Property listing for 4515 49th Avenue South, Seattle, WA 98118
For SaleSingle Family Home

$625,000

4515 49th Avenue South, Seattle, WA 98118

Craftsman 3BR Near Lake Washington with Updated Kitchen

3 Bed · 2 Bath · 1,800 Sq Ft

Classic 1940 craftsman steps from Lake Washington and Seward Park

3

Beds

2

Baths

1,800

Sq Ft

1940

Built

0.09 acres

Lot

1-car attached

Garage

About 4515 49th Avenue South

What strikes you first about 4515 49th Avenue South is how a nearly century-old craftsman continues to function like a contemporary family home. Set on a level 4,000-square-foot lot just 0.2 miles from Lake Washington, this 1940-built residence spans roughly 1,800 square feet across two stories and balances original character with thoughtfully timed updates.

Inside, well-preserved hardwood floors run through principal living spaces; the recently updated kitchen offers modern finishes and a layout that supports both everyday cooking and weekend hosting. The plan delivers three comfortable bedrooms and two full bathrooms, with a flexible unfinished basement that presents a clear opportunity for additional living area or workshop space. Practical systems include forced-air heating and a composition-shingle roof; note that the home does not include central cooling.

Outdoor life is a strong part of the appeal. The level lot and street frontage make access simple and parking is convenient with a one-car attached garage plus driveway spaces. Stroll a few blocks to the Lake Washington shoreline for paddling, shoreline walks, or to Seward Park’s extensive loop trails and old-growth greenbelt. For daily errands and dining, MLK Jr Way S is only a short drive (and within the neighborhood’s walkable corridors), giving you access to local cafes, markets, and community services.

This property will suit buyers looking for an authentic craftsman with updated bones and evident potential — whether you want a comfortable primary residence, a rental performer given strong neighborhood demand, or a home to customize further. With recent area sales clustering between $600K and $650K and a median sale price near $620K, the proximity to Lake Washington and Seward Park positions this house as one of the more desirable single-family opportunities in Rainier Valley. Come see the mix of classic finishes, modern improvements, and an enviable location that together make 4515 49th Avenue South a compelling home to own.

Home Highlights

Recently updated kitchenHardwood floors throughout main level1,800 SF — 3BR / 2BAShort walk to Lake Washington (0.2 mi)4,000 SF level lot1-car attached garage + driveway parkingUnfinished basement with expansion potential

Property Features

Interior Features

  • Approximately 1,800 SF over two stories
  • 3 bedrooms, 2 full bathrooms
  • Updated kitchen with modern finishes
  • Hardwood floors in main living areas
  • Forced-air heating
  • Unfinished basement — room to expand

Exterior & Lot

  • Level 4,000 SF lot (0.09 acres)
  • 1-car attached garage plus driveway parking
  • Composition shingle roof
  • Street frontage with residential access
  • Short walk to Lake Washington (0.2 mi)

Location & Neighborhood

  • Rainier Valley neighborhood, Seattle
  • Steps from Lake Washington shoreline
  • Seward Park trails and greenbelt within ~1 mile
  • Easy access to MLK Jr Way S dining and shops
  • Seattle Public Schools district

Walkability & Recreation

  • Walkability Rating: 70/100 — Some errands on foot
  • Nearby parks and green spaces: Lake Washington shoreline, Seward Park
  • Hiking and biking trails within 1 mile (Seward Park loop)
  • Running/walking paths along the lake
  • Community recreation: Rainier Beach Community Center (0.7 mi)

Neighborhood & Location

Rainier Valley is a diverse, steadily evolving Seattle neighborhood where urban convenience meets immediate access to green space. The house sits a short walk from Lake Washington and Seward Park’s trails, and local favorites along MLK Jr Way S supply everyday dining and shopping. Community amenities include the Rainier Beach Community Center and a mix of independent businesses. The area attracts young professionals and families drawn to outdoor recreation, cultural diversity, and comparatively accessible single-family options within Seattle city limits.

Market Insights

The Rainier Valley submarket is currently operating in a seller-favored environment. Inventory is tight at approximately 1.8 months, and homes in the corridor average just 20 days on market — indicators that well-priced, well-located single-family homes move quickly. Median sale price in the area sits near $620,000, with one-year appreciation modest at about 5% and five-year appreciation cumulative near 22%. Recent comps for similar 3-bed/2-bath craftsman homes in walking distance to Lake Washington sold in the $600K–$650K range, reflecting a premium for lake proximity and access to Seward Park.

