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2362 Franklin Ave
Seattle, WA 98102
Franklin 8 · Multifamily Property For Sale
·
8 Units
Investment Highlights
- Stabilized Asset with Immediate Cash Flow
- Value-Add Opportunities
- Well-Maintained Durable Systems
Executive Summary
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.
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.
Property Facts
| Price Per Unit | $577,096 CAD | Apartment Style | Mid-Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 5.34% | Lot Size | 0.15 AC |
| Gross Rent Multiplier | 12.9 | Building Size | 7,458 SF |
| No. Units | 8 | No. Stories | 4 |
| Property Type | Multifamily | Year Built | 1967 |
| Property Subtype | Apartment | Parking Ratio | 1.07/1,000 SF |
| Zoning | LR3 (M) | ||
| Price Per Unit | $577,096 CAD |
| Sale Type | Investment |
| Cap Rate | 5.34% |
| Gross Rent Multiplier | 12.9 |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.15 AC |
| Building Size | 7,458 SF |
| No. Stories | 4 |
| Year Built | 1967 |
| Parking Ratio | 1.07/1,000 SF |
| Zoning | LR3 (M) |
Amenities
Unit Amenities
- Balcony
- Dishwasher
- Washer/Dryer
- Kitchen
- Refrigerator
- Oven
- Range
- Dining Room
- Double Pane Windows
- Pantry
- Patio
- Vinyl Flooring
Site Amenities
- 24 Hour Access
- Controlled Access
- Laundry Facilities
- Tenant Controlled HVAC
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 8 | $3,890 CAD | 932 |
Property Taxes
| Parcel Number | 290220-0805 | Improvements Assessment | $1,394,678 CAD |
| Land Assessment | $2,501,324 CAD | Total Assessment | $3,896,002 CAD |
Property Taxes
Parcel Number
290220-0805
Land Assessment
$2,501,324 CAD
Improvements Assessment
$1,394,678 CAD
Total Assessment
$3,896,002 CAD
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