Franklin Eastlake 2711 Franklin Ave E

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.