321 Bellevue Way SE #403 · Bellevue, WA 98004

$468,000

2 bd · 1.0 ba · 896 sqft · Condo public records · 34 Days on market

Built 1969 $522/sqft · 30% below area Est $668k · 30% under $598/mo HOA · 21% of rent

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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 +6.9/10.0
• Appreciation +4.8/10.0
• Livability +4.4/5.0
• Cash flow +4.2/30.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• 1% rule +1.1/10.0
• DSCR +0.0/10.0

Listing remarks

Heart of Downtown Bellevue. City living at its best with this spacious, light filled, top floor home in a quiet and serene setting. A large covered balcony overlooking greenbelt and creek with sunset views and a nice cross breeze through unit. Features include a functional galley kitchen with ample storage, a classic fireplace, elevator access, and a secured storage locker just across the hall. Includes covered parking with ample visitor parking. Walk Score of 89. On the bus line to Downtown Bellevue and Seattle. Recent building-wide upgrades include a newer roof and new plumbing. Modernized walk-in shower. Brand new washer dryer combo. No current special assessment. No rental cap.

Key facts

• Classic fireplace
• Top floor home
• Elevator access

Tags

• TOP FLOOR HOME
• LARGE COVERED BALCONY
• FUNCTIONAL GALLEY KITCHEN
• CLASSIC FIREPLACE
• ELEVATOR ACCESS
• SECURED STORAGE LOCKER

Property features AI

Finance

• Other: 24 units in the building; Elevator access; Bus lines nearby (routes 550, 556)
• Financial info: Listing terms: Cash or Conventional
• HOA & community: HOA fee of $598.68 monthly; HOA covers common area maintenance, earthquake insurance, lawn service, sewer, trash and water; Association contact: Propvivo - Vivek Khanna; Community amenities include elevator, garden space and laundry room; Pets allowed

Exterior

• Parking: 25 parking spaces in community; 1 covered space; Carport
• Utilities: Electric energy source; Power provided by PSE; Water and sewer provided through HOA; Cable connected (Xfinity)
• Home design: Condominium (one level unit); Brookside building; Built in 1989 (effective); West-facing entry on main level; Located on 4th floor of a 5-story building
• Construction: Wood construction; Composition roof; Condominium structure
• Exterior features: Wood exterior; Balcony/Deck/Patio; Creek waterfront; Curbs, paved and sidewalk access; Open space nearby

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Stove/Range
• Bedrooms: 2 bedrooms (both on main level: primary bedroom and one additional bedroom)
• Flooring: Vinyl plank flooring
• Bathrooms: 1 full bathroom (main level) with 1 shower
• Heating & cooling: Baseboard heating; Window cooling unit(s)
• Interior features: Electric cooking; Garbage disposal; Insulated windows; Top-floor unit; Unit has a view
• Laundry & utility: Washer; Dryer; Building laundry room (4th floor); Water heater located on balcony

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $468k.

Deal economics

• At list price, monthly cash flow is $-1k ($-15k/yr) — negative.
• To cash-flow at today's rent, offer at most $244k (48.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $284k (39.3% below list).
• Recommended offer: $244k (48.0% below list) — sets the bar for cash-flow.
• Cap rate 3.0% vs local median 1.1% in Bellevue — 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 87/100 on livability (#15 in WA, #314 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, employment A+; Watch: cost of living F.
• Bellevue School District (urban): math 73% / reading 79% proficiency, ranked #7 of 291 in WA (top 2%) — strong family-tenant draw, lease renewals of 3-5y typical; only 15% free/reduced lunch — higher-income household profile.
• Zoned schools: Enatai Elementary School (433 students, 20% FRL); Bellevue High School (1,517 students, 15% FRL) — zoned schools at 17% FRL track the district average.
• Market conditions: Rents soft (-0.2%/yr); 350 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 5d 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).

