.0	658	$3,565	$5.41	0d	17	0.04mi
1900 1st Ave Seattle, WA	1.0	1.0–1.5	703	$3,142	$4.47	25d	11	0.04mi
1600 2nd Ave Seattle, WA	2.0	1.0–2.0	859	$5,165	$6.01	0d	28	0.06mi
2015 2nd Ave Seattle, WA	2.0	1.0–2.0	879	$4,648	$5.29	0d	29	0.08mi
2033 2nd Ave Seattle, WA	1.0	1.0	764	$3,375	$4.42	11d	2	0.11mi
2033 2nd Ave #1900 Seattle, WA	1.0	1.0	928	$4,000	$4.31	3d	1	0.12mi
300 Virginia St Seattle, WA	2.0	2.0	940	$5,100	$5.43	2d	1	0.13mi
300 Virginia St Seattle, WA	1.0	1.0	548	$3,250	$5.93	0d	1	0.13mi
300 Virginia St Seattle, WA	2.0	2.0	811	$4,500	$5.55	44d	1	0.13mi
300 Virginia St #3012 Seattle, WA	1.0	1.0	548	$3,250	$5.93	2d	1	0.13mi
300 Virginia St #2602 Seattle, WA	1.0	1.0	669	$3,400	$5.08	0d	1	0.13mi
1920 4th Ave Seattle, WA	1.0	1.5	952	$3,300	$3.47	5d	1	0.16mi
1920 4th Ave Seattle, WA	1.0–2.0	1.0–2.0	1432	$7,950	$5.55	25d	3	0.16mi
1920 4th Ave Seattle, WA	1.0–2.0	1.0–2.0	1432	$7,950	$5.55	11d	2	0.16mi
1507 Western Ave #602 Seattle, WA	1.0	1.0	872	$3,950	$4.53	0d	1	0.17mi
1430 2nd Ave Seattle, WA	1.0–2.0	1.0–2.5	1286	$10,944	$8.51	0d	23	0.17mi
2014 4th Ave Seattle, WA	1.0	1.0	629	$1,495	$2.38	0d	1	0.18mi
1415 2nd Ave Unit 979 Seattle, WA	2.0	2.0	1006	$4,080	$4.06	0d	1	0.19mi
98 Union St #610 Seattle, WA	1.0	1.0	577	$1,695	$2.94	0d	1	0.21mi
2125 1st Ave #1702 Seattle, WA	2.0	1.5	1035	$3,695	$3.57	44d	1	0.21mi
2134 Western Ave Seattle, WA	2.0	1.0–2.0	720	$3,665	$5.09	4d	14	0.22mi
2116 4th Ave Seattle, WA	2.0	1.0–2.0	1164	$4,495	$3.86	14d	19	0.24mi
2116 4th Ave Seattle, WA	1.0–2.0	1.0–2.0	922	$4,850	$5.26	0d	21	0.24mi
2105 5th Ave Seattle, WA	2.0	1.0–2.0	837	$4,443	$5.31	0d	6	0.24mi
2201 3rd Ave Seattle, WA	1.0	1.0	572	$1,998	$3.49	0d	2	0.25mi
2201 3rd Ave Seattle, WA	1.0	1.0	537	$2,000	$3.72	15d	2	0.25mi
2217 3rd Ave Seattle, WA	1.0	1.0	694	$1,895	$2.73	0d	8	0.26mi
2201 4th Ave Seattle, WA	1.0–2.0	1.0–2.0	849	$3,399	$4.00	0d	4	0.27mi
2101 6th Ave Unit 1506175P Seattle, WA	1.0	1.0	635	$6,174	$9.72	0d	1	0.29mi
2208 4th Ave Seattle, WA	3.0	1.0–2.0	951	$5,596	$5.88	0d	83	0.29mi
2233 1st Ave Seattle, WA	1.0	1.0	716	$2,628	$3.67	0d	2	0.30mi
1340 4th Ave Seattle, WA	1.0–3.0	1.0–3.5	1773	$14,145	$7.98	0d	24	0.30mi
2132 5th Ave #9 Seattle, WA	1.0	1.0	680	$2,050	$3.01	0d	1	0.30mi
1942 Westlake Ave Seattle, WA	2.0	1.0–2.0	872	$4,745	$5.44	0d	13	0.31mi
206 Bell St Seattle, WA	2.0	1.0	629	$2,675	$4.25	0d	15	0.31mi
50 University St Seattle, WA	1.0–2.0	1.0–2.0	765	$4,490	$5.87	0d	5	0.32mi
304 Bell St Unit 1 Seattle, WA	1.0	1.0	800	$1,595	$1.99	17d	1	0.32mi

