417 Minor Ave N · Seattle, WA 98109

$1,298,000

12 bd · 16.0 ba · 2,571 sqft · MultiFamily public records · 15 Days on market

Built 1909 3,593 sqft lot

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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 +26.4/30.0
• DSCR +9.0/10.0
• ARV discount +7.5/15.0
• 1% rule +6.6/10.0
• Schools +6.1/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• 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: 4 units. 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

Rare investment opportunity in South Lake Union with existing 4-Plex & mixed use zoning-ideal for owner/user! The property is one of the few remaining residential development parcels in the area, offering a myriad of investment options: retain rentals as residential/business/retail units & potentially add up to 3 townhomes on parking surface area; redevelop site w/ 6 townhome units or denser multifamily project & generate income from existing fourplex while awaiting permits. Vacant land next door also for sale separately: with the two parcels combined, offer even more development opportunities. Feasibility work completed! The area is transformed from a low-rise industrial

Key facts

• Retail units
• Redevelop site
• Mixed use zoning

Tags

• INVESTMENT OPPORTUNITY
• MIXED USE ZONING
• RETAIL UNITS
• REDEVELOP SITE
• MULTIFAMILY PROJECT
• EXISTING FOURPLEX

Property features AI

Finance

• Other: Possible uses include business, multi-family, office, residential, retail (see remarks)
• Financial info: Gross scheduled income: $92,270; Gross adjusted income: $64,397; Total monthly income: $7,689; Net operating income: $64,397; Total expenses: $27,873.57; Insurance expense: $4,536 (annual); Electric expense: $552.40 (periodic); Other expenses: $5,405.64; Gross rent multiplier: 14.1; Actual rents listed per unit: $1,540; $1,800; $1,910; $2,140; Accepted financing: Cash, Conventional, Rehab Loan
• HOA & community: Building name: Fairview Homestead Assn

Exterior

• Parking: Five uncovered parking spaces
• Security: Partially fenced property
• Utilities: Electric energy source; Public water (Seattle Public Utilities); Sewer connected (Seattle Public Utilities); Power provided by Seattle City Light; Cable (Xfinity) connected; Internet (Xfinity) connected
• Home design: Residential income property (multi-family / quadruplex); 2 stories; Quadruplex structure
• Construction: Built or effective year 1975; Metal/vinyl and wood construction materials; Composition roof; Poured concrete and slab foundation
• Exterior features: Metal/vinyl and wood exterior; Deck; Partially fenced yard; Alley access; Curbs and paved streets; Sidewalks; Has a view

Interior

• Kitchen: Range/oven in all units; Refrigerator in each unit; Dishwasher in some units
• Bedrooms: Four 1-bedroom units (units listed as FB, FT, BT plus another unit with 1 bedroom)
• Flooring: Ceramic tile; Hardwood; Softwood; Vinyl and vinyl plank
• Bathrooms: Four 1-bath units
• Heating & cooling: Baseboard heating; Wall furnace; No central air conditioning
• Interior features: Basement; Coin-op laundry; Storage; Partially fenced; Cable TV available; High-speed internet available
• Laundry & utility: Coin-op laundry (on-site); Washer/dryer not provided in units

What this means for you Summary

Snapshot

• This is a 4 × 3-bed/?-bath units multifamily listed at $1.30M.

Deal economics

• At list price, monthly cash flow is $3k ($41k/yr) — positive. Per door: $852/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($15k rent vs $1.30M).
• Recommended offer: $1.28M (1.5% below list) — sets the bar for market timing.
• Cap rate 9.4% 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 flat; 189 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 $15,081/mo this rent would consume 135% of the median local household income ($134k/yr) (locally 2558% 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 $9k of loan paydown is wiped out by about $39k 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 15 days — a 2% lower offer ($1.28M) is reasonable based on typical stale-listing flexibility.
• Current owner paid $34k; list at $1.30M implies a 3718% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1909 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $1,278,530 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1909 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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.
8. 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.
9. 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: 1.16% ✓
• Cap rate: 9.44%
• Cash-on-cash: 11.25%
• DSCR: 1.50
• GRM: 7.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.04% rent growth · sell at horizon

5-year hold

• IRR: -2.8%
• Equity multiple: 0.90×
• Total profit: $-36,960
• Equity at exit: $193,536

10-year hold

• IRR: 3.4%
• Equity multiple: 1.22×
• Total profit: $78,349
• Equity at exit: $112,227

Cash invested: $363,440 (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 98109

• Rents YoY: 0.0%
• Active inventory: 189
• Price-to-rent: 28.7×

Monthly cashflow live

• Estimated rent: $15,081 high
• Mortgage (P&I): −$6,807
• Tax from tax record: −$1,158 /mo · $13,900/yr
• Insurance: −$541
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,167
• Net cashflow: $3,408

Break-even live

Break-even rent $10,767

Max offer price $1,298,000

Occupancy floor 72%

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

Units	Beds	Baths	Est. rent
▸ 4× units	3	—	$15,080
Total (4 units)			$15,081

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: $324,500
• Closing costs: $38,940
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-06-12
   status $1,298,000 Pending 15 DOM
2. 2026-06-10
   days on market $1,298,000 Active 15 DOM
3. 2026-06-09
   days on market $1,298,000 Active 14 DOM
4. 2026-06-08
   days on market $1,298,000 Active 13 DOM
5. 2026-06-07
   days on market $1,298,000 Active 12 DOM
6. 2026-06-07
   days on market $1,298,000 Active 11 DOM
7. 2026-06-04
   days on market $1,298,000 Active 9 DOM
8. 2026-06-03
   days on market $1,298,000 Active 8 DOM
9. 2026-06-02
   days on market $1,298,000 Active 7 DOM
10. 2026-06-01
    days on market $1,298,000 Active 6 DOM
11. 2026-05-31
    days on market $1,298,000 Active 5 DOM
12. 2026-05-26
    listed $1,298,000 Active
13. 1982-06-07
    soldstatus $34,000

ⓘ 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: $13,900 · $1,158/mo
• Projected year-2 tax: $13,900 · $1,158/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 · 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: $180,972
• − Mortgage interest: −$72,708
• − Property taxes: −$13,900
• − Insurance: −$6,490
• − Repairs & maintenance: −$14,478
• − Management: −$14,478
• − Depreciation: −$37,760
• Taxable income: $21,158
• Est. tax owed @ 24.0%: −$5,078
• After-tax cash flow: $35,817/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): 34,328
• Household income: $133,663
• Rent vs Own: 78.9% rent · 21.1% own
• Severe rent burden: 2558.0

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 0.63)
• Race & ethnicity: White 53% Asian 28% Two or more races 10% Hispanic / Latino 8% Black 3%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Italian 4% Lithuanian 3% Romanian 3%
• Foreign-born: 29% · China, Canada, South Korea
• Languages at home: 71% English-only · Other Indo-European 9% Chinese 6% Spanish 5%

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: ▼ -856.11%
• Current HPI: 239.2734
• Rent YoY: ▬ 0.04%
• 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

+3717.6% since first listed

2 events — show timeline

• 2026-05-26 Listed $1,298,000 NWMLS as Distributed by MLS Grid
• 1982-06-07 Sold (Public Records) $34,000 Public Records

Property tax history

+7.3%/yr

Latest (2025): $13,900 · +1.9% YoY. Source: county tax records.