2707 Franklin Closes for $1.1Million
Erik Peterson and Cathy Jeney of Paragon Real Estate Advisors are pleased to announce the sale of a 6 unit apartment building in Seattle’s Eastlake neighborhood. Built in 1960, 2707 Franklin has an excellent mix of 1 and 2 bedroom units, with some units boasting incredible views of the Lake Union, Queen Anne, and the Olympic Mountains. The building’s residents enjoy Eastlake’s charming community, convenient freeway access, and its close proximity to downtown Seattle and the University of Washington.
The Buyer was an independent property investor represented by Paul Mickley, also of Paragon Real Estate Advisors. The property produced considerable investor demand due to the combination of outstanding location and its impeccable condition. The building sold for $1,150,000 at a capitalization rate of 4.8%. The Buyer obtained a new loan through US Bank to finance the purchase.