Forward outlook

• In year one you build about $2k of equity ($3k loan paydown + $-2k appreciation (-0.3% 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 ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 34 days — a 3% lower offer ($454k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 18y 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.
• Current owner paid $377k; 24% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: HOA is 21% of rent.

Recommended offer $243,500 (48.0% 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 34 days. Have you received any prior offers? Is the seller open to a 48% concession, seller financing, or rate buy-down credit?
3. Built in 1969 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
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. 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: 0.61% ✗
• Cap rate: 3.03%
• Cash-on-cash: -11.64%
• DSCR: 0.48
• GRM: 13.7

CMA / ARV

• ARV (median comp): $668,323
• List price: $468,000
• Delta: -29.97%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-0.34% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -19.1%
• Equity multiple: 0.16×
• Total profit: $-110,113
• Equity at exit: $128,048

10-year hold

• IRR: -14.6%
• Equity multiple: -0.36×
• Total profit: $-178,205
• Equity at exit: $147,792

Cash invested: $131,040 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 28 Tenant-Leaning
• State Washington: 28 Tenant-Leaning · D+8
• County: — inherits STATE
• City: — inherits STATE

Just-cause statewide (2021); Seattle layers rent control restrictions + relocation assistance; very tenant-friendly.

Methodology + full state rankings →

ZIP-level market 98004

• Home prices YoY: -0.1%
• Rents YoY: -0.2%
• Active inventory: 350
• Price-to-rent: 13.7×

Monthly cashflow live

• Estimated rent: $2,840 high
• Mortgage (P&I): −$2,454
• Tax from tax record: −$267 /mo · $3,206/yr
• Insurance: −$195
• HOA: −$598
• Vacancy / Maint / Mgmt: −$596
• Net cashflow: $-1,271

