Listing courtesy of Lee & Associates Commercial RE
$3,350,000
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… Read More 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. Read Less
Listing courtesy of Lee & Associates Commercial RE
Listing Snapshot
Cumulative Days On Market
137
Days on Website
137
Last Updated
Property Type
Multi Family
Square Ft.
7,456
Lot Size
0.15 Acres
Year Built
1967
Property Tax
$29,565
MLS Number
2529866
Additional Details
Building
Built in 1967, Built in 1996 (effective), 4 stories, Construction Materials: Cement, Wood
Cooling
None
Energy Saving
Energy Efficiency: Thermal Windows
Expenses
Insurance: $7,735, Other Expense: $29,488
Exterior Features
Cement/Concrete, Wood
Floors
Vinyl, Vinyl Plank, Carpet
Foundation
Poured Concrete
Heating
Radiant
Home Owner's Association
Association Fee: $0
Income
Gross ScheduledIncome: $260,040, Net Operating Income: $178,764
Lot
0.1515 acres, Alley, Curbs, Paved, Sidewalk
Parking
8 total parking spaces
Property
Very Good, Leasable area: 7456, City, Lake, Partial, Territorial
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. Listings last updated on ,
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