Yes. Houses aren't works of art. They are meant to house people.
The city isn't the same a decade ago, or a century ago or when Capital Hill was called Renton Hill.
It is depressing that only new construction/condo to purchase in Capital hill costs 450k+ (e.g. 750 on the hill as an example.) because SFH are 750k+. IF they go for sale, and then there's a race of people who actively overpay for a property.
Also, I can walk to downtown in <30 mins, taking a bus is a pain, and the Link station is kinda convenient but not so convient (e.g. nothing near Volunteer Park because everything there is $1,000,000+)
Just because it's old doesn't mean it's good and whomever owns the property should feel fit to change it from SFH to MFH and the city should encourage MFH developments otherwise you have small houses on oversized lots and a poor use of space.
Give people that want to sell and people that want to buy the ability to rezone and allow construction - and density will solve itself.
Otherwise you're going to have people in decades old apartment buildings fight to fill it in, while the owner has no real incentive to upkeep property because they believe it's valuable and know it's a rotating door.