Break-even live

Break-even rent $4,449

Max offer price $243,500

Occupancy floor —

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: $117,000
• Closing costs: $14,040
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
417 Bellevue Way SE Unit TH202 Bellevue, WA	2.0	1.0	1065	$2,650	$2.49	43d	1	0.02mi
417 Bellevue Way SE Unit TH402 Bellevue, WA	2.0	1.0	1065	$2,750	$2.58	43d	1	0.02mi
330 102nd Ave SE Bellevue, WA	2.0	1.5	950	$2,795	$2.94	24d	1	0.07mi
433 Bellevue Way SE Bellevue, WA	1.0–2.0	1.0	925	$2,355	$2.55	2d	4	0.07mi
410 102nd Ave SE Bellevue, WA	2.0	2.0	895	$2,650	$2.96	43d	2	0.09mi
324 102nd Ave SE Bellevue, WA	1.0	1.0	992	$2,450	$2.47	10d	1	0.09mi
331 102nd Ave SE Bellevue, WA	2.0	1.5	1044	$2,195	$2.10	21d	1	0.12mi
537 Bellevue Way SE Bellevue, WA	1.0–3.0	1.0–2.0	1030	$2,348	$2.28	7d	6	0.12mi
545 Bellevue Way SE Bellevue, WA	1.0	1.0	638	$1,949	$3.05	2d	1	0.16mi
191 106th Ave SE #2 Bellevue, WA	2.0	1.0	979	$2,495	$2.55	21d	1	0.17mi
550 Bellevue Way SE Bellevue, WA	1.0	1.0	725	$1,950	$2.69	23d	1	0.17mi
10333 Main St Bellevue, WA	2.0	1.0–2.0	913	$4,962	$5.43	1d	13	0.18mi
10226 SE 6th St Bellevue, WA	1.0	1.0	700	$1,732	$2.48	21d	3	0.18mi
136 102nd Ave SE Bellevue, WA	1.0–2.0	1.0–2.0	911	$3,467	$3.81	1d	4	0.18mi
10245 Main St Bellevue, WA	1.0	1.0	783	$2,650	$3.38	4d	2	0.21mi
10575 Main St Bellevue, WA	3.0	1.0–3.0	1182	$4,672	$3.95	1d	30	0.25mi
10022 Meydenbauer Way SE Bellevue, WA	1.0–2.0	1.0	775	$2,195	$2.83	3d	2	0.25mi
10701 Main St Bellevue, WA	1.0	1.0	469	$2,285	$4.87	1d	6	0.28mi
10333 NE 1st St Bellevue, WA	2.0	1.0–2.0	907	$4,235	$4.67	1d	18	0.28mi
10000 Main St #403 Bellevue, WA	1.0	1.5	804	$3,800	$4.73	11d	1	0.30mi
188 Bellevue Way NE Bellevue, WA	1.0–2.0	1.5–2.0	1189	$5,995	$5.04	43d	2	0.33mi
10708 Main St Bellevue, WA	1.0	1.0	604	$2,000	$3.31	24d	1	0.33mi
10001 NE 1st St Bellevue, WA	2.0	1.0–2.0	957	$6,061	$6.33	1d	9	0.33mi
118 107th Ave NE Unit B105 Bellevue, WA	1.0	1.0	657	$2,295	$3.49	2d	1	0.34mi
111 108th Ave NE #411 Bellevue, WA	1.0	1.0	718	$2,200	$3.06	43d	1	0.35mi
250 Bellevue Way NE #812 Bellevue, WA	1.0–2.0	1.0–2.0	957	$3,620	$3.78	1d	2	0.40mi
9906 Lake Washington Blvd NE Bellevue, WA	1.0	1.0	600	$1,795	$2.99	7d	1	0.42mi
10410 NE 2nd St Bellevue, WA	3.0	1.0–2.0	1056	$3,208	$3.04	2d	1	0.43mi
362 Bellevue Way NE Unit 974 Bellevue, WA	1.0	1.0	820	$2,890	$3.52	43d	1	0.45mi
290 106th Pl NE Bellevue, WA	2.0	1.0	531	$2,530	$4.76	2d	14	0.50mi
308 108th Ave NE Bellevue, WA	1.0	1.0	651	$2,539	$3.90	1d	8	0.51mi
35 112th Ave NE Bellevue, WA	2.0	1.0–2.0	859	$5,840	$6.79	1d	20	0.55mi
11115 NE 2nd St Bellevue, WA	1.0	1.0	546	$2,195	$4.02	1d	6	0.58mi
10485 NE 6th St Bellevue, WA	1.0–3.0	1.0–3.5	2202	$16,662	$7.57	1d	14	0.58mi
511 100th Ave NE Bellevue, WA	1.0	1.0	638	$2,300	$3.61	16d	1	0.64mi
317 112th Ave NE Bellevue, WA	2.0	1.0–2.0	905	$4,830	$5.34	1d	22	0.65mi
10640 SE 16th St Unit 3 Bellevue, WA	2.0	1.0	720	$2,095	$2.91	4d	1	0.73mi
10640 SE 16th St Unit 5 Bellevue, WA	1.0	1.0	720	$1,855	$2.58	43d	1	0.73mi
688 110th Ave NE Bellevue, WA	3.0	1.0–3.5	2159	$14,953	$6.93	1d	23	0.75mi
860 100th Ave NE Bellevue, WA	2.0	1.5	1021	$2,395	$2.35	19d	1	0.79mi

HOA detail condo

• Monthly dues: $598 · $7,176/yr
• ⚠ Special-assessment mentions:

  …upgrades include a newer roof and new plumbing. Modernized walk-in shower. Brand new washer dryer combo. No current special assessment. No rental cap.

