Eastlake Multifamily Investment
For Sale
$3,350,000
2362 Franklin, Seattle, WA 98102
Eight-unit apartment building in Seattle's Eastlake neighborhood.
Property Size7,458 SF
Price / SF$449.18
Days on Market175
Property Features for 2362 Franklin
General Information
Standard status
Active
Size
7,458 SF
Property subtype
Multi-family
Building Details
Year Built
1967
Listing Agency:
Lee & Associates Commercial RE
(206) 773-2694
Listed By:
Daniel Lim
(206) 522-3400
Source:
Skylineproperties
Added: Mar 4
Changed: Aug 25
Last Checked: Aug 25 at 9:27AM
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 RE
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 = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$125,875
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.76%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
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
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.
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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
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.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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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 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.