HOA detail condo

• Monthly dues: $1,169 · $14,028/yr
• Likely covers: watergym
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 26 events

1. 2026-06-21
   days on market $599,000 Active 93 DOM
2. 2026-06-21
   days on market $599,000 Active 92 DOM
3. 2026-06-19
   days on market $599,000 Active 91 DOM
4. 2026-06-18
   days on market $599,000 Active 90 DOM
5. 2026-06-17
   days on market $599,000 Active 89 DOM
6. 2026-06-16
   days on market $599,000 Active 88 DOM
7. 2026-06-15
   days on market $599,000 Active 87 DOM
8. 2026-06-15
   days on market $599,000 Active 86 DOM
9. 2026-06-13
   days on market $599,000 Active 85 DOM
10. 2026-06-12
    days on market $599,000 Active 84 DOM
11. 2026-06-10
    days on market $599,000 Active 82 DOM
12. 2026-06-09
    days on market $599,000 Active 81 DOM
13. 2026-06-08
    days on market $599,000 Active 80 DOM
14. 2026-06-07
    days on market $599,000 Active 79 DOM
15. 2026-06-07
    days on market $599,000 Active 78 DOM
16. 2026-06-04
    days on market $599,000 Active 76 DOM
17. 2026-06-03
    days on market $599,000 Active 75 DOM
18. 2026-06-02
    days on market $599,000 Active 74 DOM
19. 2026-06-01
    days on market $599,000 Active 73 DOM
20. 2026-05-31
    days on market $599,000 Active 72 DOM
21. 2026-04-21
    price $599,000
22. 2026-03-19
    listed $625,000 Active
23. 2024-05-24
    soldstatus $560,000 Closed
24. 2024-05-24
    soldstatus $560,000
25. 2024-04-25
    status Pending
26. 2024-01-14
    listed $649,000 Active

ⓘ 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: $5,497 · $458/mo
• Projected year-2 tax: $5,870 · $489/mo
• Expected delta: +$374/yr (+$31/mo · 6.8%)

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

Taxation est. · year 1

• Rental income: $47,469
• − Mortgage interest: −$33,553
• − Property taxes: −$5,497
• − Insurance: −$2,995
• − Repairs & maintenance: −$3,798
• − Management: −$3,798
• − HOA: −$14,028
• − Depreciation: −$17,425
• Taxable loss: −$33,625
• Est. tax savings @ 24.0%: +$8,070
• After-tax cash flow: $-14,644/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): 17,153
• Household income: $128,882
• Rent vs Own: 86.5% rent · 13.5% own
• Severe rent burden: 1840.0

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 0.64)
• Race & ethnicity: White 48% Asian 35% Two or more races 7% Black 6% Hispanic / Latino 5%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Italian 2% Slovak 2% Lithuanian 1%
• Foreign-born: 38% · China, Canada, South Korea
• Languages at home: 67% English-only · Other Indo-European 10% Chinese 8% Spanish 4%

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: ▼ -0.52%
• Current HPI: 193.0062
• Rent YoY: ▼ -0.28%
• 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

-7.7% since first listed

6 events — show timeline

• 2026-04-21 Price Changed $599,000 NWMLS as Distributed by MLS Grid
• 2026-03-19 Listed $625,000 NWMLS as Distributed by MLS Grid
• 2024-05-24 Sold (Public Records) $560,000 Public Records
• 2024-05-24 Sold (MLS) $560,000 NWMLS as Distributed by MLS Grid
• 2024-04-25 Pending — NWMLS as Distributed by MLS Grid
• 2024-01-14 Listed $649,000 NWMLS as Distributed by MLS Grid

Property tax history

-4.7%/yr

Latest (2025): $5,497 · -16.3% YoY. Source: county tax records.