722 10th Ave E · Seattle, WA 98102

$1,950,000

24 bd · 36.0 ba · 4,224 sqft · MultiFamily public records · 43 Days on market

Built 1926 4,000 sqft 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +6.1/10.0
• Livability +3.8/5.0
• Rent growth +3.1/5.0
• 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: 6 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

Classic 1926 brick 6-unit apartment building in North Capitol Hill near Broadway & Roy. Unit mix includes two large studios and four one-bedroom units in one of Seattle’s most walkable, amenity-rich neighborhoods. Stabilized asset with strong in-place cash flow and a 5.11% cap rate, offering dependable income and long-term appreciation potential. Part of a distinctive group of four architect-designed buildings, the property retains original charm with coved ceilings, mahogany trim, and oak hardwood floors. Kitchens have been updated with modern appliances and finishes while preserving historic character. Efficient layouts feature full-depth, corner-style units with windows on th

Key facts

• Mahogany trim
• North capitol hill
• Coved ceilings

Tags

• BRICK APARTMENT BUILDING
• NORTH CAPITOL HILL
• WALKABLE NEIGHBORHOOD
• ARCHITECT-DESIGNED BUILDINGS
• COVED CEILINGS
• MAHOGANY TRIM

What this means for you Summary

Snapshot

• This is a 6 × 4-bed/6.0-bath units multifamily listed at $1.95M.

Deal economics

• At list price, monthly cash flow is $16k ($194k/yr) — positive. Per door: $3k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($36k rent vs $1.95M).
• Recommended offer: $1.89M (3.0% below list) — sets the bar for market timing.
• Cap rate 16.2% 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 (+2.5%/yr); 192 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 $35,897/mo this rent would consume 375% of the median local household income ($115k/yr) (locally 1711% 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 $13k of loan paydown is wiped out by about $58k 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.
• At projected returns (-3.0% appreciation + 2.5% rent growth), your $546k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 43 days — a 3% lower offer ($1.89M) is reasonable based on typical stale-listing flexibility.
• 3 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: built in 1926 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $1,891,500 (3.0% below list)

Questions for the listing agent

1. It's been on market 43 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
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 1926 — 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. 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.
9. 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.
10. 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: 1.84% ✓
• Cap rate: 16.23%
• Cash-on-cash: 35.49%
• DSCR: 2.58
• GRM: 4.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.52% rent growth · sell at horizon

5-year hold

• IRR: 30.6%
• Equity multiple: 2.27×
• Total profit: $695,081
• Equity at exit: $290,751

10-year hold

• IRR: 37.5%
• Equity multiple: 4.40×
• Total profit: $1,858,611
• Equity at exit: $168,600

Cash invested: $546,000 (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 98102

• Rents YoY: 2.5%
• Active inventory: 192
• Price-to-rent: 27.2×

Monthly cashflow live

• Estimated rent: $35,897 high
• Mortgage (P&I): −$10,226
• Tax from tax record: −$1,171 /mo · $14,050/yr
• Insurance: −$812
• HOA: −$0
• Vacancy / Maint / Mgmt: −$7,538
• Net cashflow: $16,149

Break-even live

Break-even rent $15,455

Max offer price $1,950,000

Occupancy floor 50%

Sensitivity live

Price	-10% $17,253	-5% $16,701	+0% $16,149	+5% $15,597	+10% $15,045
Rent	-10% $13,313	-5% $14,731	+0% $16,149	+5% $17,567	+10% $18,985
Rate	-1.0pp $17,131	-0.5pp $16,645	base $16,149	+0.5pp $15,644	+1.0pp $15,130

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

Units	Beds	Baths	Est. rent
▸ 6× units	4	6	$35,898
Total (6 units)			$35,897

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: $487,500
• Closing costs: $58,500
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-06-21
   days on market $1,950,000 Active 43 DOM
2. 2026-06-19
   days on market $1,950,000 Active 42 DOM
3. 2026-06-18
   days on market $1,950,000 Active 41 DOM
4. 2026-06-17
   status $1,950,000 Active 40 DOM
5. 2026-04-28
   status Pending
6. 2026-03-19
   listed $1,950,000 Active
7. 2024-04-10
   historical $2,195
8. 2024-04-03
   listed $2,195
9. 2023-10-28
   historical $1,795
10. 2023-10-20
    price $1,795
11. 2023-09-28
    price $1,995
12. 2023-09-22
    listed $2,095

ⓘ 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: $14,050 · $1,171/mo
• Projected year-2 tax: $19,110 · $1,592/mo
• Expected delta: +$5,060/yr (+$422/mo · 36.0%)

ⓘ 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: $430,764
• − Mortgage interest: −$109,230
• − Property taxes: −$14,050
• − Insurance: −$9,750
• − Repairs & maintenance: −$34,461
• − Management: −$34,461
• − Depreciation: −$56,727
• Taxable income: $172,084
• Est. tax owed @ 24.0%: −$41,300
• After-tax cash flow: $152,491/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): 27,333
• Household income: $114,925
• Rent vs Own: 73.0% rent · 27.0% own
• Severe rent burden: 1711.0

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 (68%)
• Race & ethnicity: White 68% Asian 12% Two or more races 12% Hispanic / Latino 8% Black 2%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Italian 4% Portuguese 3% Slovak 3%
• Foreign-born: 15% · Canada, China, South Korea
• Languages at home: 84% English-only · Spanish 4% Chinese 3% Other Indo-European 2%

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: ▼ -386.18%
• Current HPI: 213.5569
• Rent YoY: ▲ 2.52%
• 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

+92978.8% since first listed

8 events — show timeline

• 2026-04-28 Pending — NWMLS as Distributed by MLS Grid
• 2026-03-19 Listed $1,950,000 NWMLS as Distributed by MLS Grid
• 2024-04-10 Rental Removed $2,195 APPFOLIO
• 2024-04-03 Listed for Rent $2,195 APPFOLIO
• 2023-10-28 Rental Removed $1,795 APPFOLIO
• 2023-10-20 Price Changed $1,795 APPFOLIO
• 2023-09-28 Price Changed $1,995 APPFOLIO
• 2023-09-22 Listed for Rent $2,095 APPFOLIO

Property tax history

+4.7%/yr

Latest (2025): $14,050 · -15.6% YoY. Source: county tax records.