1815 13th Ave S

Seattle, WA 98144

$4,295,000B-

594 bd · 506.0 ba · 12,205 sqft · Built 1911 · MultiFamily · Active · 137 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $54,514/mo
• Mortgage (P&I): −$22,523
• Tax + insurance: −$5,197
• HOA: −$0
• Vac / Maint / Mgmt: −$11,448
• Net cashflow: $15,346/mo
• Annual: $184,146/yr
• Cap rate: 10.58%
• Cash-on-cash: 15.31%
• DSCR: 1.68
• 1% rule: 1.27%
• Cash to close: $1,202,600

Investor read

• This is a 22 × 27-bed/23.0-bath units multifamily listed at $4.29M.
• At list price, monthly cash flow is $15k ($184k/yr) — positive. Per door: $698/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($55k rent vs $4.29M).
• It's been on market 137 days — a 12% lower offer ($3.78M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $3.78M (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $30k of loan paydown is wiped out by about $129k of value loss. Plan a longer hold.
• 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.
• Watch-outs: built in 1911 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+1.9%/yr); 200 active listings in the ZIP; solid renter incomes; 10,555 units permitted in King County in 2024 (7,119 in 5+ unit buildings).
• King County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Current owner paid $918k; list at $4.29M implies a 368% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 1.9% rent growth), your $1.20M cash investment doubles in ~9 years — after that, you're playing with house money.
• Cap rate 10.6% 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.
• At $54,514/mo this rent would consume 675% of the median local household income ($97k/yr) (locally 1780% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 137 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1911 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?