801 NW 54th St · Seattle, WA 98107

$2,890,000

17 bd · 16.0 ba · 6,750 sqft · MultiFamily public records · 226 Days on market

Built 1954 8,800 sqft lot $428/sqft · 22% above area Est $2301k · 26% over

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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).

• Cash flow +16.0/30.0
• Schools +6.1/10.0
• DSCR +4.9/10.0
• Livability +3.8/5.0
• 1% rule +3.7/10.0
• Rent growth +3.2/5.0
• 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 (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

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

Gilman Park Plaza - Current Cap of 6.46% with in place rent. 16 units in the prime Ballard neighborhood consists of 15 1Bed/1Ba units and one 2Bed/1Ba. 7 off street parking spaces, extra onsite storage stalls for extra income. Upgrades to the property in the last two years include a new TPO roof was installed in 2024, updated sewer lines along with exterior paint. Located close to mass transit and a walk score of 86/100 making this an ideal investment for future growth in one of the most bustling and vibrant neighborhoods in Seattle.

Key facts

• New tpo roof
• Exterior paint
• Updated sewer lines

Tags

• OFF STREET PARKING SPACES
• EXTRA ONSITE STORAGE STALLS
• NEW TPO ROOF
• UPDATED SEWER LINES
• EXTERIOR PAINT
• CLOSE TO MASS TRANSIT

What this means for you Summary

Snapshot

• This is a 17-bed/16.0-bath multifamily listed at $2.89M.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $2.51M (13.0% below list).
• Recommended offer: $2.51M (13.0% below list) — sets the bar for 1% rule.
• Cap rate 6.9% 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 (+2.8%/yr); 199 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 $25,146/mo this rent would consume 212% of the median local household income ($143k/yr) (locally 1547% 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 $20k of loan paydown is wiped out by about $87k 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 226 days — a 12% lower offer ($2.54M) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 26y ago; this cycle's ask has dropped $310k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1954 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $2,514,600 (13.0% below list)

Questions for the listing agent

1. It's been on market 226 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
2. Built in 1954 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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?
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: 0.87% ✗
• Cap rate: 6.88%
• Cash-on-cash: 2.08%
• DSCR: 1.09
• GRM: 9.6

CMA / ARV

• ARV (median comp): $2,301,087
• List price: $2,890,000
• Delta: 25.59%
• Verdict: OVERPRICED
• Comps: 5 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 2.8% rent growth · sell at horizon

5-year hold

• IRR: -13.2%
• Equity multiple: 0.52×
• Total profit: $-384,575
• Equity at exit: $430,908

10-year hold

• IRR: -4.6%
• Equity multiple: 0.70×
• Total profit: $-242,724
• Equity at exit: $249,874

Cash invested: $809,200 (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 98107

• Rents YoY: 2.8%
• Active inventory: 199
• Price-to-rent: 157.1×

Monthly cashflow live

• Estimated rent: $25,146 high
• Mortgage (P&I): −$15,155
• Tax from tax record: −$2,103 /mo · $25,238/yr
• Insurance: −$1,204
• HOA: −$0
• Vacancy / Maint / Mgmt: −$5,281
• Net cashflow: $1,403

Break-even live

Break-even rent $23,371

Max offer price $2,890,000

Occupancy floor 89%

Sensitivity live

Price	-10% $3,038	-5% $2,221	+0% $1,403	+5% $585	+10% $-233
Rent	-10% $-584	-5% $409	+0% $1,403	+5% $2,396	+10% $3,389
Rate	-1.0pp $2,858	-0.5pp $2,138	base $1,403	+0.5pp $654	+1.0pp $-108

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

Units	Beds	Baths	Est. rent
▸ 15× units	1	1	$22,995
1× unit	2	1	$2,145
Total (16 units)			$25,146

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: $722,500
• Closing costs: $86,700
• Reserves months: —
• Total cash needed: —

