Eastlake Multifamily Investment
2362 Franklin Ave E Seattle, WA 98102
2362 Franklin Ave E, Seattle, WA, 98102
$3,350,000
For Sale
$3,350,000
Eight-unit apartment building in Seattle's Eastlake neighborhood.
Property Size7,458 SF
Price / SF$449.18
Days on Market63
Property Features for 2362 Franklin Ave E
General Information
- Standard status
- Active
- Size
- 7,458 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1967
Listing agency
LEE & ASSOCIATES COMMERCIAL REAL ESTATE SERVICES
(206) 928-2311
Listed by
Daniel Lim
(206) 928-2311
Source
Lee-associates
Added: May 20 Updated: Jul 10 at 1:36PM Checked: Jul 21 at 6:34AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of LEE & ASSOCIATES COMMERCIAL REAL ESTATE SERVICES
Investment Insights
Based on property information with market context.
Located in Seattle’s Eastlake neighborhood, this multifamily property, constructed in 1967, features eight spacious 2-bedroom, 1-bathroom units. The asset comprises approximately 7,458 square feet. Each unit includes a private patio or balcony, and the large 930 square foot floorplans feature dedicated dining spaces, large closets, and pantry storage. The top floor units feature clerestory height ceilings and windows in the living space. Two units have been fully remodeled and equipped with in-unit laundry. Recent upgrades include a re-sealed roof, newer siding and paint, copper plumbing, and double-pane windows. The property is 100% occupied. The location provides access to the Lake Union waterfront, Eastlake Avenue retail amenities, parks, and employment centers. There is potential to continue unit renovations and explore redevelopment of the rear parking lot.
Key Highlights
- Stabilized asset with 100% occupancy provides immediate cash flow.
- Spacious 930 SF 2‑bedroom units, each with private patio or balcony.
- Value‑add opportunity through renovation of remaining six units and potential redevelopment of the rear parking lot.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $237.2k | $31.80 |
| − Vacancy | −$8.3k | −$1.11 |
| EGI | $228.9k | $30.69 |
| − OpEx | −$103.0k | −$13.81 |
| NOI | $125.9k | $16.88 |
7,458 SF · lease $31.80/SF/yr · vacancy 3.50% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.80M
$1.57M – $2.10M
NOI $125,875 @ 7.0% cap · market cap 3.76%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.24M
$1.96M – $2.62M
NOI $157,063 @ 7.0% cap · market cap 4.69%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - Eight-unit apartment building in Seattle's Eastlake neighborhood.
Where is this apartment building located?
The property is located at 2362 Franklin Ave E Seattle, WA.
What is the asking price?
The asking price for this property is $3,350,000.
What are key features of this property?
This property features: Stabilized asset with 100% occupancy provides immediate cash flow.; Spacious 930 SF 2‑bedroom units, each with private patio or balcony.; Value‑add opportunity through renovation of remaining six units and potential redevelopment of the rear parking lot.
