121 Stewart St #1304 · Seattle, WA 98101

$599,000

2 bd · 1.0 ba · 897 sqft · Condo public records · 97 Days on market

Built 2020 $668/sqft · 29% below area Est $931k · 36% under $1169/mo HOA · 30% of rent ↓ 14% since listing

---

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 +6.1/10.0
• Appreciation +4.7/10.0
• Livability +3.8/5.0
• Cash flow +3.0/30.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• 1% rule +1.5/10.0
• DSCR +0.0/10.0

Listing remarks

Sophisticated City Living with Private Terrace at The Emerald. Perched above the city with dynamic views of downtown this stunning home at offers a rare blend of indoor-outdoor living and sophisticated design. Featuring two enclosed bedrooms, floor-to-ceiling windows, custom wood cabinetry, hardwood floors, full-size washer/dryer, and Latch keyless entry, this residence delivers elevated urban living at its finest. Just blocks from Pike Place Market & Seattle’s waterfront. Enjoy resort-style amenities, including a state-of-the-art fitness center, yoga studio, pet run and spa, guest suite, and a full-floor rooftop lounge with indoor and outdoor gathering spaces—offering pro

Key facts

• Private terrace
• Latch keyless entry
• Dynamic views

Tags

• PRIVATE TERRACE
• DYNAMIC VIEWS
• INDOOR-OUTDOOR LIVING
• CUSTOM WOOD CABINETRY
• FULL-SIZE WASHER DRYER
• LATCH KEYLESS ENTRY

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $599k.

Deal economics

• At list price, monthly cash flow is $-2k ($-23k/yr) — negative.
• To cash-flow at today's rent, offer at most $257k (57.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $389k (35.0% below list).
• Recommended offer: $257k (57.1% below list) — sets the bar for cash-flow.
• Cap rate 2.4% 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.
• Zoned schools: Hazel Wolf K-8 (720 students, 22% FRL); Mcclure Middle School (429 students, 19% FRL); Garfield High School (1,642 students, 40% FRL) — zoned schools at 27% FRL track the district average.
• Market conditions: Rents soft (-0.3%/yr); 155 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 0d 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).
• This rent runs 36% of the median local income ($129k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $1k of equity ($4k loan paydown + $-3k appreciation (-0.5% 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 ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 97 days — a 9% lower offer ($545k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 3y 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.

Risks & watch-outs

• Watch-outs: HOA is 30% of rent.

Recommended offer $257,198 (57.1% 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 97 days. Have you received any prior offers? Is the seller open to a 57% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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?
9. 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?
10. 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.
11. 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.
12. 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: 0.65% ✗
• Cap rate: 2.42%
• Cash-on-cash: -13.84%
• DSCR: 0.38
• GRM: 12.8

CMA / ARV

• ARV (median comp): $931,253
• List price: $599,000
• Delta: -35.68%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-0.52% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -23.0%
• Equity multiple: 0.01×
• Total profit: $-166,107
• Equity at exit: $158,468

10-year hold

• IRR: -19.1%
• Equity multiple: -0.68×
• Total profit: $-282,465
• Equity at exit: $178,547

Cash invested: $167,720 (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 98101

• Home prices YoY: -0.3%
• Rents YoY: -0.3%
• Active inventory: 155
• Price-to-rent: 12.8×

Monthly cashflow live

• Estimated rent: $3,894 high
• Mortgage (P&I): −$3,141
• Tax from tax record: −$451 /mo · $5,414/yr
• Insurance: −$250
• HOA: −$1,169
• Vacancy / Maint / Mgmt: −$818
• Net cashflow: $-1,935

Break-even live

Break-even rent $6,343

Max offer price $257,198

Occupancy floor —

Sensitivity live

Price	-10% $-1,596	-5% $-1,765	+0% $-1,935	+5% $-2,104	+10% $-2,274
Rent	-10% $-2,242	-5% $-2,089	+0% $-1,935	+5% $-1,781	+10% $-1,627
Rate	-1.0pp $-1,633	-0.5pp $-1,783	base $-1,935	+0.5pp $-2,090	+1.0pp $-2,248

