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206.579.3423
Real Estate Company
2210 Franklin Avenue E, Seattle, WA 98102
- $2,150,000
- 6,310
- SqFt
Listing Broker: Paragon Real Estate Advisors; Michael Urquhart; 206-812-9123; michael@paragonrea.com
- List Price
- $2,150,000
- Status
- ACTIVE
- MLS#
- 2600541
- Style
- 55 - 5-9 Units
- Finished SqFt
- 6,310
- Area Total SqFt
- 6310
- Annual Tax Ammount
- 24250
- Lot Size (sq ft)
- 6,600
- Sewer
- Available
Property Description
The Franklin House is a seven-unit apartment building located at 2210 Franklin Ave E in Seattle’s Eastlake neighborhood. Priced at $2,150,000, the property delivers a 5.5% current cap rate with a clear path to a 6.6% cap rate at market rents and a 7.3% renovation cap rate on cost following an interior renovation program. Built in 1964 on a 6,600 square foot lot zoned LR3 (M), the wood frame building consists of 3 – 1BD/1BTH units, 3 - 2BD/1BTH units and 1 – 3BD/2BTH Penthouse unit with an in-unit washer/dryer on the top floor. Every unit has a private deck or patio, and units 301, 302, and the penthouse enjoy views of Lake Union. The building is operating well with a TPO roof installed roughly twelve years ago, copper plumbing, GE electrical panels, and double pane vinyl windows. Residents share a common laundry room and ten open parking stalls sit off the alley at the rear of the property. The penthouse is being delivered vacant, giving a buyer the chance to renovate the top floor lake view unit to its full potential or to occupy it while the remaining six units generate income. The parcel also carries development upside. The LR3 (M) zoning allows unlimited density inside the urban village, a structure height of 50 feet, a floor area ratio of 1.8, or 2.3 with a 4 Star Built Green certification, and no parking requirement given the frequent transit service on Eastlake Ave E. See the development optionality section for additional details within this OM.
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Additional Information
- Community
- Eastlake
- Net Operating Income
- $117,925
- Gross Adjusted Income
- $186,379
- Gross Scheduled Income
- $196,188
- Total Monthly Income
- $16,349
- Insurance Expenses
- $7,323
- Water/Sewer/Garbage Expenses
- $11,557
- Gross Rent Multiplier
- 10.96
- Total Expenses
- $68,454
- Cap Rate
- 5.5
- Vacancy Rate
- 5
- Total Number of Units
- 7
- Unit Name
- 2210
- Potential Terms
- Cash, Conventional
- Year Built
- 1964
- Roof
- Flat
- Other Expenses
- 25324
- Energy Source
- Electric
- School District
- Seattle
- Total Monthly Income
- $16,349
- Gross Scheduled Income
- $196,188
- Vacancy Rate
- 5
- Gross Adjusted Income
- $186,379
- Tax Year
- 2026
- Insurance Expense
- $7,323
- W/S/G Expenses
- $11,557
- Total Expenses
- $68,454
- Net Operating Income
- $117,925
- Gross Rent Multiplier
- 10.96
- Cap Rate
- 5.5
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.