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).
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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
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.IDX information is provided exclusively for consumers’ personal noncommercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.