The Villa Anita Apartments is a 19 unit apartment building located at 2231 Franklin Ave E in Seattle’s Eastlake neighborhood. Priced at $5,950,000, or $348 per square foot, the property delivers a 5.0% current cap rate with a path to a 6.3% cap rate at market rents and 7.3% cap… Read More on cost following a renovation program. The unit mix is 18 - 2BD/1BTH units and 1 - 1BD/1BTH unit, a two-bedroom heavy mix that is rare in Eastlake’s apartment stock and in constant demand, and 12 of the units look out over Lake Union. Built in 1977 on a 15,400 square foot lot zoned LR3 (M), the building offers two-bedroom units of 856 to 982 square feet and a 739 square foot one bedroom. Every unit has a dishwasher and a private concrete deck or patio. Thirteen kitchens have quartz or granite countertops, eleven have updated cabinets, and fourteen bathrooms have updated vanities. The property offers a common laundry room with owned machines, roughly 19 storage units, an elevator, and 20 parking stalls, six covered and fourteen open, in a neighborhood where parking is scarce. Building systems include copper plumbing, GE electrical panels, electric heat, double pane vinyl windows, a roof approximately 15 years old, and individual hot water tanks all replaced within the last four years. Read Less
Listing courtesy of Paragon Real Estate Advisors
Listing Snapshot
Cumulative Days Active
0
Last Updated
Property Type
Multi Family
Square Ft.
17,083
Lot Size
0.35 Acres
Year Built
1977
Property Tax
$63,397
MLS Number
2598588
Additional Details
Building
Built in 1977, 4 stories, Construction Materials: Wood
Cooling
None
Expenses
Insurance: $20,536, Other Expense: $70,593
Exterior Features
Wood Products
Floors
Laminate, Carpet
Foundation
Poured Concrete
Heating
Radiant
Home Owner's Association
Association Fee: $0
Income
Gross ScheduledIncome: $508,165, Net Operating Income: $294,439
Lot
0.3535 acres
Parking
6 carport spaces, 6 covered spaces, 20 total parking spaces
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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