Franklin House
2210 Franklin Ave E, Seattle, WA 98102
Property Type Multi-family
Price $2,150,000
Status Active
Property Highlights:
- 5.5% current cap rate, 6.6% market cap rate, and a 7.3% renovation cap rate on cost
- Penthouse intentionally delivered vacant for a value-add renovation or an owner occupant, with an in unit washer and dryer
- Lake Union views from units 301, 302, and the penthouse, and a private deck or patio for every unit
- Eastlake is a thinly traded, high demand rental submarket minutes from South Lake Union, the University of Washington, and I-5
- Significant Development Optionality with LR3 (M) zoning, 2.3 FAR, and 50 foot height allowance; existing improvements utilize approximately half of the site’s maximum permitted floor area
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