Single-family homes perform strongly here, particularly those within comfortable walking distance of the lake and neighborhood green spaces. Limited inventory and a steady stream of buyers — including young professionals and families attracted to outdoor amenities — support pricing resilience. For investors, estimated monthly rent is around $2,900 (approx. 5.6% gross yield), making rentals a viable strategy in the short term. Given the market dynamics and quick days-on-market, this is a favorable time for sellers to list and for buyers to act decisively when a property matches their criteria.

Nearby Schools

Dunlap Elementary School

Elementary

5/10

A. K. Academy

Middle

6/10

Rainier Beach High School

High

4/10

Walkability & Recreation

70
Walkability
82
Recreation

Excellent access to outdoor recreation: Lake Washington shoreline is 0.2 miles away, Seward Park’s loop trails and greenbelt sit within about a mile, and neighborhood running/walking paths and community recreation facilities are nearby.

Investment Highlights

  • Close to Lake Washington — only 0.2 miles
  • Recently updated kitchen with modern features
  • 1-car garage with additional driveway parking
  • Situated in a growing Seattle neighborhood
  • Easy access to MLK Jr Way S dining and shops

Key Findings

  • Proximity to Lake Washington likely enhances value
  • Listed price leads market trend in Rainier Valley
  • Public school ratings vary, check district offerings
  • Median home prices up 22% over last 5 years

Things to Consider

  • Limited cooling options may not suit all buyers
  • Older construction — further inspection recommended
  • School quality may not appeal to all families

Opportunity Analysis

Located near Lake Washington, this property presents a strong investment opportunity in a growing Seattle neighborhood. Classic features combined with modern updates offer potential for both owner occupancy and rental income.

Potential Use Scenarios

  • Consider remodeling basement for added value
  • Monitor local infrastructure plans improving access
  • Evaluate long-term rental potential among professionals

Risk Factors

  • 1940 construction — potential structural updates needed
  • Varied school ratings — evaluate family buyer interest

Buyers should conduct independent due diligence before making any purchase decisions.

AI Valuation Estimate

Low

$600K

Midpoint

$625K

High

$650K

$347/SF estimated price per square foot

80% confidence

Derived from sales comparison with local comps adjusted for updates and proximity to Lake Washington. No significant income approach applicable due to owner occupancy.

As of 2026-03-30

This is a computer-generated estimate for informational purposes only and is not an appraisal or professional valuation.

Market & Area Data

Market Trends

Area Median Price$620,000
Avg Days on Market20 days
Inventory1.8 months
1-Year Appreciation+5.0%

Demographics

Population (1 mi)24,000
Median Income (1 mi)$70,000

The area continues to experience moderate growth with increased interest from young professionals.

Nearby Points of Interest

  • Lake Washington (0.2 mi)
  • Seward Park (1 mi)
  • Rainier Beach Community Center (0.7 mi)

Nearby Lake Washington offers recreational activities. Seward Park provides trails and green space. Proximity to MLK Jr Way S for dining and shopping options.

School District

DistrictSeattle Public Schools
ElementaryDunlap Elementary School (5/10)
MiddleA. K. Academy (6/10)
HighRainier Beach High School (4/10)

Market data is based on aggregated public records and may not reflect real-time conditions.

Property Details

Building Details

Year Built1940
Constructionwood frame
Stories2
Roofcomposition shingle
Heatingforced air
Coolingnone
Basementunfinished
FireplaceNo
Conditiongood

Lot & Site

Lot Size0.09 acres (4,000 SF)
Topographylevel
Parkingattached_garage_and_driveway
Parking Spaces2
FrontageRegular lot with street frontage

Utilities

Watermunicipal
Sewermunicipal
ElectricSeattle City Light
GasPuget Sound Energy

Zoning & Land Use

Zoning CodeSF 5000
DescriptionSingle Family Residential
JurisdictionCity of Seattle

Allowed Uses

single familyhome occupation
Current Useresidential
Assessor UseSingle Family Dwelling

Tax & Sale History

Tax Assessment

Total Assessed$550,000
Land$300,000
Improvements$250,000
Annual Tax (2025)$6,000

Sale History

2020-04-01$475,000

$264/SF

Recent purchase

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