2362 Franklin Ave E
Seattle WA 98102
The Franklin
2362 Franklin Ave E Seattle WA 98102
Listing #: 664307 | Status: Available | Last Modified: 6/21/2023 |
For Sale
- Phone:(425) 444-6501
- Email:dan.swanson@kidder.com
- Office Name:Kidder Mathews
- Office Phone:(503) 221-9900
- Office Website:https://kidder.com/
- Agent Phone:(206) 505-9436
- Agent Email:hagstrom@westlakeassociates.com
- Call Listing AgentNo
- Use DiscretionNo
- Listing Price$ 3,400,000.0
- $/SF$ 457.0
- $/Unit$ 425,000.0
- Listing StatusAvailable
- Days on Market550
- Asset ClassMulti-Family
- Terms
- Investment Type
- Investment PropYes
- Gross Income0
- Vacancy Factor %0.00%
- Operating Expenses0
- Net Operating Income0
- CAP Rate
- Min Total SF0
- Max Total SF0
- Lease Rate Low$ 00.0
- Lease Rate High$ 00.0
- Heat Source
- Total Units8
- Water
- Electricity
- Storm Sewer
- SignageSignage on Building and Freestanding
- Anchor
- Building StatusExisting
- # of Buildings1
- # of Floors4
- # of Units8
- # of Elevators
- Clearance Height Min
- Clearance Height Max
- Bay Depth
- Total Building SF7600
- Net Rentable Area7440
- Total Office SF
- Largest Contiguous SF
- Lot SF6600
- Acres0.15
- Property TypeMulti-Family
- Office Type
- Building ClassB
- CountyKing
- Vicinity
- Location Description
- Second Address
- Cross Street
- Market AreaLake Union
- Tax ID #2902200805
- Additional Parcels
- ZoningLR3 (M)
- # Covered Spaces0
- # Uncovered Spaces8
- Total Parking Spots8
- Parking Ratio
- Year Built1967
- Year Renovated
- Completion Date
- Roof Type
- Construction Type
8 Units in Eastlake with Quick Access to Employers
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).
