425-753-6463
[email protected]
Log In
Logo
Communities
Sellers
Buyers
About
Logo
22
Courtesy of NWMLS / Paragon Real Estate Advisors
$2,150,000 Sale
Listed 1 day
2210 Franklin Avenue E, Seattle, WA 98102
· 0
· 0
· 0
· 0
Key Facts
Key facts for 2210 Franklin Avenue E, Seattle, WA 98102
Property Type
House, 55 - 5-9 Units
Parking
0 garage, 10 parking
MLS #
2600541
Size
0 sqft
Basement
-
Listed on
-
Lot size
-
Tax
$24,250 /yr
Days on Market
-
Year Built
1964
Maintenance Fee
$ 0/mo
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 interi...or 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.
Similar Properties (No results)

This "Three Trees" icon indicates a listing provided courtesy of NWMLS. To submit a request for a takedown notice per the Digital Millennium Copyright Act (the "DMCA") for any NWMLS listings please see these guidelines and follow the instructions provided.

Disclaimer: The information contained in this listing has not been verified by Michael Urquhart, Paragon Real Estate Advisors and should be verified by the buyer.