Listing courtesy of Lee & Associates Commercial RE 206-773-2696
$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 206-773-2696
Listing Snapshot | Source HomeJunction
Cumulative Days On Market
119
Days on Website
119
Last Updated
Property Type
Multi Family
Lot Size
0.15 Acres
Year Built
1967
Property Tax
$29,565
MLS Number
2529866
30 Days Snapshot Of 98102
$1.23M
+37%
(avg) sold price
13
-38%
homes sold
41
-31%
(avg) days on market
Snapshot
Area Map
Additional Details | Source HomeJunction
Building
Building Area Total: 0, Building Area Units: Square Feet, Calculated Square Footage: 0, Construction Materials: Cement, Wood, Elevation Units: Feet, Leasable Area: 7456, Living Area: 0, Number Of Units Total: 8, Stories Total: 4, Structure Type: Multi Family, Units In Building Total: 8, Year Built: 1967, Year Built Effective: 1996
Cooling
Cooling: None
Expenses
Other Expense: 29488
Exterior Features
Exterior Features: Cement/Concrete, Wood
Fireplaces
Fireplaces Total: 0
Floors
Flooring: Vinyl, Vinyl Plank, Carpet
Foundation
Foundation Details: Poured Concrete
Garage
Garage Spaces: 0
Heating
Heating: Radiant
Home Owner's Association
Association Fee: $0
Income
Net Operating Income: 178764
Lot
Features: Alley, Curbs, Paved, Sidewalk, 0 acres, 6600 square feet, View: City, Lake, Partial, Territorial
The "three tree" icon indicates listings provided by Northwest Multiple Listing Service.
The listings presented here may or may not be listed by Wesley Lau. The Real Estate Broker providing this data believes it to be correct, but advises interested parties to confirm the data before relying on it in a purchase decision. The information being provided is for the consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the consumers may be interested in purchasing.
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.
The "three tree" icon indicates listings provided by Northwest Multiple Listing Service. The listings presented here may or may not be listed by Iolanthe Chan-McCarthy. The Real Estate Broker providing this data believes it to be correct, but advises interested parties to confirm the data before relying on it in a purchase decision. The information being provided is for the consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the consumers may be interested in purchasing. Listings last updated on .
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