2362 Franklin Avenue E, Seattle, WA 98102
- $3,350,000
Listing courtesy of Lee & Associates Commercial RE.
- List Price
- $3,350,000
- Status
- ACTIVE
- MLS#
- 2529866
- Days on Market
- 60
- Style
- 55 - 5-9 Units
- Building Condition
- Very Good
- Annual Tax Ammount
- 29565
- Lot Size (sq ft)
- 6,600
- Sewer
- Sewer Connected
Property Description
We are pleased to present Franklin 8 in Seattle’s Eastlake neighborhood! Built in 1967, the 8-unit asset comprises ~7,458 SF and features 8 spacious 2BD, 1BTH units. Each features a private patio or balcony and the large 930 SF floorplans include dedicated dining spaces, large closets, and pantry storage. The top floors units feature Clerestory height ceilings and windows in the living space. 2 units have been fully remodeled and equipped with in-unit laundry, providing the template to realize additional upside in completing renovations on the remaining 6 units. Significant capital improvements have been completed in 2023, including a reseal roof, replaced cedar siding, updated fencing, and improved landscaping. The building also features double paned windows throughout. In addition to its steady in-place performance and renovation upside, the asset presents investors with a unique opportunity to further increase density through the redevelopment of the rear parking lot which should support a 4-story building addition programed either as townhomes or eight potential new apartments (Buyer to verify). Positioned in one of Seattle’s most supply constrained and high-demand rental submarkets, the property supports the execution of multiple strategies for significant value add and upside building on a base of consistent and durable cashflow.
/u.realgeeks.media/pnwcasas/PNWCasas_BLK_Logo.jpg){kind=logo}
Additional Information
- List Date
- 2026-05-27 21:23:13
- Community
- Eastlake
- Net Operating Income
- $178,764
- Gross Adjusted Income
- $247,038
- Gross Scheduled Income
- $260,040
- Total Monthly Income
- $21,647
- Insurance Expenses
- $7,735
- Water/Sewer/Garbage Expenses
- $14,206
- Gross Rent Multiplier
- 12.9
- Total Expenses
- $80,994
- Cap Rate
- 5.34
- Vacancy Rate
- 5
- Total Number of Units
- 8
- Unit Name
- 2362
- Potential Terms
- Cash, Conventional
- Year Built
- 1967
- View
- City, Lake, Partial, Territorial
- Roof
- Flat
- Site Features
- Fenced-Partially, Patio
- Other Expenses
- 29488
- Energy Source
- Electric
- School District
- Seattle
- Total Monthly Income
- $21,647
- Gross Scheduled Income
- $260,040
- Vacancy Rate
- 5
- Gross Adjusted Income
- $247,038
- Tax Year
- 2026
- Insurance Expense
- $7,735
- W/S/G Expenses
- $14,206
- Total Expenses
- $80,994
- Net Operating Income
- $178,764
- Gross Rent Multiplier
- 12.9
- Cap Rate
- 5.34
Based on information submitted to the MLS GRID as of . 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 information is provided exclusively for consumers’ personal noncommercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.