Real Estate Investing in Bellevue, Washington (98008)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 98008 (Bellevue, WA)? Our answer, based on the numbers below.
Proceed carefully. Weak appreciation or affordability makes this a harder case for most buyers.
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
- Tenant-protective state: Landlord rating 1.0/5 — slower evictions, more regulations.
- High price-to-rent: Price-to-rent ratio 27.5 — hard to cash-flow at these prices.
What’s happening in Bellevue, WA (98008)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 98008 Bellevue
Turning to rents, ZIP 98008 has challenges — vacancy pressure, softer price growth, and tenant stability concerns sit alongside the $1.4M median. It rewards specialists, not generalists.
Put differently, the numbers look inviting — $1.4M purchase price, 0.0% nominal cap — the work to hit that pro forma in 98008 is substantial and deserves full respect.
Nearby ZIPs in Bellevue have seen price recovery that 98008 has not matched. King County data supports the view that the spread is structural rather than temporary.
The demographic picture in 98008 includes headwinds that any investor should price in. Income distribution skews lower than Bellevue averages, and tenant stability requires active management.
seems to the ZIP is not uninvestable, but it is unforgiving. Section 8 landlords, local operators, and specialized value-add funds are the investor types that tend to succeed.
Here's what matters if you're considering buying a home in Bellevue:
Property Strategy for 98008
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 1BR | $386,730 | $2,710 | 5.0% | — | $386,730 |
| 2BR | $633,345 | $3,160 | 3.6% | +5.1% | $316,673 |
| 3BR | $1,214,772 | $4,130 | 2.4% | +7.6% | $404,924 |
| 4BR | $1,515,173 | $4,860 | 2.3% | +8.5% | $378,793 |
| 5BR | $1,745,782 | — | — | +8.6% | $349,156 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 98008 Compare?
| Metric | 98008 | Bellevue | Seattle-Tacoma-Bellevue, WA | Washington |
|---|---|---|---|---|
| Home Value | $1,352,693 | $1,508,137 | N/A | $591,536 |
| 5-Year CAGR | 4.1% | 4.6% | N/A | 5.9% |
| Avg Rent | $4,103 | $3,161 | N/A | - |
| Cap Rate | 2.4% | 1.7% | - | - |
Similar ZIPs Within 25 Miles
Compare other nearby markets to see if a neighbor offers a better fit.
Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 98008 (Bellevue, WA). Anonymous, moderated, never written by AI.
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Property managers serving King County
Manage rentals here? List your business →Alki Property Management LLC specializes in apartment rentals. summary from their website
Brink Property Management offers residential property management and vacant home management services in Bellevue, providing marketing, tenant screening, rent collection, and maintenance. summary from their website
Full Service Property Management offers compassionate property management across Metro Seattle, including multi-family management, property marketing, and maintenance services. summary from their website
Listings are shown for convenience — Repit doesn’t endorse or vet these companies. Ratings shown come only from email-verified visitors.
📊 Market Snapshot
| Home Value | $1,352,693 |
| Monthly Rent | $4,103 |
| Price-to-Rent | 27.5:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 3.6% |
| Cap Rate | 2.4% |
| 5-Year IRR | 6.5% |
📈 Home Appreciation
| 1-Year | -1.9% ▼ |
| 3-Year CAGR | +3.1% ▲ |
| 5-Year CAGR | +4.1% ▲ |
| 10-Year CAGR | +7.9% ▲ |
🏠 Rent Trends
| 1-Year | +7.1% ▲ |
| 3-Year CAGR | +6.2% ▲ |
| 5-Year CAGR | +6.4% ▲ |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (2.4%). Financing reduces your cash-on-cash return below the cap rate. Markets like this may still make sense as IRR plays — factoring in appreciation, depreciation, and a future refinance when rates drop.
Run an IRR Analysis →⚠️ Risk Signals
Composite view of factors that can impact a ZIP's stability and your downside risk.
Demographics in 98008
Population: 27,138
Crime & Safety
Crime & Safety Data Coming Soon
We're integrating comprehensive crime statistics including violent crime rates, property crime, and safety scores to help you make informed investment decisions.
Expected: Q1 2025
🎓 Schools in 98008
Schools in This ZIP Code
Nearby Schools (5 more)
Schools in adjacent ZIP codes that may serve this area
Lake Hills Elementary
Central Educational Services
Highland Middle School
Stevenson Elementary
Puesta del Sol Elementary School
About Repit School Scores
Traditional school ratings rely heavily on standardized test scores, which often reflect family income more than school quality. Repit takes a different approach.
We evaluate schools based on factors that research shows actually impact educational outcomes:
- Class Size — Smaller classes mean more individual attention
- School Funding — Resources available for programs, staff, and facilities
- Community Factors — Neighborhood characteristics that influence student success
- School Environment — Size, type, and structure
Scores are updated annually using federal education data.
🎓 Nearby Colleges & Universities
Investor Insight: With 16,294 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
Do landlords face vacancy issues in Bellevue, WA?
Rental vacancy in Bellevue, WA is elevated. Investors should budget normal turnover but not chronic empty units.
Is Bellevue, WA suited for a house hack?
The a tougher house-hack environment in Bellevue, WA reflects the rent-to-price spread. Expect meaningful PITI offset at market rents.
How do experienced investors play Bellevue, WA?
The best-fit strategy in Bellevue, WA is careful cash-flow rentals with hands-on management. That approach the rent and price profile of the market.
How expensive is real estate in Bellevue, WA?
Median home price in Bellevue, WA is near $1.4M, with a 5-year CAGR of 0.0%. Prices have been measured and supportive of buy-and-hold strategies.
What do rentals go for in Bellevue, WA?
Average rent in Bellevue, WA is approximately $4,103/mo per month. Against $1.4M home values that yields a reasonable rent-to-price ratio.
You know 98008 now. You don’t know where it ranks.
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How 98008 ranks in Seattle-Tacoma-Bellevue, WA
Every ZIP in this metro, ranked. Free.
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