2231 Franklin AVE E, Seattle, WA 98102
2231 Franklin AVE E, Seattle, WA 98102
2231 Franklin AVE E, Seattle, WA 98102
2231 Franklin AVE E, Seattle, WA 98102
2231 Franklin AVE E, Seattle, WA 98102
2231 Franklin AVE E, Seattle, WA 98102
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Michael Green

Michael Green

+1(405) 227-5773
Listed by:Paragon Real Estate Advisors • Michael Urquhart • Brian D. Platt
$ 5,950,000
Est. payment | /mo

37 Beds

19 Baths

17,083 SqFt

Save
$ 5,950,000
Est. payment | /mo
Save

37 Beds

19 Baths

17,083 SqFt

Key Details

Property Type Multi-Family

Sub Type Multi Family

Listing Status Active

Purchase Type For Sale

Square Footage 17,083 sqft

Price per Sqft $348

Subdivision Eastlake

MLS Listing ID 2598588

Style 56 - 10+ Units

Bedrooms 37

Year Built 1977

Annual Tax Amount $63,397

Lot Size 0.354 Acres

Property Sub-Type Multi Family

New Construction No

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.

Location

Province WA

County King

Area 390 - Central Seattle

Interior

Flooring Laminate, Carpet

Fireplace false

Exterior

Exterior Feature Wood Products

View Y/N No

Roof Type Composition

Building

Sewer Available

Water Public

New Construction No

Schools

School District Seattle

Others

Senior Community No

Acceptable Financing Cash, Conventional

Listing Terms Cash, Conventional

Northwest MLS (NWMLS)
"Three Trees" icon indicates a listing provided courtesy of NWMLS.

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2231 Franklin AVE E

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