2362 Franklin Avenue E, Seattle, WA 98102
- $3,400,000
- 8,328
- SqFt
Listing courtesy of Kidder Mathews.
- List Price
- $3,400,000
- Status
- ACTIVE
- MLS#
- 2072907
- Days on Market
- 4
- 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).
/u.realgeeks.media/soundmultifamily/operating-information.jpg)
Additional Information
- List Date
- 2023-05-25 17:56:12
- 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
The database information herein is provided from and copyrighted by 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. All rights are reserved by copyright.