2362 Franklin Avenue East
2362 Franklin Avenue East
Seattle, WA 98102
$3,250,000
Last Sold Price
16
Beds
8
Baths
8,328 Sq. Ft.
$390 / Sq. Ft.
8,328
Sq. Ft.
$390
per Sq. Ft.
Sold 9/29/23
Sold 9/29/23
Listing provided courtesy of Kidder Mathews, Westlake Associates, Inc., ZNonMember-Office-MLS
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...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).
- Listed by Dan Swanson • Kidder Mathews
- Listed by Collin Hagstrom • Westlake Associates, Inc.
Property Details for 2362 Franklin Avenue East
Community Name
Eastlake
School DistrictSeattle
Number of Assigned Spaces8
Total Covered Parking0
Entry Date05-25-2023
Energy SourceElectric
SewerSewer Connected
Location
Listing Courtesy of Kidder Mathews; Westlake Associates, Inc.![]()
Sold By ZNonMember-Office-MLS
Add your commute
LISTING UPDATED: 09/29/2023 11:21 AM
Property Details for 2362 Franklin Avenue East
| Status | Sold |
|---|---|
| MLS # | 2072907 |
| Days on Market | 61 |
| Cumulative Days on Market | 235 |
| Taxes | $26,446 / year |
| HOA Fees | - |
| Condo/Co-op Fees | - |
| Compass Type | Multi Family |
| MLS Type | Residential Income |
| Year Built | 1967 |
| Lot Size | 0.15 AC / 6,600 SF |
| County | King County |
Location
Listing Courtesy of Kidder Mathews; Westlake Associates, Inc.![]()
Sold By ZNonMember-Office-MLS
Add your commute
Building Information for 2362 Franklin Avenue East
Stories74Residences8Year Built1967Building Size-Lot Size0.15 AC / 6,600 SF
Payment Calculator
$19,940 per month
30 year fixed, 7.25% Interest
Principal and Interest
$17,737
Property Taxes
$2,204
HOA Dues
$0
The Payment Calculator is for illustrative purposes only.
Property Information for 2362 Franklin Avenue East
Summary
Location and General Information
- Style: 53 - Tri-plex
- Site Features: Fenced-Partially
- Area: 390 - Central Seattle
- Elementary School: Montlake
- Middle Or Junior School: Meany Mid
- High School: Garfield High
- 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
- Leased Items: None
- Property Sub Type: MULT
- View: No
- Waterfront: No
Taxes and HOA Information
- Tax Year: 2023
Parking
- Number of Carport Spaces: 0.0
- Carport: No
- Open Parking Spaces: 8.0
- Open Parking: Yes
Interior and Exterior Features
Interior Features
- Furnished: Unfurnished
- Floor Covering: Vinyl, Vinyl Plank, Carpet
- Features: Wall to Wall Carpet
- Amenities: Coin Op Laundry,Thermal Windows
- Cooling: No
- Cooling: None
- Fireplace: No
- Heating: Yes
- Heating: Radiant
Exterior Features
- Exterior: Stucco, Wood, Wood Products
- Roof: Flat
Property
Utilities
- Water Source: Public
- Water/Sewer/Garbage: 14588
- Power Production Type: Electric
Property and Assessments
- New Construction YN: No
- Foundation: Poured Concrete
- Zoning Class: Multi-Family
- Possible Use: Multi-Family
- Preliminary Title Ordered: Yes
- Senior Community: No
- Special Listing Conditions: None
- Photos Count: 21
Lot Information
- Lot Details: Alley, Curbs, Paved, Sidewalk
- Lot Size Source: Public Records
- Parcel Number Free Text: 2902200805
- Calculated Square Footage: 8328
- Structure Type: Triplex
- Square Footage Finished: 0
- Square Footage Unfinished: 0
- Building Area Total: 8328.0
- Building Area Units: Square Feet
- Property Type: Residential Income
- Elevation Units: Feet
- Irrigation Water Rights: No
- Green Energy Efficient: Thermal Windows
Multi Family
Building Details
- Number of Uncovered Spaces: 8
- Number of Stories in Building: 74
- Vacancy Rate: 4
- Number Of Units Total: 8
- Units Below Grade: false
- Units In Building Total: 8
Financing / Income and Expenses
- Electric Expense: $0
- Total Expenses: 78005
- Gross Adjusted Income: 232416
- Gross Rent Multiplier: 14.04
- Gross Scheduled Income: $242,100
- Insurance Expense: $7,750
- Net Operating Income: $154,411
