213 1st Ave S · Seattle, WA 98104

$4,900,000

None bd · None ba · 16,974 sqft · MultiFamily · 484 Days on market

Built 1900 3,330 sqft lot $289/sqft · 22% below area Est $6281k · 22% under ↓ 11% 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
• Cash flow +5.9/30.0
• Appreciation +4.7/10.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• 1% rule +1.3/10.0
• DSCR +0.3/10.0

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

Invest in a piece of Seattle’s storied past with this turnkey mixed-use property in Pioneer Square. Built in 1900, this well maintained 4 story building blends historic character with modernity, for dependable returns and future growth. Residential units offer 13 tastefully designed units, including 4 upscale penthouses with rooftop decks, 4 spacious lofts, 4 micro lofts, and 1 large studio. Units feature open layouts, contemporary finishes, and rich hardwood flooring, with on-site laundry and an elevator. On the ground level, two retail spaces are fully leased, ensuring steady cash flow. Set on bustling 1st St with street parking and a Walk Score of 96, this asset stands as a dynamic

Key facts

• Historic character
• Spacious lofts
• Micro lofts

Tags

• HISTORIC CHARACTER
• ROOFTOP DECKS
• SPACIOUS LOFTS
• MICRO LOFTS
• ON-SITE LAUNDRY
• FULLY LEASED RETAIL SPACES

What this means for you Summary

Snapshot

• This is a multifamily listed at $4.90M.

Deal economics

• At list price, monthly cash flow is $-10k ($-115k/yr) — negative.
• To cash-flow at today's rent, offer at most $3.51M (28.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $3.07M (37.3% below list).
• Recommended offer: $3.07M (37.3% below list) — sets the bar for 1% rule.
• Cap rate 3.9% 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 soft (-0.5%/yr); 96 active listings in the ZIP; 10,555 units permitted in King County in 2024 (7,119 in 5+ unit buildings).
• At $30,741/mo this rent would consume 600% of the median local household income ($61k/yr) (locally 1865% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $6k of equity ($34k loan paydown + $-28k appreciation (-0.6% 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 ~$279k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 484 days — a 12% lower offer ($4.31M) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $3,074,100 (37.3% 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 484 days. Have you received any prior offers? Is the seller open to a 37% concession, seller financing, or rate buy-down credit?
3. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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: 0.63% ✗
• Cap rate: 3.95%
• Cash-on-cash: -8.38%
• DSCR: 0.63
• GRM: 13.3

CMA / ARV

• ARV (median comp): $6,281,000
• List price: $4,900,000
• Delta: -21.99%
• Verdict: UNDERPRICED
• Comps: 3 within 2.0 mi

Projected returns pro-forma

-0.57% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -16.4%
• Equity multiple: 0.29×
• Total profit: $-973,796
• Equity at exit: $1,283,617

10-year hold

• IRR: -12.0%
• Equity multiple: -0.08×
• Total profit: $-1,480,901
• Equity at exit: $1,435,853

Cash invested: $1,372,000 (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 98104

• Home prices YoY: -0.3%
• Rents YoY: -0.5%
• Active inventory: 96
• Price-to-rent: 159.4×

Monthly cashflow live

• Estimated rent: $30,741 high
• Mortgage (P&I): −$25,696
• Tax est. 1.5%: −$6,125 /mo · $73,500/yr
• Insurance: −$2,042
• HOA: −$0
• Vacancy / Maint / Mgmt: −$6,456
• Net cashflow: $-9,577

Break-even live

Break-even rent $42,864

Max offer price $3,514,134

Occupancy floor —

Sensitivity live

Price	-10% $-6,191	-5% $-7,884	+0% $-9,577	+5% $-11,271	+10% $-12,964
Rent	-10% $-12,006	-5% $-10,792	+0% $-9,577	+5% $-8,363	+10% $-7,149
Rate	-1.0pp $-7,110	-0.5pp $-8,331	base $-9,577	+0.5pp $-10,847	+1.0pp $-12,139

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

Units	Beds	Baths	Est. rent
▸ 12× units	1	1	$30,744
Total (12 units)			$30,741

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: $1,225,000
• Closing costs: $147,000
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-21
   days on market $4,900,000 Active 484 DOM
2. 2026-06-19
   days on market $4,900,000 Active 483 DOM
3. 2026-06-18
   days on market $4,900,000 Active 482 DOM
4. 2026-06-17
   days on market $4,900,000 Active 481 DOM
5. 2026-06-16
   days on market $4,900,000 Active 480 DOM
6. 2026-06-15
   days on market $4,900,000 Active 479 DOM
7. 2026-06-15
   days on market $4,900,000 Active 478 DOM
8. 2026-06-13
   days on market $4,900,000 Active 477 DOM
9. 2026-06-12
   days on market $4,900,000 Active 476 DOM
10. 2026-06-10
    days on market $4,900,000 Active 474 DOM
11. 2026-06-09
    days on market $4,900,000 Active 473 DOM
12. 2026-06-08
    days on market $4,900,000 Active 472 DOM
13. 2026-06-07
    days on market $4,900,000 Active 471 DOM
14. 2026-06-07
    days on market $4,900,000 Active 470 DOM
15. 2026-06-04
    days on market $4,900,000 Active 468 DOM
16. 2026-06-03
    days on market $4,900,000 Active 467 DOM
17. 2026-06-02
    days on market $4,900,000 Active 466 DOM
18. 2026-06-01
    days on market $4,900,000 Active 465 DOM
19. 2026-05-31
    days on market $4,900,000 Active 464 DOM
20. 2026-03-18
    price $4,900,000
21. 2025-06-24
    price $5,200,000
22. 2025-02-20
    listed $5,500,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $368,892
• − Mortgage interest: −$274,476
• − Property taxes: −$73,500
• − Insurance: −$24,500
• − Repairs & maintenance: −$29,511
• − Management: −$29,511
• − Depreciation: −$142,545
• Taxable loss: −$205,152
• Est. tax savings @ 24.0%: +$49,237
• After-tax cash flow: $-65,692/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): 16,542
• Household income: $61,460
• Rent vs Own: 91.8% rent · 8.2% own
• Severe rent burden: 1865.0

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: Highly diverse neighborhood (Simpson 0.70)
• Race & ethnicity: White 44% Asian 29% Black 11% Two or more races 9% Hispanic / Latino 7%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Italian 3% Portuguese 2% Lithuanian 2%
• Foreign-born: 34% · China, Canada, Vietnam
• Languages at home: 65% English-only · Chinese 15% Spanish 4% Other Asian/Pacific 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: ▼ -0.57%
• Current HPI: 201.2349
• Rent YoY: ▼ -0.49%
• 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

-10.9% since first listed

3 events — show timeline

• 2026-03-18 Price Changed $4,900,000 NWMLS as Distributed by MLS Grid
• 2025-06-24 Price Changed $5,200,000 NWMLS as Distributed by MLS Grid
• 2025-02-20 Listed $5,500,000 NWMLS as Distributed by MLS Grid