2020 Eastlake Ave E · Seattle, WA 98102

$1,475,000

16 bd · 16.0 ba · 2,868 sqft · MultiFamily public records · 120 Days on market

Built 1987 5,125 sqft lot $514/sqft · 27% above area Est $1213k · 22% over

---

Why this score? — see what drove the C+ 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 +29.7/30.0
• DSCR +10.0/10.0
• 1% rule +7.8/10.0
• Schools +6.1/10.0
• Livability +3.8/5.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• 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

Rare development opportunity for Townhome Builder or Value-Add Investor in the heart of the South Lake Union/Eastlake corridor. Prime lot offers sweeping, protected views of Lake Union, the Seattle Skyline, and the Olympic Mountains. Able to accommodate 4-5 new townhomes. Two larger townhomes could be built off the alley & three smaller ones facing Lake Union (or vice versa). Avg unit size = 1,793 sq ft. The property currently houses a very clean, well-maintained, solid income producing 4-plex generating healthy returns while you navigate the permitting process. Landlord has never increased rent on a tenant. Zero vacancy. Outstanding tenants. Rents below market rate. Each unit feature

Key facts

• Off street parking
• Protected views
• Prime lot

Tags

• PROTECTED VIEWS
• PRIME LOT
• NEW TOWNHOMES
• LARGE LIVING ROOM
• OFF STREET PARKING
• ZONED LR2M

What this means for you Summary

Snapshot

• This is a 4 × 4-bed/4.0-bath units multifamily listed at $1.48M.

Deal economics

• At list price, monthly cash flow is $5k ($65k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($19k rent vs $1.48M).
• Recommended offer: $1.34M (9.0% below list) — sets the bar for market timing.
• Cap rate 10.7% 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.
• Zoned schools: Hazel Wolf K-8 (720 students, 22% FRL); Washington Middle School (555 students, 65% FRL); Garfield High School (1,642 students, 40% FRL).
• Market conditions: Rents rising (+2.5%/yr); 192 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 $18,828/mo this rent would consume 197% of the median local household income ($115k/yr) (locally 1711% 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 $10k of loan paydown is wiped out by about $44k 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 + 2.5% rent growth), your $413k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 120 days — a 9% lower offer ($1.34M) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 16y ago; this cycle's ask has dropped $125k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $643k; list at $1.48M implies a 129% gain — meaningful room to come down on a strong offer.

Recommended offer $1,342,250 (9.0% below list)

Questions for the listing agent

1. It's been on market 120 days. Have you received any prior offers? Is the seller open to a 9% 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: 1.28% ✓
• Cap rate: 10.67%
• Cash-on-cash: 15.64%
• DSCR: 1.70
• GRM: 6.5

CMA / ARV

• ARV (median comp): $1,213,033
• List price: $1,475,000
• Delta: 21.60%
• Verdict: OVERPRICED
• Comps: 13 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 2.52% rent growth · sell at horizon

5-year hold

• IRR: 5.9%
• Equity multiple: 1.23×
• Total profit: $94,678
• Equity at exit: $219,927

10-year hold

• IRR: 14.9%
• Equity multiple: 2.18×
• Total profit: $486,588
• Equity at exit: $127,531

Cash invested: $413,000 (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 98102

• Rents YoY: 2.5%
• Active inventory: 192
• Price-to-rent: 26.1×

Monthly cashflow live

• Estimated rent: $18,828 high
• Mortgage (P&I): −$7,735
• Tax from tax record: −$1,141 /mo · $13,690/yr
• Insurance: −$615
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,954
• Net cashflow: $5,384

Break-even live

Break-even rent $12,013

Max offer price $1,475,000

Occupancy floor 66%

Sensitivity live

Price	-10% $6,219	-5% $5,801	+0% $5,384	+5% $4,966	+10% $4,549
Rent	-10% $3,896	-5% $4,640	+0% $5,384	+5% $6,127	+10% $6,871
Rate	-1.0pp $6,126	-0.5pp $5,759	base $5,384	+0.5pp $5,001	+1.0pp $4,613

