Seattle,
Washington WA98102
Built in 1967, the Franklin is in the Eastlake neighborhood, an ‘A’ location on the shores of Lake Union just north of Downtown Seattle. The Franklin offers a new owner solid cash flow with substantial upside. Each of the 8 units are likely over 900 SF and rent for an average of nearly $2,450 per month. The most recent turnovers achieved $2,995 plus parking and utilities with a full remodel and $2,495 plus parking and utilities for a basic turnover. Projecting these rents across the rent roll will likely achieve a 5.45% cap rate! For even higher returns, a new owner can likely construct 8 additional units on site (buyer to verify).
Listing ID2072907
Sold For$3,250,000
StatusClosed
Sold Date9/29/2023
SqFt
8,328
Acres
0.152
CountyKing
SubdivisionEastlake
Year Built1967
Property TypeResidential Income
Property Sub TypeMulti-Family
Property Sub Type
Multi-Family
Property Type
Residential Income
Subdivision
Eastlake
Year Built
1967
Building Area Units
Square Feet
Flooring
Vinyl, Vinyl Plank, Carpet
Furnished
Unfurnished
Interior Features
Wall to Wall Carpet
Living Area Units
Square Feet
Stories Total
74
Elevation Units
Feet
Exterior Features
Stucco, Wood, Wood Products
Foundation Details
Poured Concrete
Lot Features
Alley, Curbs, Paved, Sidewalk
Lot Size Square Feet
6600
Lot Size Units
Square Feet
MLS Lot Size Source
Public Records
Number Of Units Total
8
Open Parking Spaces
8
Parking Total
8
Parking Uncovered Spaces
8
Roof
Flat
Sewer
Sewer Connected
Structure Type
Triplex
Style Code
53 - Tri-plex
Units Below Grade
false
Units In Building Total
8
Water Sewer Garbage
14588
Water Source
Public
Building Area Total
8328
Country
US
Elementary School
Montlake
High School
Garfield High
High School District
Seattle
Middle Or Junior School
Meany Mid
MLS Area Major
390 - Central Seattle
Waterfront
no
Zoning Class
Multi-Family
Amenities
Coin Op Laundry,Thermal Windows
Green Energy Efficient
Thermal Windows
Mls Status
Sold
Offers
Seller intends to review offers upon receipt
Possible Use
Multi-Family
Power Production Type
Electric
Preliminary Title Ordered
yes
Show Map Link
yes
Site Features
Fenced-Partially
Buyer Financing
Not Disclosed
Cap Rate
4.54
Gross Adjusted Income
232416
Gross Rent Multiplier
14.04
Gross Scheduled Income
242100
Insurance Expense
7750
Leasable Area
7458
Leasable Area Units
Square Feet
Leased Items
None
Net Operating Income
154411
Other Expense
29221
Possession
Closing, Tenant's Rights
Sale Type
MLS
Seller Disclosure
Not Provided
Special Listing Conditions
None
Tax Annual Amount
26446
Tax Year
2023
Total Expenses
78005
Total Monthly Income
20175
Vacancy Rate
4
2362 Franklin Avenue E Seattle, WA 98102
Based on information submitted to the MLS GRID as of Friday, March 29th, 2024 01:38:47 AM. All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
#IDX-primaryPhoto,#idx-details-headerClosed
Closed Listing courtesy of Kidder Mathews
Listing sold by ZNonMember-Office-MLS
#IDX-listingMediaLinksClosed
Closed Listing courtesy of Kidder Mathews
Listing sold by ZNonMember-Office-MLS