2362 Franklin Avenue E, Seattle, WA 98102

$3,250,000
8,328
SqFt

Listing courtesy of Kidder Mathews. Selling Office: ZNonMember-Office-MLS.

Sold Price
$3,250,000
List Price
$3,400,000
Status
SOLD
MLS#
2072907
Closing Date
Sep 29, 2023
Days on Market
61
Style
53 - Tri-plex
Finished SqFt
8,328
Area Total SqFt
8328
Annual Tax Ammount
26446
Lot Size (sq ft)
6,600
Sewer
Sewer Connected

Property Description

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).

Additional Information

List Date
2023-07-30 00:00:00
Community
Eastlake
Net Operating Income
$154,411
Gross Adjusted Income
$232,416
Gross Scheduled Income
$242,100
Total Monthly Income
$20,175
Insurance Expenses
$7,750
Water/Sewer/Garbage Expenses
$14,588
Gross Rent Multiplier
14.04
Total Expenses
$78,005
Cap Rate
4.54
Vacancy Rate
4
Total Number of Units
8
Unit Name
2362
Potential Terms
Cash Out, Conventional
Year Built
1967
Roof
Flat
Site Features
Fenced-Partially
Other Expenses
29221
Energy Source
Electric
School District
Seattle
Elementary School
Montlake
Middle School
Meany Mid
High School
Garfield High
Total Monthly Income
$20,175
Gross Scheduled Income
$242,100
Vacancy Rate
4
Gross Adjusted Income
$232,416
Tax Year
2023
Insurance Expense
$7,750
W/S/G Expenses
$14,588
Total Expenses
$78,005
Net Operating Income
$154,411
Gross Rent Multiplier
14.04
Cap Rate
4.54
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