- Other Expenses: $29,221
- Total Monthly Income: 20175
- Fuel Expense: $0
Unit 1
- Name Unit 1: 402
- Washer/Dryer Unit 1: false
- Range/Oven Unit 1: true
- Refrigerator Unit 1: true
- Dishwasher Unit 1: true
- Square Feet Unit 1: 930
- Rent Unit 1: $2,250.00
- Bedrooms Unit 1: 2
- Fireplaces Unit 1: 0
- Bathrooms Unit 1: 1
Unit 2
- Name Unit 2: 401
- Washer/Dryer Unit 2: false
- Range/Oven Unit 2: true
- Refrigerator Unit 2: true
- Dishwasher Unit 2: true
- Square Feet Unit 2: 930
- Rent Unit 2: $2,495.00
- Bedrooms Unit 2: 2
- Fireplaces Unit 2: 0
- Bathrooms Unit 2: 1
Unit 3
- Name Unit 3: 302
- Washer/Dryer Unit 3: false
- Range/Oven Unit 3: true
- Refrigerator Unit 3: true
- Dishwasher Unit 3: true
- Square Feet Unit 3: 930
- Rent Unit 3: $2,140.00
- Bedrooms Unit 3: 2
- Fireplaces Unit 3: 0
- Bathrooms Unit 3: 1
Unit 4
- Name Unit 4: 301
- Washer/Dryer Unit 4: false
- Range/Oven Unit 4: true
- Refrigerator Unit 4: true
- Dishwasher Unit 4: true
- Square Feet Unit 4: 930
- Rent Unit 4: $2,495.00
- Bedrooms Unit 4: 2
- Fireplaces Unit 4: 0
- Bathrooms Unit 4: 1
Unit 5
- Name Unit 5: 202
- Washer/Dryer Unit 5: false
- Range/Oven Unit 5: true
- Refrigerator Unit 5: true
- Dishwasher Unit 5: true
- Square Feet Unit 5: 930
- Rent Unit 5: $2,165.00
- Bedrooms Unit 5: 2
- Fireplaces Unit 5: 0
- Bathrooms Unit 5: 1
Unit 6
- Name Unit 6: 201
- Washer/Dryer Unit 6: false
- Range/Oven Unit 6: true
- Refrigerator Unit 6: true
- Dishwasher Unit 6: true
- Square Feet Unit 6: 930
- Rent Unit 6: $2,185.00
- Bedrooms Unit 6: 2
- Fireplaces Unit 6: 0
- Bathrooms Unit 6: 1
Unit 7
- Name Unit 7: 102
- Washer/Dryer Unit 7: true
- Range/Oven Unit 7: true
- Refrigerator Unit 7: true
- Dishwasher Unit 7: true
- Square Feet Unit 7: 930
- Rent Unit 7: $2,850.00
- Bedrooms Unit 7: 2
- Fireplaces Unit 7: 0
- Bathrooms Unit 7: 1
Unit 8
- Name Unit 8: 101
- Washer/Dryer Unit 8: true
- Range/Oven Unit 8: true
- Refrigerator Unit 8: true
- Dishwasher Unit 8: true
- Square Feet Unit 8: 930
- Rent Unit 8: $2,995.00
- Bedrooms Unit 8: 2
- Fireplaces Unit 8: 0
- Bathrooms Unit 8: 1
Rental
Rent Information
- Occupant Type: Tenant
- Leasable Area: 7458.0
- Leasable Area Units: Square Feet
Property History for 2362 Franklin Avenue East
| Date | Event & Source | Price | Appreciation |
|---|
| Date | Event & Source | Price |
|---|
For completeness, Compass often displays two records for one sale: the MLS record and the public record.
Public Records for 2362 Franklin Avenue East
Taxable ValueLand$1,650,000Additions$1,452,000Total$3,102,000
Tax Record2022$26,446 ($2,204 / month)
Home Facts
Total Finished SqFt7,456 SqFtAbove Ground SqFt7,456 SqFtStories4Lot Size6,600 SqFtStyleMulti-Family Res (5+ Units)Year Built1967Year Renovated1996ZoningLR3 (M)CountyKINGAPN290220-0805
Schools near 2362 Franklin Avenue East
This home is within Seattle Public Schools.
Rating | School | Type | Grades | Distance |
|---|---|---|---|---|
| Public - | K to 5 | |||
| Public - | 6 to 8 | |||
| Public - | 9 to 12 | |||
| Public - | PK to 8 |
Rating | School | Distance |
|---|---|---|
Montlake Elementary School PublicK to 5 | ||
Edmonds S. Meany Middle School Public6 to 8 | ||
Garfield High School Public9 to 12 | ||
Tops K-8 PublicPK to 8 |
School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.
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No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. No financial or legal advice provided. Equal Housing Opportunity.
Listing Courtesy of Kidder Mathews; Westlake Associates, Inc.
Listing provided courtesy of NWMLS, RMLS or Yakima MLS. The information contained in this listing has not been verified by Compass or the MLS and should be verified by the buyer. The DOM value represents the number of days this listing has been Active on this website.