2711 Franklin Ave Seattle, WA 98102

Property Details for 2711 Franklin Ave

Year built

1927

Property type

Commercial real estate

APN

195970-1220

Description

This exceptional 7-unit apartment building presents a compelling value-add opportunity in Seattle's desirable Eastlake neighborhood. Located at 2711 Franklin Ave E, this property boasts a prime location near major employers like Amazon and the University of Washington, offering convenient access to Interstate 5, Highway 99, and public transportation. The property comprises two, two-story buildings totaling 4,496 net rentable square feet on a 5,500 square foot lot, built in 1927 and currently zoned LR2 (M). Currently 100% occupied, the property features four secured parking spaces and offers significant upside potential. Recent upgrades include plumbing, water heaters, electrical panels, and partial roof replacement. With rents averaging $117 below market, renovations are projected to yield an additional $100 per unit premium, aligning with strong rent growth projections in the Lake Union submarket (average effective rent $2,650/month in Q2 2024). The property's strong rental demand, combined with the potential for increased parking revenue ($5,100 annually), makes this a highly attractive investment. The asking price is $2,100,000, projecting a 5.84% pro-forma cap rate and a pro-forma NOI of $122,626. This is a rare chance to acquire a well-maintained property with substantial upside in a thriving Seattle location.

Location Insight

City

Seattle

County

King

State

Washington

Longitude

-122.32461974578

Latitude

47.644919158707