Listing history 24 events

1. 2026-01-12
   price $2,890,000
2. 2025-11-10
   price $2,980,000
3. 2025-10-16
   listed $3,200,000 Active
4. 2025-01-10
   historical $1,350
5. 2024-12-20
   listed $1,350
6. 2024-12-12
   historical $1,350
7. 2024-09-26
   listed $1,350
8. 2024-08-31
   historical $1,495
9. 2024-07-30
   listed $1,495
10. 2024-03-14
    historical $1,250
11. 2024-02-02
    listed $1,250
12. 2024-01-29
    historical $1,190
13. 2024-01-21
    price $1,190
14. 2024-01-04
    price $1,290
15. 2023-12-18
    listed $1,390
16. 2023-06-01
    soldstatus $2,747,600
17. 2004-09-09
    soldstatus $1,333,000
18. 2001-02-16
    soldstatus $1,002,500
19. 2001-02-16
    soldstatus $1,000,900
20. 2000-09-17
    listed $1,045,000
21. 1996-11-01
    soldstatus $635,000
22. 1990-02-02
    soldstatus $485,000
23. 1981-06-04
    soldstatus $396,940
24. 1978-09-01
    soldstatus $260,000

ⓘ 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: $25,238 · $2,103/mo
• Projected year-2 tax: $28,322 · $2,360/mo
• Expected delta: +$3,084/yr (+$257/mo · 12.2%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 20% 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 10 unhealthy d/yr today · 11 by 30 yrs out

Taxation est. · year 1

• Rental income: $301,752
• − Mortgage interest: −$161,885
• − Property taxes: −$25,238
• − Insurance: −$14,450
• − Repairs & maintenance: −$24,140
• − Management: −$24,140
• − Depreciation: −$84,073
• Taxable loss: −$32,174
• Est. tax savings @ 24.0%: +$7,722
• After-tax cash flow: $24,552/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): 28,776
• Household income: $142,662
• Rent vs Own: 61.7% rent · 38.3% own
• Severe rent burden: 1547.0

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 (71%)
• Race & ethnicity: White 71% Asian 13% Two or more races 11% Hispanic / Latino 7% Black 1%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Italian 6% Portuguese 4% Slovak 3%
• Foreign-born: 15% · China, Canada, South Korea
• Languages at home: 86% English-only · Chinese 5% Spanish 3% Other Indo-European 3%

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: ▼ -1408.40%
• Current HPI: 297.0696
• Rent YoY: ▲ 2.80%
• 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

+1011.5% since first listed

24 events — show timeline

• 2026-01-12 Price Changed $2,890,000 NWMLS as Distributed by MLS Grid
• 2025-11-10 Price Changed $2,980,000 NWMLS as Distributed by MLS Grid
• 2025-10-16 Listed $3,200,000 NWMLS as Distributed by MLS Grid
• 2025-01-10 Rental Removed $1,350 RENT.
• 2024-12-20 Listed for Rent $1,350 RENT.
• 2024-12-12 Rental Removed $1,350 RENT.
• 2024-09-26 Listed for Rent $1,350 RENT.
• 2024-08-31 Rental Removed $1,495 RENT.
• 2024-07-30 Listed for Rent $1,495 RENT.
• 2024-03-14 Rental Removed $1,250 APPFOLIO
• 2024-02-02 Listed for Rent $1,250 APPFOLIO
• 2024-01-29 Rental Removed $1,190 APPFOLIO
• 2024-01-21 Price Changed $1,190 APPFOLIO
• 2024-01-04 Price Changed $1,290 APPFOLIO
• 2023-12-18 Listed for Rent $1,390 APPFOLIO
• 2023-06-01 Sold (Public Records) $2,747,600 Public Records
• 2004-09-09 Sold (Public Records) $1,333,000 Public Records
• 2001-02-16 Sold (Public Records) $1,000,900 Public Records
• 2001-02-16 Sold (MLS) $1,002,500 NWMLS as Distributed by MLS Grid
• 2000-09-17 Listed $1,045,000 NWMLS as Distributed by MLS Grid
• 1996-11-01 Sold (Public Records) $635,000 Public Records
• 1990-02-02 Sold (Public Records) $485,000 Public Records
• 1981-06-04 Sold (Public Records) $396,940 Public Records
• 1978-09-01 Sold (Public Records) $260,000 Public Records

Property tax history

+5.1%/yr

Latest (2025): $25,238 · -20.5% YoY. Source: county tax records.