2362 Franklin Avenue E

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).

About This Property

Listing ID2072907
SqFt 8,328
Acres 0.152
Year Built1967
Property TypeResidential Income
Property Sub TypeMulti-Family
County King
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 Active
Offers Seller intends to review offers upon receipt
Possible Use Multi-Family
Power Production Type Electric
Preliminary Title Ordered yes
Site Features Fenced-Partially
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

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2362 Franklin Avenue E Seattle, WA 98102

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The database information herein is provided from the Northwest Multiple Listing Service (NWMLS). NWMLS data may not be reproduced or redistributed and is only for people viewing this site. All information provided is deemed reliable but is not guaranteed and should be independently verified. All properties are subject to prior sale or withdrawal. The information contained in this listing has not been verified by WPI Real Estate Services, Inc. (7101) and should be verified by the buyer. © 2023 NWMLS. All rights reserved. Data last updated: Thursday, June 1st, 2023 08:29:43 PM.
Active Listing courtesy of Kidder Mathews
Active Listing courtesy of Kidder Mathews
Data services provided by IDX Broker