1818 Harvard Ave · Seattle, WA 98122

$3,100,000

None bd · None ba · 7,920 sqft · MultiFamily public records · 8 Days on market

Built 1959 8,960 sqft lot Est $2416k · 28% over

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Why this score? — see what drove the F 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 +7.5/30.0
• Schools +6.1/10.0
• Livability +3.8/5.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• 1% rule +2.0/10.0
• DSCR +1.7/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 12 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

12-unit multifamily investment opportunity located in Seattle’s Capitol Hill neighborhood directly adjacent to Seattle Central College and the Capitol Hill Link Light Rail Station. Built in 1959, Harvard Court is situated on an 8,960 SF lot and offers strong in-place income with additional rental upside potential. Property features excellent access to downtown Seattle, with a direct light rail connection to Westlake Station in approximately 4 minutes. The location provides walkable access to shopping, dining, nightlife, and major employment centers throughout Capitol Hill and downtown. Zoned MIO-105-NC3-55 (M), the site also offers future redevelopment potential with zoning allowing h

Key facts

• 8,960 sq ft lot
• Built 1959
• Listed 7 days

Tags

• CAPITOL HILL NEIGHBORHOOD
• DIRECT LIGHT RAIL CONNECTION
• WALKABLE ACCESS TO SHOPPING
• FUTURE REDEVELOPMENT POTENTIAL
• ZONING ALLOWING HEIGHTS

Property features AI

Finance

• Other: Lot size approximately 0.2057 acres; Zoned by county
• Financial info: Listing terms: Cash or Conventional; Gross scheduled income: $286,200; Gross adjusted income: $301,917; Net operating income: $198,914; Total expenses: $103,001; Insurance expense: $7,200; Other expense: $44,955; Gross rent multiplier: 10.83; Vacancy rate: 5%

Exterior

• Parking: 6 uncovered parking spaces
• Utilities: Electric power; Sewer connected
• Home design: Multi-family property (residential income); 12 units total; 3 stories; Built (effective) 1959
• Construction: Wood construction; Flat roof
• Exterior features: Wood exterior

Interior

• Heating & cooling: Baseboard heating; No cooling
• Interior features: Baseboard heating; No central air conditioning

What this means for you Summary

Snapshot

• This is a 12 × 1-bed/1.5-bath units multifamily listed at $3.10M.

Deal economics

• At list price, monthly cash flow is $-4k ($-46k/yr) — negative. Per door: $-317/mo.
• To cash-flow at today's rent, offer at most $2.43M (21.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $2.17M (30.0% below list).
• Recommended offer: $2.17M (30.0% below list) — sets the bar for 1% rule.
• Cap rate 4.8% 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.
• Zoned schools: Lowell Elementary School (331 students, 70% FRL); Garfield High School (1,642 students, 40% FRL) — zoned schools average 55% FRL vs 30% district-wide (25 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+1.3%/yr); 222 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 10,555 units permitted in King County in 2024 (7,119 in 5+ unit buildings).
• At $21,695/mo this rent would consume 244% of the median local household income ($107k/yr) (locally 3225% 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 $21k of loan paydown is wiped out by about $93k 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 8 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $1.97M; list at $3.10M implies a 57% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1959 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $2,169,500 (30.0% 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. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1959 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 0.70% ✗
• Cap rate: 4.82%
• Cash-on-cash: -5.27%
• DSCR: 0.77
• GRM: 11.9

CMA / ARV

• ARV (on-the-fly): $2,415,600
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
221 Belmont Ave E	0.19mi	—/18.0	8,700 (+10%)	2mo	$2,650,000	$305	73

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 1.3% rent growth · sell at horizon

5-year hold

• IRR: -27.1%
• Equity multiple: 0.10×
• Total profit: $-781,415
• Equity at exit: $462,220

10-year hold

• IRR: -32.0%
• Equity multiple: -0.31×
• Total profit: $-1,137,429
• Equity at exit: $268,031

Cash invested: $868,000 (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 98122

• Rents YoY: 1.3%
• Active inventory: 222
• Price-to-rent: 142.9×

Monthly cashflow live

• Estimated rent: $21,695 high
• Mortgage (P&I): −$16,257
• Tax from tax record: −$3,400 /mo · $40,801/yr
• Insurance: −$1,292
• HOA: −$0
• Vacancy / Maint / Mgmt: −$4,556
• Net cashflow: $-3,809

Break-even live

Break-even rent $26,517

Max offer price $2,427,049

Occupancy floor —

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

Units	Beds	Baths	Est. rent
▸ 12× units	1	1.5	$21,696
Total (12 units)			$21,695

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: $775,000
• Closing costs: $93,000
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
224 Pontius Ave N Seattle, WA	4.0	1.0–3.5	2938	$8,648	$2.94	1d	119	0.45mi

Listing history 9 events

1. 2026-06-19
   days on market $3,100,000 Active 8 DOM
2. 2026-06-18
   days on market $3,100,000 Active 7 DOM
3. 2026-06-17
   days on market $3,100,000 Active 6 DOM
4. 2026-06-16
   days on market $3,100,000 Active 5 DOM
5. 2026-06-15
   days on market $3,100,000 Active 4 DOM
6. 2026-06-15
   days on market $3,100,000 Active 3 DOM
7. 2026-06-13
   days on market $3,100,000 Active 2 DOM
8. 2026-06-12
   remarks 693-char remark
9. 2026-06-12
   listed $3,100,000 Active 1 DOM

ⓘ 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: $40,801 · $3,400/mo
• Projected year-2 tax: $40,801 · $3,400/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 · 14 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: $260,340
• − Mortgage interest: −$173,648
• − Property taxes: −$40,801
• − Insurance: −$15,500
• − Repairs & maintenance: −$20,827
• − Management: −$20,827
• − Depreciation: −$90,182
• Taxable loss: −$101,445
• Est. tax savings @ 24.0%: +$24,347
• After-tax cash flow: $-21,366/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): 43,234
• Household income: $106,886
• Rent vs Own: 71.6% rent · 28.4% own
• Severe rent burden: 3225.0

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 58% Asian 15% Two or more races 12% Black 9% Hispanic / Latino 8%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Italian 4% Lithuanian 3% Romanian 3%
• Foreign-born: 17% · Canada, China, South Korea
• Languages at home: 80% English-only · Spanish 4% Chinese 4% Other Indo-European 4%

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: ▼ -986.26%
• Current HPI: 277.8948
• Rent YoY: ▲ 1.30%
• 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

+710.2% since first listed

6 events — show timeline

• 2026-06-11 Listed $3,100,000 NWMLS as Distributed by MLS Grid
• 2012-05-31 Sold (Public Records) $1,973,200 Public Records
• 2005-11-30 Sold (Public Records) $1,847,450 Public Records
• 2004-11-24 Sold (Public Records) $1,407,500 Public Records
• 1993-10-01 Sold (Public Records) $624,000 Public Records
• 1984-11-01 Sold (Public Records) $382,615 Public Records

Property tax history

+8.3%/yr

Latest (2025): $40,801 · +1.8% YoY. Source: county tax records.