5305 Martin Luther King Jr Way S, Seattle, WA 98118, Seattle, 98118 - 4 bed, 2 bath
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5305 Martin Luther King Jr Way S
Seattle, WA 98118
ACTIVE
CONDITION: GOOD
4Beds
2Baths
1,800Sq Ft
3,637Lot Size
Property Price
LIST PRICE$679,000
EST. MARKET VALUE
$703,806
3% BelowMARKET VALUE
SUMMARY
This property presents a High-Potential Investment Opportunity with a List Price of $679,000—positioned well below the $703,807 Fair Market Value by 3%. This valuation gap offers $24,807 in Instant Equity. Featuring LR3 Zoning and a flexible layout with a separate downstairs entry, the home is in Fair Condition Rating (3/5), requiring strategic updates. It is an ideal asset for Buy-and-Hold Investors or Owner-Occupants seeking to leverage rental-income potential near Seattle’s Light Rail.
Estimated Market Value
$703,806+$24,806 Equity Potential
Based on Realkey algorithm analyzing recent comparable sales in Seattle.
Comparable Sales Map
Comparables within 1 miles sold in recently
Map unavailable.
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 5305 Martin Luther King Jr Way S Subject 4 bd · 2 ba · 1,800 sqft · $391 | $679,000* List Price | 4 | 2 | 1,800 | $391 | - |
A 4219 S Mead Street Sold 4 bd · 2 ba · 1,500 sqft · $483 · 0.5 mi | $725,000 | 4 | 2 | 1,500 | $483 | 0.5 mi |
B 5008 39th Avenue S Sold 2 bd · 2 ba · 1,690 sqft · $485 · 0.4 mi | $819,000 | 2 | 2 | 1,690 | $485 | 0.4 mi |
C 3933 S Mead Street Sold 5 bd · 2 ba · 2,150 sqft · $358 · 0.4 mi | $770,000 | 5 | 2 | 2,150 | $358 | 0.4 mi |
D 3821 S Graham Street Sold 3 bd · 2 ba · 2,120 sqft · $307 · 0.6 mi | $650,000 | 3 | 2 | 2,120 | $307 | 0.6 mi |
E 4084 Letitia Avenue S Sold 4 bd · 3 ba · 2,290 sqft · $347 · 0.8 mi | $795,000 | 4 | 3 | 2,290 | $347 | 0.8 mi |
F 4521 S Findlay Street Sold 4 bd · 3 ba · 2,180 sqft · $390 · 0.6 mi | $850,000 | 4 | 3 | 2,180 | $390 | 0.6 mi |
G 3557 S Hudson Street Active 3 bd · 2 ba · 1,740 sqft · $431 · 0.3 mi | $749,950 List Price | 3 | 2 | 1,740 | $431 | 0.3 mi |
* Subject property listed price vs sold prices of comps.
Condition Analysis
See Full ReportOVERALL CONDITION SCORE
Good
TeardownExcellent
Property is move-in ready.
While the home was built in 1924, the main living areas and primary kitchen have undergone a recent high-quality renovation (<5 years) featuring modern cabinetry, stone countertops, and updated flooring. However, the property is sold 'as-is' and photos reveal a secondary utility/kitchen area with dated appliances and exposed systems that require further attention, preventing an 'Excellent' rating.
PROSSTRENGTHS & OPPORTUNITIES
- Prime Transit Accessibility
The property is ideally situated within walking distance of the Light Rail station and offers rapid access to I-5, I-90, and Downtown Seattle, making it a premier location for commuters.
- High-Density Development Potential
Zoned LR3, this lot offers significant upside for investors and developers to explore multifamily redevelopment opportunities in a high-demand urban area.
- Flexible Income Potential
With a separate downstairs entry and a layout conducive to adding a second kitchen, the property is perfectly configured for a rental ADU or multi-generational living.
CONSRISKS & DEFICIENCIES
- As-Is Condition
The property is being sold in as-is condition, which suggests the need for immediate capital investment to address potential repairs or deferred maintenance.
- Vintage Infrastructure
Built in 1924, the home may require extensive updates to its original systems and finishes to meet modern building codes and buyer expectations.
About 5305 Martin Luther King Jr Way S
LOCATION, LOCATION, LOCATION! Fantastic Seattle opportunity just a short walk to the Light Rail station! Spacious 4-bedroom, 2-bath home with excellent access to transit, I-5, I-90, Downtown Seattle, Columbia City, Beacon Hill, shopping, restaurants, and other amenities. Hardwood floors on the main level, double-pane windows, kitchen with eating area. Separate downstairs entry offers a flexible floor plan and potential to add a downstairs kitchen, creating an attractive setup for extended living or additional rental-income potential. Great alley access with plenty of off-street parking in the backyard. Conveniently located near bus lines and Light Rail. LR3 zoning offers excellent potential for investors, builders, and developers to explore multifamily redevelopment opportunities. Great opportunity to live in, rent out, hold as an investment, or explore future redevelopment possibilities. Buyer and buyer’s broker to independently verify LR3 zoning, permitted uses, rental/ADU potential, development potential, lot size, utilities, and all other information with the City of Seattle to their own satisfaction. Property sold as-is.
Property Details
Public Facts
- Property Type
- Single Family Residence
- Year Built
- 1924
- Lot Size
- 3,637 Sq. Ft.
Interior
- Total Bedrooms
- 4
- Total Bathrooms
- 2 (2 Full, 0 Half)
Exterior & Parking
No exterior & parking available.
Utilities & Misc
- HOA Fee
- $0 / Month
Neighborhood Insights
Sensitive Facilities
No sensitive facilities data found.
Neighborhood Comparison
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 4.0 | 3.0 |
| Baths | 2.0 | 2.0 |
| Square foot | 1,800 | 1,801.924 |
| Lot Size | 3,637 | 4,494.536 |
| Price | $679.0K | $974.4K |
| Price per sq ft | $377 | $569 |
| Built year | 1924 | 1948 |
| HOA | $0 | $78 |
| Days on market | 14 | 35 |
Pricing History
Listed for Sale
Oct 10, 2026
$679,000
Initial Listing