Homes/Washington/Seattle/4515 49th Avenue South
CompCasa Property Analysis · single_family

4515 49th Avenue South

Craftsman 3BR Near Lake Washington with Updated Kitchen

Classic 1940 craftsman steps from Lake Washington and Seward Park

3 beds2 baths1,800 sq ftBuilt 19400.09 acres1-car attached
CompCasa valuation analysis
Estimated market value
$625,000
Low $600,000 · Midpoint $625,000 · High $650,000
Confidence80%Sales comparison approach
Last recorded sale$475,000Apr 1, 2020
Assessed value$550,0002025 assessment
CompCasa estimate$625,000Mar 30, 2026
Estimate vs. last recorded sale+$150,000 / +31.6%
$600,000$625,000 midpoint$650,000
Price / sq ft$347
Median sale price$620,000
Avg days on market20 days
Inventory1.8 months

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

About the property

Craftsman 3BR Near Lake Washington with Updated Kitchen

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.

Comparable evidence

See the properties helping shape the valuation.

Comparable sales

01Sold price$610,000
Property address4740 50th Avenue South, Seattle, WA 98118
3 bed2 bath1,804 sq ftBuilt 19450.3 mi4,050 sq ft lot$338/SF
Sold Dec 10, 2025
Subject difference
  • 4 SF larger
  • Similar lot size
  • 5 years newer
Research comparison noteSimilar size and age, slightly higher due to recent renovations
02Sold price$630,000
Property address4825 49th Avenue South, Seattle, WA 98118
3 bed2 bath1,800 sq ftBuilt 19420.1 mi4,000 sq ft lot$350/SF
Sold Jan 5, 2026
Subject difference
  • Same living area
  • Similar lot size
  • 2 years newer
Research comparison noteProximity to similar recreational amenities
03Sold price$650,000
Property address5103 Lake Washington Blvd S, Seattle, WA 98118
3 bed2 bath1,802 sq ftBuilt 19480.4 mi4,000 sq ft lot$361/SF
Sold Nov 20, 2025
Subject difference
  • 2 SF larger
  • Similar lot size
  • 8 years newer
Research comparison noteHigh price reflects premium lake access
Comp methodology: Compared homes within 0.5 miles featuring similar size and proximity to Lake Washington for sales comp relevance.
Property details

A 1940 craftsman on 0.09 acres.

Building

Year built1940
ConstructionWood Frame
RoofComposition Shingle
Heatingforced air
Coolingnone

Site & utilities

Lot size0.09 acres
Garage1-car attached
Stories2
ConditionGood
BasementUnfinished
FireplaceNo
Improvement notes3 bedrooms, 2 bathrooms, recently updated kitchen, hardwood floors
Lot area4,000 sq ft
TopographyLevel
FrontageRegular lot with street frontage
ParkingAttached Garage And Driveway
Parking spaces2
Parking notesGarage and driveway parking available
AccessStandard residential access via 49th Avenue South
WaterMunicipal
SewerMunicipal
ElectricSeattle City Light
GasPuget Sound Energy
Location & nearby

Rainier Valley

Researched nearby locations

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

Location

4515 49th Avenue South, Seattle, WA 98118

View in Google Maps
Editorial neighborhood context

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.

Nearby access summary

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.

ElementaryDunlap Elementary School (5/10)
Middle schoolA. K. Academy (6/10)
High schoolRainier Beach High School (4/10)
School districtSeattle Public Schools
Market context

A factual market snapshot around 4515 49th Avenue South.

Median sale price$620,000
Avg days on market20 days
Inventory1.8 months
1-year appreciation5.0%
5-year appreciation22.0%
Editorial market perspective

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.

Zoning & land use

Single Family Residential

Zoning

Zoning codeSF 5000
DescriptionSingle Family Residential
JurisdictionCity of Seattle
Assessor useSingle Family Dwelling
Current useResidential
SetbacksFront 20', side 5', rear 25'

Research-indicated uses

  • Single Family
  • Home Occupation
Verify with the jurisdiction: Zoning, setbacks, and allowed-use summaries are research indicators—not legal advice or a determination that a specific use is permitted.
Tax & sale history

Assessment data and recorded transactions.

Assessed value is kept visually separate from the CompCasa market-value estimate.

Tax assessment

Assessed land$300,000
Assessed improvements$250,000
Total assessed$550,000
Assessment year2025
Annual property tax$6,000
Tax year2025

Sale history

2020-04-01$475,000 · $264/SF
Research findings & due diligence

What the research supports — and what is still worth verifying.

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

Still worth verifying

Routine buyer due diligence items; these are not known defects.

  • Verify owner history and title clarity
  • Check for any unrecorded liens or encumbrances
  • Confirm zoning compliance of recent renovations
  • Evaluate mechanical systems condition
  • Inspect roof for age and wear
Highlights & features

What stands out about this property.

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)
Research transparency

Sources & research confidence.

See where the property research came from and how confidence varies by field.

View sources & confidence
1
King County Property Tax RecordsView source
2
Zillow Listing Page for Property DetailsView source
3
Redfin Seattle Market TrendsView source
Important: This analysis is AI-assisted and may contain inaccuracies. It is not a formal appraisal. Verify all critical facts with primary records, licensed professionals, and on-site inspection before making purchase decisions.