Franklin Eastlake | 2711 Franklin Ave E
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Franklin Eastlake 2711 Franklin Ave E
7 Unit Block of Flats £1,643,145 (£234,735/Unit) Seattle, WA 98102
Executive Summary
Introducing an exciting investment opportunity in Seattle's vibrant Eastlake neighborhood - FRANKLIN EASTLAKE located at 2711 Franklin Ave E, Seattle, WA 98102. This 7-unit value-add property offers immense upside potential in a prime location known as the Pivot-Point of Seattle, with close proximity to major employers like Amazon, Google, and the University of Washington. The well-maintained property presents an ideal opportunity for new ownership to implement value-add strategies and capture increased rental income. With current rents below market value, there is immediate upside potential through renovations and premium rate adjustments. Secure parking adds further income opportunities, while the property's strategic location provides easy access to major highways and public transportation. Don't miss out on this rare chance to invest in a property with a strong rental demand and promising growth prospects in one of Seattle's most sought-after neighborhoods.
Investment Highlights
Pivot-Point Location: Proximity to transit, amenities, and major employers like Amazon, Apple, Google, Facebook, and the University of Washington.
Well-maintained, owner-operated property with minimal deferred maintenance. In recent years, ownership has upgraded plumbing, water heaters, electrical panels and partially replaced roofing.
Value-Add Offering With Upside: Partially renovated over recent years and comprised of seven units across two buildings, the property is an ideal fit for new ownership to implement a value-add program while continuing to raise rents to market rate.
Immediate Upside Potential: In-place rents currently achieving $117 below market on average; renovations project an additional $100 per unit premiums in submarket with strong effective rent growth projections.
Secured Parking: Further upside potential for additional parking; four dedicated secured garages project to increase current rental income by $5,100 annually.
Conveniently located with easy access to Interstate 5, Highway 99, and downtown Seattle; multiple bus routes to employment sectors within walking distance.
Consistent Rental Demand: Average effective rent in the Lake Union submarket was $2,650 per month in Q2 2024, up 7.8% YoY.
Investment Highlights
Pivot-Point Location: Proximity to transit, amenities, and major employers like Amazon, Apple, Google, Facebook, and the University of Washington.
Well-maintained, owner-operated property with minimal deferred maintenance. In recent years, ownership has upgraded plumbing, water heaters, electrical panels and partially replaced roofing.
Value-Add Offering With Upside: Partially renovated over recent years and comprised of seven units across two buildings, the property is an ideal fit for new ownership to implement a value-add program while continuing to raise rents to market rate.
Immediate Upside Potential: In-place rents currently achieving $117 below market on average; renovations project an additional $100 per unit premiums in submarket with strong effective rent growth projections.
Secured Parking: Further upside potential for additional parking; four dedicated secured garages project to increase current rental income by $5,100 annually.
Conveniently located with easy access to Interstate 5, Highway 99, and downtown Seattle; multiple bus routes to employment sectors within walking distance.
Consistent Rental Demand: Average effective rent in the Lake Union submarket was $2,650 per month in Q2 2024, up 7.8% YoY.
Data Room Click Here to Access
- Operating and Financials
Financial Summary (Pro forma - 2024) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Pro forma - 2024) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | £1,643,145 | Building Class | C |
| Price Per Unit | £234,735 | Lot Size | 0.13 AC |
| Sale Type | Investment | Building Size | 5,472 SF |
| No. Units | 7 | Average Occupancy | 100% |
| Property Type | Residential | Number of Floors | 2 |
| Property Subtype | Apartment | Year Built | 1927 |
| Apartment Style | Low Rise | Parking Ratio | 0.71/1,000 SF |
| Price | £1,643,145 |
| Price Per Unit | £234,735 |
| Sale Type | Investment |
| No. Units | 7 |
| Property Type | Residential |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.13 AC |
| Building Size | 5,472 SF |
| Average Occupancy | 100% |
| Number of Floors | 2 |
| Year Built | 1927 |
| Parking Ratio | 0.71/1,000 SF |
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent.Mo | SF |
|---|---|---|---|
| 1+1 | 7 | £1,395 | 642 |
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Walk Score ®
Very Walkable (84)
Bike Score ®
Very Bikeable (79)
PROPERTY TAXES
| Parcel Number | 195970-1220 | Total Assessment | £1,669,748 (2023) |
| Land Assessment | £1,161,938 (2023) | Annual Taxes | -£1 (£0.00/sf) |
| Improvements Assessment | £507,810 (2023) | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
195970-1220
Land Assessment
£1,161,938 (2023)
Improvements Assessment
£507,810 (2023)
Total Assessment
£1,669,748 (2023)
Annual Taxes
-£1 (£0.00/sf)
Tax Year
2024
zoning
| Zoning Code | L2, Seattle |
| L2, Seattle |
Contacts
-
Chad Blenz -
Patrick Harmon -
Mitchell Belcher -
Steven Chattin -
Jay Timpani -
Brandon Lawler -
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Franklin Eastlake | 2711 Franklin Ave E
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