Franklin 8 2362 Franklin Ave 8 Unit Apartment Building $3,350,000 ($418,750/Unit) 5.34% Cap Rate Seattle, WA 98102

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 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.