1718 Summit Ave · Seattle, WA 98122

$1,699,000

1 bd · 2.0 ba · 4,785 sqft · MultiFamily public records · 218 Days on market

Built 1961 5,000 sqft lot $355/sqft · 15% below area Est $2000k · 15% under

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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 +23.6/30.0
• ARV discount +14.3/15.0
• DSCR +7.6/10.0
• Schools +6.1/10.0
• 1% rule +5.9/10.0
• Livability +3.8/5.0
• Rent growth +2.8/5.0
• 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: 1 unit. estimate disagrees with records

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

11 Units - Cap Hill: 1718 Summit Avenue, a secure-access multifamily property in one of Seattle’s most desirable neighborhoods. The building features 6 studios and 5 - 1bed/1ba units, top-floor residences with vaulted ceilings, gated access, large courtyard and city views, and five off-street parking spaces. With a current 6.18% CAP rate and value-add potential through renovations, this asset offers stable income, long-term upside, and a prime Capitol Hill/Summit location steps from dining, retail, and transit.

Key facts

• Gated access
• City views
• Vaulted ceilings

Tags

• TOP-FLOOR RESIDENCES
• VAULTED CEILINGS
• GATED ACCESS
• LARGE COURTYARD
• CITY VIEWS
• OFF-STREET PARKING

What this means for you Summary

Snapshot

• This is a 1-bed/2.0-bath multifamily listed at $1.70M.

Deal economics

• At list price, monthly cash flow is $3k ($39k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($18k rent vs $1.70M).
• Recommended offer: $1.50M (12.0% below list) — sets the bar for market timing.
• Cap rate 8.6% 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.

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 (+1.3%/yr); 223 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 $18,471/mo this rent would consume 207% 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 $12k of loan paydown is wiped out by about $51k 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

• It's been on market 218 days — a 12% lower offer ($1.50M) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 22y 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.

Recommended offer $1,495,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 218 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1961 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.09% ✓
• Cap rate: 8.57%
• Cash-on-cash: 8.12%
• DSCR: 1.36
• GRM: 7.7

CMA / ARV

• ARV (median comp): $2,000,000
• List price: $1,699,000
• Delta: -15.05%
• Verdict: UNDERPRICED
• Comps: 13 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
231 Summit Ave E	0.25mi	2/4.0 (+1)	5,448 (+14%)	3mo	$2,000,000	$367	49

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: -5.8%
• Equity multiple: 0.79×
• Total profit: $-101,386
• Equity at exit: $253,326

10-year hold

• IRR: 1.7%
• Equity multiple: 1.11×
• Total profit: $52,617
• Equity at exit: $146,898

Cash invested: $475,720 (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 98122

• Rents YoY: 1.3%
• Active inventory: 223
• Price-to-rent: 75.4×

Monthly cashflow live

• Estimated rent: $18,471 high
• Mortgage (P&I): −$8,910
• Tax from tax record: −$1,757 /mo · $21,080/yr
• Insurance: −$708
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,879
• Net cashflow: $3,218

Break-even live

Break-even rent $14,398

Max offer price $1,699,000

Occupancy floor 78%

Sensitivity live

Price	-10% $4,180	-5% $3,699	+0% $3,218	+5% $2,737	+10% $2,256
Rent	-10% $1,759	-5% $2,488	+0% $3,218	+5% $3,947	+10% $4,677
Rate	-1.0pp $4,073	-0.5pp $3,650	base $3,218	+0.5pp $2,778	+1.0pp $2,330

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

Units	Beds	Baths	Est. rent
▸ 6× units	0	1	$11,262
▸ 5× units	1	1	$7,210
Total (11 units)			$18,471

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: $424,750
• Closing costs: $50,970
• 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	$4,959	$1.69	1d	119	0.35mi