Listing history 24 events

1. 2026-06-18
   days on market $468,000 Active 34 DOM
2. 2026-06-17
   days on market $468,000 Active 33 DOM
3. 2026-06-16
   days on market $468,000 Active 32 DOM
4. 2026-06-15
   days on market $468,000 Active 31 DOM
5. 2026-06-13
   days on market $468,000 Active 29 DOM
6. 2026-06-09
   days on market $468,000 Active 25 DOM
7. 2026-06-08
   days on market $468,000 Active 24 DOM
8. 2026-06-07
   days on market $468,000 Active 23 DOM
9. 2026-06-04
   days on market $468,000 Active 20 DOM
10. 2026-06-03
    days on market $468,000 Active 19 DOM
11. 2026-06-02
    days on market $468,000 Active 18 DOM
12. 2026-06-01
    days on market $468,000 Active 17 DOM
13. 2026-05-31
    days on market $468,000 Active 16 DOM
14. 2026-05-15
    listed $468,000 Active
15. 2017-07-28
    soldstatus $377,000 Sold
16. 2017-07-28
    soldstatus $377,000
17. 2017-07-19
    status Pending
18. 2017-07-11
    listed $349,950 Active
19. 2008-07-16
    soldstatus $270,000 Sold
20. 2008-07-16
    soldstatus $270,000
21. 2008-06-27
    historical
22. 2008-05-16
    listed $279,900
23. 1992-01-15
    soldstatus $79,000
24. 1979-10-16
    soldstatus $47,000

ⓘ 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: $3,206 · $267/mo
• Projected year-2 tax: $4,586 · $382/mo
• Expected delta: +$1,380/yr (+$115/mo · 43.1%)

ⓘ 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 ≥87°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 10 unhealthy d/yr today · 12 by 30 yrs out

Taxation est. · year 1

• Rental income: $34,080
• − Mortgage interest: −$26,215
• − Property taxes: −$3,206
• − Insurance: −$2,340
• − Repairs & maintenance: −$2,726
• − Management: −$2,726
• − HOA: −$7,176
• − Depreciation: −$13,615
• Taxable loss: −$23,925
• Est. tax savings @ 24.0%: +$5,742
• After-tax cash flow: $-9,508/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: Bellevue School District
• NCES district ID: 5300390
• Math proficiency: 73% ▼ -2.00%
• Reading proficiency: 79% ▬ 0.00%
• Median HH income: $92,676
• Composite: 69.36/100
• National rank: #622
• State rank: #7 of 291 in WA

Livability — Bellevue

• Score: 87/100
• State rank: #15
• US rank: #314

Category grades

Amenities A+ Commute A+ Cost of living F Crime C+ Employment A+ Housing B Health & safety A+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bellevue, WA
• County: King County · 2,251,916 people
• City population: 156,686
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 39,897
• Household income: $182,545
• Rent vs Own: 63.6% rent · 36.4% own
• Severe rent burden: 1961.0

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 45% Asian 40% Two or more races 9% Hispanic / Latino 6% Black 2%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Italian 3% Romanian 2% Portuguese 2%
• Foreign-born: 42% · China, Canada, South Korea
• Languages at home: 56% English-only · Chinese 14% Other Indo-European 9% Other Asian/Pacific 7%

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: ▼ -0.34%
• Current HPI: 405.5569
• Rent YoY: ▼ -0.24%
• 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

+895.7% since first listed

11 events — show timeline

• 2026-05-15 Listed $468,000 NWMLS as Distributed by MLS Grid
• 2017-07-28 Sold (Public Records) $377,000 Public Records
• 2017-07-28 Sold (MLS) $377,000 NWMLS as Distributed by MLS Grid
• 2017-07-19 Pending — NWMLS as Distributed by MLS Grid
• 2017-07-11 Listed $349,950 NWMLS as Distributed by MLS Grid
• 2008-07-16 Sold (Public Records) $270,000 Public Records
• 2008-07-16 Sold (MLS) $270,000 NWMLS as Distributed by MLS Grid
• 2008-06-27 Delisted — NWMLS as Distributed by MLS Grid
• 2008-05-16 Listed $279,900 NWMLS as Distributed by MLS Grid
• 1992-01-15 Sold (Public Records) $79,000 Public Records
• 1979-10-16 Sold (Public Records) $47,000 Public Records

Property tax history

+4.4%/yr

Latest (2025): $3,206 · -25.1% YoY. Source: county tax records.