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

Units	Beds	Baths	Est. rent
▸ 4× units	4	4	$18,828
Total (4 units)			$18,828

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: $368,750
• Closing costs: $44,250
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-17
   days on market $1,475,000 Active 120 DOM
2. 2026-06-16
   days on market $1,475,000 Active 119 DOM
3. 2026-06-15
   days on market $1,475,000 Active 118 DOM
4. 2026-06-15
   days on market $1,475,000 Active 117 DOM
5. 2026-06-13
   days on market $1,475,000 Active 116 DOM
6. 2026-06-12
   days on market $1,475,000 Active 115 DOM
7. 2026-06-10
   days on market $1,475,000 Active 113 DOM
8. 2026-06-09
   days on market $1,475,000 Active 112 DOM
9. 2026-06-08
   days on market $1,475,000 Active 111 DOM
10. 2026-06-07
    days on market $1,475,000 Active 110 DOM
11. 2026-06-07
    days on market $1,475,000 Active 109 DOM
12. 2026-06-04
    days on market $1,475,000 Active 107 DOM
13. 2026-06-03
    days on market $1,475,000 Active 106 DOM
14. 2026-06-02
    days on market $1,475,000 Active 105 DOM
15. 2026-06-01
    days on market $1,475,000 Active 104 DOM
16. 2026-05-31
    days on market $1,475,000 Active 103 DOM
17. 2026-03-30
    price $1,475,000
18. 2026-02-17
    listed $1,600,000 Active
19. 2010-02-26
    soldstatus $643,000 Sold
20. 2010-02-26
    soldstatus $643,000
21. 2010-02-05
    status Pending Inspection
22. 2010-01-26
    listed $649,950 Active
23. 2005-11-22
    soldstatus $625,000

ⓘ 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: $13,690 · $1,141/mo
• Projected year-2 tax: $14,455 · $1,205/mo
• Expected delta: +$765/yr (+$64/mo · 5.6%)

ⓘ 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 · 11 by 30 yrs out

Taxation est. · year 1

• Rental income: $225,936
• − Mortgage interest: −$82,623
• − Property taxes: −$13,690
• − Insurance: −$7,375
• − Repairs & maintenance: −$18,075
• − Management: −$18,075
• − Depreciation: −$42,909
• Taxable income: $43,190
• Est. tax owed @ 24.0%: −$10,366
• After-tax cash flow: $54,239/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): 27,333
• Household income: $114,925
• Rent vs Own: 73.0% rent · 27.0% own
• Severe rent burden: 1711.0

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 (68%)
• Race & ethnicity: White 68% Asian 12% Two or more races 12% Hispanic / Latino 8% Black 2%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Italian 4% Portuguese 3% Slovak 3%
• Foreign-born: 15% · Canada, China, South Korea
• Languages at home: 84% English-only · Spanish 4% 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: ▼ -386.18%
• Current HPI: 213.5569
• Rent YoY: ▲ 2.52%
• 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

+136.0% since first listed

7 events — show timeline

• 2026-03-30 Price Changed $1,475,000 NWMLS as Distributed by MLS Grid
• 2026-02-17 Listed $1,600,000 NWMLS as Distributed by MLS Grid
• 2010-02-26 Sold (Public Records) $643,000 Public Records
• 2010-02-26 Sold (MLS) $643,000 NWMLS as Distributed by MLS Grid
• 2010-02-05 Pending — NWMLS as Distributed by MLS Grid
• 2010-01-26 Listed $649,950 NWMLS as Distributed by MLS Grid
• 2005-11-22 Sold (Public Records) $625,000 Public Records

Property tax history

+6.1%/yr

Latest (2025): $13,690 · +2.0% YoY. Source: county tax records.