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Key Details
Property Type Multi-Family
Sub Type Multi-Family
Listing Status Sold
Purchase Type For Sale
Square Footage 8,328 sqft
Price per Sqft $390
Subdivision Eastlake
MLS Listing ID 2072907
Style 53 - Tri-plex
Year Built 1967
Annual Tax Amount $26,446
Lot Size 6,600 Sqft
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).
Location
State WA
County King
Area 390 - Central Seattle
Interior
Flooring Vinyl, Vinyl Plank, Carpet
Exterior
Exterior Feature Stucco, Wood, Wood Products
Amenities Available Fenced-Partially
View Y/N No
Roof Type Flat
Building
Lot Description Alley, Curbs, Paved, Sidewalk
Sewer Sewer Connected
Water Public
New Construction No
Schools
Elementary Schools Montlake
Middle Schools Meany Mid
High Schools Garfield High
School District Seattle
Others
Acceptable Financing Cash Out, Conventional
Listing Terms Cash Out, Conventional
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