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: $149,750
• Closing costs: $17,970
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1915 2nd Ave Seattle, WA	2.0	1.0–2.0	765	$3,950	$5.16	0d	10	0.01mi
121 Stewart St #807 Seattle, WA	1.0	1.0	758	$3,100	$4.09	0d	1	0.03mi
121 Stewart St #1508 Seattle, WA	1.0	1.0	590	$2,400	$4.07	9d	1	0.03mi
1900 1st Ave Seattle, WA	1.0–2.0	1.0–2.0	658	$3,565	$5.41	0d	17	0.04mi
1900 1st Ave Seattle, WA	1.0	1.0–1.5	703	$3,142	$4.47	26d	11	0.04mi
1600 2nd Ave Seattle, WA	2.0	1.0–2.0	859	$5,165	$6.01	0d	28	0.06mi
2015 2nd Ave Seattle, WA	2.0	1.0–2.0	879	$4,648	$5.29	0d	29	0.08mi
2033 2nd Ave Seattle, WA	1.0	1.0	764	$3,375	$4.42	12d	2	0.11mi
2033 2nd Ave #1900 Seattle, WA	1.0	1.0	928	$4,000	$4.31	4d	1	0.12mi
300 Virginia St Seattle, WA	1.0	1.0	548	$3,250	$5.93	0d	1	0.13mi
300 Virginia St Seattle, WA	2.0	2.0	940	$5,100	$5.43	3d	1	0.13mi
300 Virginia St Seattle, WA	2.0	2.0	811	$4,500	$5.55	45d	1	0.13mi
300 Virginia St #3012 Seattle, WA	1.0	1.0	548	$3,250	$5.93	4d	1	0.13mi
300 Virginia St #2602 Seattle, WA	1.0	1.0	669	$3,400	$5.08	0d	1	0.13mi
1920 4th Ave Seattle, WA	1.0	1.5	952	$3,300	$3.47	6d	1	0.16mi
1920 4th Ave Seattle, WA	1.0–2.0	1.0–2.0	1432	$7,950	$5.55	26d	3	0.16mi
1920 4th Ave Seattle, WA	1.0–2.0	1.0–2.0	1432	$7,950	$5.55	12d	2	0.16mi
1507 Western Ave #602 Seattle, WA	1.0	1.0	872	$3,950	$4.53	0d	1	0.17mi
1430 2nd Ave Seattle, WA	1.0–2.0	1.0–2.5	1286	$10,944	$8.51	0d	22	0.17mi
2014 4th Ave Seattle, WA	1.0	1.0	629	$1,495	$2.38	0d	1	0.18mi
1415 2nd Ave Unit 979 Seattle, WA	2.0	2.0	1006	$4,080	$4.06	0d	1	0.19mi
98 Union St #610 Seattle, WA	1.0	1.0	577	$1,695	$2.94	0d	1	0.21mi
2125 1st Ave #1702 Seattle, WA	2.0	1.5	1035	$3,695	$3.57	45d	1	0.21mi
2134 Western Ave Seattle, WA	2.0	1.0–2.0	720	$3,665	$5.09	5d	14	0.22mi
2116 4th Ave Seattle, WA	2.0	1.0–2.0	1164	$4,495	$3.86	16d	19	0.24mi
2116 4th Ave Seattle, WA	1.0–2.0	1.0–2.0	922	$4,850	$5.26	0d	21	0.24mi
2105 5th Ave Seattle, WA	2.0	1.0–2.0	837	$4,433	$5.30	0d	6	0.24mi
2201 3rd Ave Seattle, WA	1.0	1.0	572	$1,998	$3.49	0d	2	0.25mi
2201 3rd Ave Seattle, WA	1.0	1.0	537	$2,000	$3.72	16d	2	0.25mi
2217 3rd Ave Seattle, WA	1.0	1.0	694	$1,895	$2.73	0d	8	0.26mi
2201 4th Ave Seattle, WA	1.0–2.0	1.0–2.0	849	$3,399	$4.00	0d	4	0.27mi
2101 6th Ave Unit 1506175P Seattle, WA	1.0	1.0	635	$6,174	$9.72	0d	1	0.29mi
2208 4th Ave Seattle, WA	3.0	1.0–2.0	951	$5,596	$5.88	0d	82	0.29mi
2233 1st Ave Seattle, WA	1.0	1.0	716	$2,628	$3.67	0d	2	0.30mi
1340 4th Ave Seattle, WA	1.0–3.0	1.0–3.5	1773	$14,145	$7.98	0d	24	0.30mi
2132 5th Ave #9 Seattle, WA	1.0	1.0	680	$2,050	$3.01	0d	1	0.30mi
1942 Westlake Ave Seattle, WA	2.0	1.0–2.0	872	$4,745	$5.44	0d	13	0.31mi
206 Bell St Seattle, WA	2.0	1.0	629	$2,675	$4.25	0d	14	0.31mi
50 University St Seattle, WA	1.0–2.0	1.0–2.0	765	$4,490	$5.87	0d	5	0.32mi
304 Bell St Unit 1 Seattle, WA	1.0	1.0	800	$1,595	$1.99	18d	1	0.32mi

