0660000405
2202 8th Ave
$398K per unit × 450 units · The per-unit value is the central estimate of 26 matched appraisals
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We began with 70 comparable properties nearby, kept the 26 that match this building on size and age, weighted the closest matches most heavily, and trimmed the highest and lowest results to the middle 30%. The closest 5 are shown in the table below. The $398K per unit is a cap-weighted median across all 26 cleared comps, not a benchmark of Seattle-Tacoma-Bellevue as a whole, and the 450-unit count comes from a single assessor record without corroboration. The 450-unit count comes from a single assessor record, not corroborated by a second source, so every per-unit figure here moves with it.
low end · $389K/unit $179.2M
central estimate $193.8M
high end · $431K/unit $224.6M
county tax value
How we price it
The low and high ends are the 35th and 65th percentiles of $/unit across the matched appraisals; the central estimate is the 50th, which is why it does not sit halfway between them. 26 of 70 comps in the ring cleared the size and vintage gate, worth 19 at full weight once the closest matches are counted most. Each comp is weighted by match_score ** 2.0. Percentiles use Hazen plotting positions with linear interpolation.
2 Valuation Scenarios
Key finding: The two approaches land within 7.3% of each other. The report publishes $179.2M because it makes the fewest assumptions: the peers' own prices as recorded, with nothing borrowed and nothing substituted. The other is a bound, not an estimate. It borrows its adjustments from sale prices, but these comps are appraisals.
Findings
Generated from labeled fields only · each finding cites its source section
The two pricing methods land within 7.3% of each other, so the published $179.2M does not depend on which approach you trust.
valuationThe county's $224.6M assessment sits 25.3% above the comp-implied value. Assessments are set by a taxing authority for a different purpose and lag the market; the gap is not a valuation signal.
valuationThe 450-unit count comes from a single assessor record, not a second source. It divides every per-unit figure and multiplies the total, so until a rent roll confirms it, treat those metrics as provisional.
§01Market operating income is answered at national grain because the metro returned 2 filed observations and Washington returned 3, under the 8 needed. Published as market context only, because nothing on this page multiplies it by the subject's size.
§01Modeled deliveries run 0.94x demand in 2027 and 0.83x in 2026, with permits at 108% of the three-year average. A forward supply read is a projection, not an observation, so underwrite the band, not the point.
§01Debt sizes to $111.2M on the value test, 62% of the estimate. Only one of the two tests could run.
financeabilityThe last transfer on record closed 2012-12-21, before this 2016 building was constructed, so the sale price is not attributed to the asset described here.
§0110,444 units deliver 2026, permits 108% of the 3-yr average. Modeled from permits and absorption, not observed — it moves rent elasticity, and it is a band not a point.
26 LIHTC properties in this ZIP, placed in service 1987-2012; 2 of 26 state no year. LIHTC is ONE program: this excludes HUD 202/811, project-based vouchers, density-bonus and redevelopment covenants, so read it as a floor and not the total.
Comparable evidence Coverage A · 517 comps
Lender appraisals filed with the loan, each carrying its own effective date · not arm's-length prices
Showing the 5 closest of 26 priced comps. The full set is available in the AcquiOS platform.
| # | Property | Dist mi | Units | Built | Cap | $/unit | $/unit adj | Appraised | As of | Match |
|---|---|---|---|---|---|---|---|---|---|---|
| 1★ | Modera South Lake Union 435 Dexter Ave N, Seattle 98109 |
0.36 | 294 | 2017 | 4.82% | $425K | $415K −2.4% | $125.0M UW | 2026-01-15 | strong |
| 2 | 8th and Republican 430 8th Avenue North, Seattle 98109 |
0.34 | 211 | 2016 | 4.70% | $450K | $436K −3.1% | $95.0M UW | 2025-07-21 | strong |
| 3 | Via6 2121 6th Avenue, Seattle 98121 |
0.17 | 654 | 2013 | 4.56% | $451K | $448K −0.6% | $295.0M UW | 2025-09-30 | strong |
| 4 | Windsor Queen Anne 300 1st Avenue West, Seattle 98119 |
0.90 | 182 | 2018 | 4.48% | $454K | $463K +2.0% | $82.6M UW | 2025-06-02 | strong |
| 5 | Dexter Lake Union 1215 Dexter Avenue North, Seattle 98109 |
0.86 | 201 | 2003 | 4.66% | $373K | $366K −1.9% | $74.9M UW | 2026-03-04 | strong |
| 70 in the ring · 44 did not clear the size and vintage gate · 26 cleared, and the valuation above prices all of them · 5 shown here, the closest by match | ||||||||||
Financeability check
Market lending terms shown as terms. The subject result requires a subject NOI.
62.1% origination LTV on the $179.2M estimate. Value-based, so computable here.
Needs a subject NOI. We will not size debt off a market NOI median: that is a different property's income.
Determined by the DSCR leg. Bring the T-12 and both legs compute, on the call.
Sized at 1.50x coverage, a 5.44% note over 30 years (6.77% constant), all medians from 245 filed originations. The DSCR test could bind lower, so treat this as a ceiling.
Every term is a median of filed originations, not a quote. A lender sizes the borrower, the rent roll and third-party reports.
48% of these originations are full-term interest-only, where the DSCR test binds later than an amortizing constant implies.
Proceeds are computed on the sales comparison estimate and move with it.
What this read cannot know
An address-only read stops here. The platform closes each gap with your documents.
Going-in cap, real opex and in-place NOI are unknowable from public records alone.
The $/unit headline rests on a single assessor record.
Broker rent growth, exit cap, taxes and opex are untested against these bands.
We cannot see the actual regulated rents, the AMI tier by unit, or which floor plans carry them.
Both belong in a full underwriting, not a market read. A county-average tax rate and a catastrophe-model premium are wrong often enough to cost a deal.
AcquiScore · platform · scores this deal 0 to 100 against filing-grade benchmarks and ranks it in your pipeline. See this deal's score on a demo →
Grain treatment · the pattern
Two frames, one rule: a solid block answered at this property's own market, a dashed block could not and fell back. Shown with this report's own figures.
Market operating income · national grain do not plug
Subject & Market
parcel recordSummarized from 843 full-year operating statements, not listed individually. The full set is available in the AcquiOS platform.
national grain · 844 recordsdo not plug
Risk
Coverage B · 84 recordsservicer-filedSummarized from 10 filed loans, not listed individually. The full set is available in the AcquiOS platform.
national grain · 1,113 recordsdo not plug
WA grain · 10 recordsdo not plug
| # | Property | Dist mi | Units | SF | Built | DSCR | Occ | Mo to mat. | Status | As of |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | 2 CHELAN APARTMENTS 2 CHELAN PLACE SOUTH, Tacoma WA |
27.63 | 40 | — | 2023 | 1.20 | 100.0% | 96 | 2026-05 | |
| Showing 1 of 1 distressed peer filed in this metro | ||||||||||
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|---|---|---|
| Inputs | Public + filing-grade data on the address | Adds your documents: OM, T-12, rent roll |
| Valuation | Comps-based range and cap band | Full DCF in your Excel template, your assumptions |
| Assumptions | Market bands to check by hand | OM assumptions auto-validated against the bands, variances flagged |
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