Cap rates, rent trends, and underwriting benchmarks for Seattle apartment investors.
Tech employment (Amazon, Microsoft, Meta) anchors the rental market. Capitol Hill and South Lake Union command the highest rents. Bellevue and Eastside suburban markets have seen significant new supply. No state income tax is a draw for high-earning renters.
Active lending market with agency, CMBS, and bank options. 1.20-1.25x DSCR. Washington's new capital gains tax and potential rent stabilization legislation are watched closely.
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