HOA detail condo

• Monthly dues: $1,169 · $14,028/yr
• Likely covers: watergym
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 27 events

1. 2026-06-22
   days on market $599,000 Active 97 DOM
2. 2026-06-21
   days on market $599,000 Active 96 DOM
3. 2026-06-21
   days on market $599,000 Active 95 DOM
4. 2026-06-19
   days on market $599,000 Active 94 DOM
5. 2026-06-18
   days on market $599,000 Active 93 DOM
6. 2026-06-17
   days on market $599,000 Active 92 DOM
7. 2026-06-16
   days on market $599,000 Active 91 DOM
8. 2026-06-15
   days on market $599,000 Active 90 DOM
9. 2026-06-15
   days on market $599,000 Active 89 DOM
10. 2026-06-13
    days on market $599,000 Active 88 DOM
11. 2026-06-12
    days on market $599,000 Active 87 DOM
12. 2026-06-10
    days on market $599,000 Active 85 DOM
13. 2026-06-09
    days on market $599,000 Active 84 DOM
14. 2026-06-08
    days on market $599,000 Active 83 DOM
15. 2026-06-07
    days on market $599,000 Active 82 DOM
16. 2026-06-07
    days on market $599,000 Active 81 DOM
17. 2026-06-04
    days on market $599,000 Active 79 DOM
18. 2026-06-03
    days on market $599,000 Active 78 DOM
19. 2026-06-02
    days on market $599,000 Active 77 DOM
20. 2026-06-01
    days on market $599,000 Active 76 DOM
21. 2026-05-31
    days on market $599,000 Active 75 DOM
22. 2026-05-19
    price $599,000
23. 2026-03-17
    listed $614,900 Active
24. 2023-06-08
    soldstatus $699,000 Closed
25. 2023-06-08
    soldstatus $722,772
26. 2023-05-10
    historical
27. 2023-05-08
    listed $699,000

ⓘ 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: $5,414 · $451/mo
• Projected year-2 tax: $5,870 · $489/mo
• Expected delta: +$456/yr (+$38/mo · 8.4%)

ⓘ 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: $46,725
• − Mortgage interest: −$33,553
• − Property taxes: −$5,414
• − Insurance: −$2,995
• − Repairs & maintenance: −$3,738
• − Management: −$3,738
• − HOA: −$14,028
• − Depreciation: −$17,425
• Taxable loss: −$34,166
• Est. tax savings @ 24.0%: +$8,200
• After-tax cash flow: $-15,018/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): 17,153
• Household income: $128,882
• Rent vs Own: 86.5% rent · 13.5% own
• Severe rent burden: 1840.0

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 48% Asian 35% Two or more races 7% Black 6% Hispanic / Latino 5%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Italian 2% Slovak 2% Lithuanian 1%
• Foreign-born: 38% · China, Canada, South Korea
• Languages at home: 67% English-only · Other Indo-European 10% Chinese 8% Spanish 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: ▼ -0.52%
• Current HPI: 193.0062
• Rent YoY: ▼ -0.28%
• 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

-14.3% since first listed

6 events — show timeline

• 2026-05-19 Price Changed $599,000 NWMLS as Distributed by MLS Grid
• 2026-03-17 Listed $614,900 NWMLS as Distributed by MLS Grid
• 2023-06-08 Sold (Public Records) $722,772 Public Records
• 2023-06-08 Sold (MLS) $699,000 NWMLS as Distributed by MLS Grid
• 2023-05-10 Delisted — NWMLS as Distributed by MLS Grid
• 2023-05-08 Listed $699,000 NWMLS as Distributed by MLS Grid

Property tax history

-4.1%/yr

Latest (2025): $5,414 · -17.0% YoY. Source: county tax records.