2231 Franklin Avenue E, Seattle, WA 98102
- $5,950,000
- 17,083
- SqFt
Listing Broker: Paragon Real Estate Advisors; Michael Urquhart; 206-812-9123; michael@paragonrea.com
- List Price
- $5,950,000
- Status
- ACTIVE
- MLS#
- 2598588
- Style
- 56 - 10+ Units
- Finished SqFt
- 17,083
- Area Total SqFt
- 17083
- Annual Tax Ammount
- 63397
- Lot Size (sq ft)
- 15,400
- Sewer
- Available
Property Description
The Villa Anita Apartments is a 19 unit apartment building located at 2231 Franklin Ave E in Seattle’s Eastlake neighborhood. Priced at $5,950,000, or $348 per square foot, the property delivers a 5.0% current cap rate with a path to a 6.3% cap rate at market rents and 7.3% cap on cost following a renovation program. The unit mix is 18 - 2BD/1BTH units and 1 - 1BD/1BTH unit, a two-bedroom heavy mix that is rare in Eastlake’s apartment stock and in constant demand, and 12 of the units look out over Lake Union. Built in 1977 on a 15,400 square foot lot zoned LR3 (M), the building offers two-bedroom units of 856 to 982 square feet and a 739 square foot one bedroom. Every unit has a dishwasher and a private concrete deck or patio. Thirteen kitchens have quartz or granite countertops, eleven have updated cabinets, and fourteen bathrooms have updated vanities. The property offers a common laundry room with owned machines, roughly 19 storage units, an elevator, and 20 parking stalls, six covered and fourteen open, in a neighborhood where parking is scarce. Building systems include copper plumbing, GE electrical panels, electric heat, double pane vinyl windows, a roof approximately 15 years old, and individual hot water tanks all replaced within the last four years.
Additional Information
- Community
- Eastlake
- Net Operating Income
- $294,439
- Gross Adjusted Income
- $482,756
- Gross Scheduled Income
- $508,165
- Total Monthly Income
- $42,347
- Insurance Expenses
- $20,536
- Water/Sewer/Garbage Expenses
- $33,791
- Gross Rent Multiplier
- 11.71
- Total Expenses
- $188,317
- Cap Rate
- 5
- Vacancy Rate
- 5
- Total Number of Units
- 19
- Unit Name
- 2231
- Potential Terms
- Cash, Conventional
- Year Built
- 1977
- Roof
- Composition
- Other Expenses
- 70593
- Energy Source
- Electric
- School District
- Seattle
- Total Monthly Income
- $42,347
- Gross Scheduled Income
- $508,165
- Vacancy Rate
- 5
- Gross Adjusted Income
- $482,756
- Tax Year
- 2026
- Insurance Expense
- $20,536
- W/S/G Expenses
- $33,791
- Total Expenses
- $188,317
- Net Operating Income
- $294,439
- Gross Rent Multiplier
- 11.71
- Cap Rate
- 5
Based on information submitted to the MLS GRID as of . All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.IDX information is provided exclusively for consumers’ personal noncommercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.