2711 Franklin AveSeattle, WA 98102
- Apartment buildings
Property Details for 2711 Franklin Ave
- Year built
- 1927
- Property type
- Apartment buildings
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
- Latitude
- 47.6449
- Longitude
- -122.325
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
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