2362 Franklin Avenue, Seattle, WA 98102

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Listing Firm: Lee & Associates Commercial RE (206-773-2696). Listings with the three tree icon are courtesy of NWMLS.

2362 Franklin Avenue

Seattle, WA 98102

LISTING #2529866

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$3,350,000

STATUS Active

YEAR BUILT 1967

PROPERTY TYPE Residential Income

ABOUT THIS PROPERTY

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.

PROPERTY DETAILS

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Location Information

County King

Community Seattle

Latitude 47.641534

Longitude -122.324332

Directions Property is located on Franklin Ave E between E Louisa and E Lynn Streets. There is also an alley between Franklin Ave E and Boylston Ave E from which the property is accessible.

Subdivision Name Eastlake

Interior Features

Has Fireplace No

Number of Fireplaces 0

Heating Radiant

Cooling None

Floors Vinyl, Vinyl Plank, Carpet

Exterior Features

Style 5-9 Units

Is New Construction Yes

Exterior Cement/Concrete, Wood

Foundation Poured Concrete

Roof Flat

Septic or Sewer Sewer Connected

Covered Spaces 0

Electric Seattle City Light

Power Production Type Electric

Security Features Partially Fenced

Parking Spaces 8

Site Features Fenced-Partially, Patio

Lot Features Alley, Curbs, Paved, Sidewalk

Lot Size in Acres 0.1515

Lot Size in Sq. Ft. 6,600

Has Waterfront No

Has View Yes

View Description City, Lake, Partial, Territorial

School

High School District Seattle

Additional Information

Possession Closing

Property Type Residential Income

Property Subtype Multi Family

Structure Type Multi Family

Year Built 1967

Status Active

Tax Year 2026

Tax Amount $29,565

Lot Acres Source King County

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