Eastlake Multifamily Investment
For Sale
$3,350,000
2362 Franklin Ave E, Seattle, WA 98102
Eight-unit apartment building in Seattle's Eastlake neighborhood.
Property Size7,458 SF
Price / SF$449.18
Days on Market152
Property Features for 2362 Franklin Ave E
General Information
Standard status
Active
Size
7,458 SF
Property subtype
Multifamily
Building Details
Building Size
7,458 SF
Year Built
1967
Listed By:
Daniel Lim
(206) 928-2311
Source:
Lee-associates
Added: May 20
Changed: Oct 7
Last Checked: Oct 16 at 6:16AM
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 Daniel Lim
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
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.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$125,875
Cap Rate
3.76%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,517,500
$2.5M
Cap Rate 7%
$1,798,214
$1.8M
Cap Rate 9%
$1,398,611
$1.4M
Market Conditions
NOI Build-Up for 7,458 SF
Gross rent
$237.2K $31.80/SF
− Vacancy
−$8.3K −$1.11/SF
EGI
$228.9K $30.69/SF
− OpEx
−$103.0K −$13.81/SF
NOI
$125.9K $16.88/SF
Area
Seattle, WA
Vacancy
3.50%
Lease Rate
$31.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,517,500
Cap Rate 7%
$1,798,214
Cap Rate 9%
$1,398,611
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 authorities.
How Realmo checks its estimates
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,680
Businesses Nearby
Explore this area
Business Placement
Demographics for 98102, WA
25,066
Population
17,944
Households
1.4
Avg Household Size
34
Median Age
79%
College-Educated
99%
High-School Grad
1.3 sq mi
ZIP Area
19,282
Density / Sq Mi
$114,395
Median Household Income
$80,130
Median Earnings
$1,920
Median Rent
$988,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
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.
