Derived from sales comparison with local comps adjusted for updates and proximity to Lake Washington. No significant income approach applicable due to owner occupancy.
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.
See the properties helping shape the valuation.
Comparable sales
- 4 SF larger
- Similar lot size
- 5 years newer
- Same living area
- Similar lot size
- 2 years newer
- 2 SF larger
- Similar lot size
- 8 years newer
A 1940 craftsman on 0.09 acres.
Building
Site & utilities
Rainier Valley
Researched nearby locations
Location
4515 49th Avenue South, Seattle, WA 98118
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.
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.
A factual market snapshot around 4515 49th Avenue South.
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.
Single Family Residential
Zoning
Research-indicated uses
- Single Family
- Home Occupation
Assessment data and recorded transactions.
Assessed value is kept visually separate from the CompCasa market-value estimate.
Tax assessment
Sale history
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
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)
Sources & research confidence.
See where the property research came from and how confidence varies by field.