8320 Lake City Way NE · Seattle, WA 98115

$6,890,000

90 bd · 90.0 ba · 25,427 sqft · MultiFamily public records · 13 Days on market

Built 1990 0.34 ac lot

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Why this score? — see what drove the B- 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 +27.2/30.0
• DSCR +9.4/10.0
• ARV discount +7.5/15.0
• 1% rule +6.7/10.0
• Schools +6.1/10.0
• Livability +3.8/5.0
• Rent growth +2.9/5.0
• 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: 30 units. confirmed

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

Vista Point Apartments, a well-maintained 30-unit multifamily property located in Seattle’s desirable Roosevelt neighborhood. Built in 1990, the property features 19 two-bedroom, two-bath units (~844 SF) and 11 one-bedroom, one-bath units (~599 SF), all with in-unit washer and dryers. The building offers secure access entry, gated parking with 37 on-site spaces, copper plumbing throughout, a new roof installed in 2023, and a brand new elevator completed in 2024. Current rents reach up to $1,500 for one-bedroom units and $2,000 for two-bedroom units, with a current cap rate of approximately 5.33% and significant upside through a renovation projected to achieve ~$1,995 and ~$2,600 respe

Key facts

• Copper plumbing
• Brand new elevator
• Secure access entry

Tags

• IN-UNIT WASHER AND DRYERS
• SECURE ACCESS ENTRY
• GATED PARKING
• COPPER PLUMBING
• NEW ROOF
• BRAND NEW ELEVATOR

What this means for you Summary

Snapshot

• This is a 30 × 3-bed/?-bath units multifamily listed at $6.89M.

Deal economics

• At list price, monthly cash flow is $20k ($236k/yr) — positive. Per door: $655/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($81k rent vs $6.89M).
• Cap rate 9.7% 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.
• Market conditions: Rents rising (+1.7%/yr); 290 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 $80,718/mo this rent would consume 620% of the median local household income ($156k/yr) (locally 2019% 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 $48k of loan paydown is wiped out by about $207k 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

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $2.09M; list at $6.89M implies a 230% gain — meaningful room to come down on a strong offer.

Recommended offer $6,890,000

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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.17% ✓
• Cap rate: 9.72%
• Cash-on-cash: 12.22%
• DSCR: 1.54
• GRM: 7.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.73% rent growth · sell at horizon

5-year hold

• IRR: 0.4%
• Equity multiple: 1.02×
• Total profit: $32,415
• Equity at exit: $1,027,321

10-year hold

• IRR: 8.8%
• Equity multiple: 1.64×
• Total profit: $1,228,755
• Equity at exit: $595,721

Cash invested: $1,929,200 (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 98115

• Rents YoY: 1.7%
• Active inventory: 290
• Price-to-rent: 213.4×

Monthly cashflow live

• Estimated rent: $80,718 high
• Mortgage (P&I): −$36,132
• Tax from tax record: −$5,112 /mo · $61,342/yr
• Insurance: −$2,871
• HOA: −$0
• Vacancy / Maint / Mgmt: −$16,951
• Net cashflow: $19,653

Break-even live

Break-even rent $55,841

Max offer price $6,890,000

Occupancy floor 71%

Sensitivity live

Price	-10% $23,553	-5% $21,603	+0% $19,653	+5% $17,702	+10% $15,752
Rent	-10% $13,276	-5% $16,464	+0% $19,653	+5% $22,841	+10% $26,029
Rate	-1.0pp $23,122	-0.5pp $21,405	base $19,653	+0.5pp $17,867	+1.0pp $16,051

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

Units	Beds	Baths	Est. rent
▸ 30× units	3	—	$80,730
Total (30 units)			$80,718

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: $1,722,500
• Closing costs: $206,700
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-04-28
   status Pending
2. 2026-04-15
   listed $6,890,000 Active
3. 1994-05-17
   soldstatus $2,090,000
4. 1988-08-19
   soldstatus $148,000
5. 1979-03-07
   soldstatus $85,000

ⓘ 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: $61,342 · $5,112/mo
• Projected year-2 tax: $67,522 · $5,627/mo
• Expected delta: +$6,180/yr (+$515/mo · 10.1%)

ⓘ 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 ≥86°F today · 14 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: $968,616
• − Mortgage interest: −$385,947
• − Property taxes: −$61,342
• − Insurance: −$34,450
• − Repairs & maintenance: −$77,489
• − Management: −$77,489
• − Depreciation: −$200,436
• Taxable income: $131,462
• Est. tax owed @ 24.0%: −$31,551
• After-tax cash flow: $204,281/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): 54,349
• Household income: $156,142
• Rent vs Own: 40.3% rent · 59.7% own
• Severe rent burden: 2019.0

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 (73%)
• Race & ethnicity: White 73% Asian 13% Two or more races 9% Hispanic / Latino 5% Black 2%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Italian 5% Portuguese 4% Slovak 3%
• Foreign-born: 13% · China, Canada, South Korea
• Languages at home: 85% 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: ▼ -1449.87%
• Current HPI: 331.4729
• Rent YoY: ▲ 1.73%
• 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

+8005.9% since first listed

5 events — show timeline

• 2026-04-28 Pending — NWMLS as Distributed by MLS Grid
• 2026-04-15 Listed $6,890,000 NWMLS as Distributed by MLS Grid
• 1994-05-17 Sold (Public Records) $2,090,000 Public Records
• 1988-08-19 Sold (Public Records) $148,000 Public Records
• 1979-03-07 Sold (Public Records) $85,000 Public Records

Property tax history

+4.2%/yr

Latest (2025): $61,342 · -10.3% YoY. Source: county tax records.