2362 Franklin AVE E, Seattle, WA 98102
2362 Franklin AVE E, Seattle, WA 98102
2362 Franklin AVE E, Seattle, WA 98102
2362 Franklin AVE E, Seattle, WA 98102
2362 Franklin AVE E, Seattle, WA 98102
2362 Franklin AVE E, Seattle, WA 98102
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Tom Haffey

Tom Haffey

+1(360) 402-3580
Listed by:Lee & Associates Commercial RE • Daniel Lim
$ 3,350,000
Est. payment | /mo

16 Beds

8 Baths

6,600 Sqft Lot

Save Virtual Tour
$ 3,350,000
Est. payment | /mo
Save Virtual Tour

16 Beds

8 Baths

6,600 Sqft Lot

Key Details

Property Type Multi-Family

Sub Type Multi Family

Listing Status Active

Purchase Type For Sale

Subdivision Eastlake

MLS Listing ID 2529866

Style 55 - 5-9 Units

Bedrooms 16

Year Built 1967

Annual Tax Amount $29,565

Lot Size 6,600 Sqft

Property Sub-Type Multi Family

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.

Location

State WA

County King

Area 390 - Central Seattle

Interior

Flooring Vinyl, Vinyl Plank, Carpet

Fireplace false

Exterior

Exterior Feature Cement/Concrete, Wood

Amenities Available Fenced-Partially, Patio

View Y/N Yes

View City, Lake, Partial, Territorial

Roof Type Flat

Building

Lot Description Alley, Curbs, Paved, Sidewalk

Sewer Sewer Connected

New Construction No

Schools

School District Seattle

Others

Senior Community No

Acceptable Financing Cash, Conventional

Listing Terms Cash, Conventional

Virtual Tour https://www.lee-associates.com/properties/?propertyId=863180

Northwest MLS (NWMLS)
"Three Trees" icon indicates a listing provided courtesy of NWMLS.

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2362 Franklin AVE E