Listing history 44 events

1. 2026-06-21
   days on market $1,699,000 Active 218 DOM
2. 2026-06-19
   days on market $1,699,000 Active 217 DOM
3. 2026-06-18
   days on market $1,699,000 Active 216 DOM
4. 2026-06-17
   days on market $1,699,000 Active 215 DOM
5. 2026-06-16
   days on market $1,699,000 Active 214 DOM
6. 2026-06-15
   days on market $1,699,000 Active 213 DOM
7. 2026-06-15
   days on market $1,699,000 Active 212 DOM
8. 2026-06-13
   days on market $1,699,000 Active 211 DOM
9. 2026-06-12
   days on market $1,699,000 Active 210 DOM
10. 2026-06-10
    days on market $1,699,000 Active 208 DOM
11. 2026-06-09
    days on market $1,699,000 Active 207 DOM
12. 2026-06-08
    days on market $1,699,000 Active 206 DOM
13. 2026-06-07
    days on market $1,699,000 Active 205 DOM
14. 2026-06-07
    days on market $1,699,000 Active 204 DOM
15. 2026-06-05
    status $1,699,000 Active 202 DOM
16. 2026-05-20
    status Pending
17. 2026-04-27
    price $1,699,000
18. 2025-10-30
    listed $1,780,000 Active
19. 2024-12-31
    soldstatus $1,598,900
20. 2024-01-29
    historical $1,300
21. 2024-01-04
    listed $1,300
22. 2023-12-26
    historical $1,300
23. 2023-12-24
    listed $1,300
24. 2023-12-01
    historical $1,450
25. 2023-11-30
    listed $1,450
26. 2023-11-12
    historical $1,500
27. 2023-11-10
    listed $1,500
28. 2023-10-15
    historical $1,625
29. 2023-10-05
    listed $1,625
30. 2012-05-16
    historical
31. 2012-02-28
    soldstatus $1,290,000 Sold
32. 2012-02-28
    soldstatus $1,290,000
33. 2011-11-29
    status Pending
34. 2011-10-14
    listed $1,350,000 Active
35. 2006-04-04
    soldstatus $890,000
36. 2004-11-22
    soldstatus $873,000
37. 2004-11-19
    soldstatus $875,000
38. 2004-08-10
    listed $925,000
39. 1998-02-11
    soldstatus $523,900
40. 1990-03-20
    soldstatus $324,500
41. 1988-09-01
    soldstatus $233,000
42. 1983-09-30
    soldstatus $292,850
43. 1980-10-17
    soldstatus $247,000
44. 1978-07-10
    soldstatus $178,000

ⓘ 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: $21,080 · $1,757/mo
• Projected year-2 tax: $21,080 · $1,757/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 · 15 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: $221,652
• − Mortgage interest: −$95,170
• − Property taxes: −$21,080
• − Insurance: −$8,495
• − Repairs & maintenance: −$17,732
• − Management: −$17,732
• − Depreciation: −$49,425
• Taxable income: $12,017
• Est. tax owed @ 24.0%: −$2,884
• After-tax cash flow: $35,729/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

+854.5% since first listed

29 events — show timeline

• 2026-05-20 Pending — NWMLS as Distributed by MLS Grid
• 2026-04-27 Price Changed $1,699,000 NWMLS as Distributed by MLS Grid
• 2025-10-30 Listed $1,780,000 NWMLS as Distributed by MLS Grid
• 2024-12-31 Sold (Public Records) $1,598,900 Public Records
• 2024-01-29 Rental Removed $1,300 APPFOLIO
• 2024-01-04 Listed for Rent $1,300 APPFOLIO
• 2023-12-26 Rental Removed $1,300 APPFOLIO
• 2023-12-24 Listed for Rent $1,300 APPFOLIO
• 2023-12-01 Rental Removed $1,450 APPFOLIO
• 2023-11-30 Listed for Rent $1,450 APPFOLIO
• 2023-11-12 Rental Removed $1,500 APPFOLIO
• 2023-11-10 Listed for Rent $1,500 APPFOLIO
• 2023-10-15 Rental Removed $1,625 APPFOLIO
• 2023-10-05 Listed for Rent $1,625 APPFOLIO
• 2012-05-16 Delisted — NWMLS as Distributed by MLS Grid
• 2012-02-28 Sold (Public Records) $1,290,000 Public Records
• 2012-02-28 Sold (MLS) $1,290,000 NWMLS as Distributed by MLS Grid
• 2011-11-29 Pending — NWMLS as Distributed by MLS Grid
• 2011-10-14 Listed $1,350,000 NWMLS as Distributed by MLS Grid
• 2006-04-04 Sold (Public Records) $890,000 Public Records
• 2004-11-22 Sold (MLS) $873,000 NWMLS as Distributed by MLS Grid
• 2004-11-19 Sold (Public Records) $875,000 Public Records
• 2004-08-10 Listed $925,000 NWMLS as Distributed by MLS Grid
• 1998-02-11 Sold (Public Records) $523,900 Public Records
• 1990-03-20 Sold (Public Records) $324,500 Public Records
• 1988-09-01 Sold (Public Records) $233,000 Public Records
• 1983-09-30 Sold (Public Records) $292,850 Public Records
• 1980-10-17 Sold (Public Records) $247,000 Public Records
• 1978-07-10 Sold (Public Records) $178,000 Public Records

Property tax history

+6.4%/yr

Latest (2025): $21,080 · -15.2% YoY. Source: county tax records.