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701 NE Northlake Ave N | Seattle, WA 98105P 206-274-8000 | www.portagebayadvisors.com
Franklin 82037 Franklin Avenue East | Seattle, WA 98102
$3,400,000
Will Gibsono: 206-274-8108c: [email protected]
Portage Bay AdvisorsWorld Headquarters701 Northlake Ave NSeattle, WA 98105
The information included in this document has been obtained by sources we believe to be reliable. While we do not doubt itsaccuracy, we have not verified it and cannot make any guarantee, warranty or representation about it. It is yourresponsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions, or estimatesused are for example only and may not accurately represent the current or future performance of the property. The value ofany proposed transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legaladvisors. You and your advisors should conduct a careful, independent investigation of the property to determine to yousatisfaction the suitability of the property for your needs.
offering summary _____________
Property Overview
Building Name Franklin 8
Address 2037 Franklin Avenue East | Seattle, WA 98102
Total Units 8
Price $3,400,000
Price Per Unit $425,000
Price Per Foot Net $430.16 / Gross $390.45
Current GRM / CAP 17.83 / 3.62%
Terms All cash to seller
Year Built 1966
Square Feet 7,904 net rentable / 8,708 gross square feet
Lot Size 6,600 sf
Zoning LR2 (M)
Portage Bay Advisors is pleased to exclusively offer for sale for the first time in over forty years Franklin 8 Apartments, on Franklin Avenue East in the Eastlake neighborhood of Seattle, Washington.
Franklin 8 is a mid-century 8 unit, four story building marblecrete & brick façade building that was built in 1966. The units are mostly original, though the common areas have been recently updated and freshened and the windows have been updated throughout.
The building offers a good mix of units: eight 2bd/1ba units, one 1bd/1ba unit, & one ~1800 square foot 3bd/2ba penthouse that has a dining room, an enclosed lake facing balcony, &a functioning private elevator directly into the unit.
Coin-operated laundry machines are located on-site, and there are a total of 10 off-street parking spots. Four of those are covered, tandem spot located in front of the building, six of them behind the building accessed by the alley that runs south from East Boston Street.
Franklin 8 offers investors the rare opportunity to acquire a true value-add property at a prime location in one of the most sought-after submarkets in all of Seattle.
investment overview____________True value – add opportunity at a prime Eastlake location
Most units face Lake Union
3 bedroom / 2 bathroom penthouse with a private elevator
All units have private balconies
Great views
Coin-operated laundry facilities located on-site
10 off-street parking spots (4 of those tandem, covered spots)
Updated windows
Walk score of 82, or very walkable
Below market rents
Most tenancy agreements are MTM
Franklin 8 is located at 2037 Franklin Avenue East, in the Eastlake neighborhood of Seattle, WA. Eastlake is a centrally located, core Seattle neighborhood located along the east shore of Lake Union. Historically known to command some of the highest rents in the Puget Sound Region and to have among the lowest vacancy rates, Eastlake is one of the most sought-after sub-markets in Seattle.
Eastlake is centrally located in Seattle, and in close proximity to the region’s best employers. Franklin 8 is less than two miles away from Amazon World Headquarters in the South Lake Union neighborhood just to the south, and the Bill & Melinda Gates Foundation which is located just to the southwest.
Just across the University Bridge to the north are the Wallingford & Fremont neighborhoods which are home to Google, Adobe, Tableau Software and many other technology companies; with the University of Washington located approximately 1.5 miles to the northeast.
Subject Property Profile
OFFERING SUMMARYMonthly Income
UnitUnit Type
ApproximateSize
Current Rent
Current Rent/sf
101 2bd/1ba ~910sf $1,845 $2.03/sf
102 2bd/1ba ~910sf $1,845 $2.03/sf
201 2bd/1ba ~910sf $1,775 $1.95/sf
202 2bd/1ba ~910sf $1,895* $2.08/sf
301 2bd/1ba ~910sf $1,845 $2.03/sf
302 2bd/1ba ~910sf $1,895 $2.08/sf
303 1bd/1ba ~640sf $1,495 $2.34/sf
401 3bd/2ba ~1,804sf $2,975* $1.65/sf
rent roll______________________
* Unit currently unoccupied. denotes pro forma rent
Subject Property Profile
#
Rent Income
Units TypeApprox
SizeCurrent
RentCurrent
Monthly Income
1 1bd/1ba ~640sf $1,495 $1,495
6 2bd/1ba ~910sf $1,775-$1,895* $11,110
1 3bd/2ba ~1,804sf $2,975* $2,975
8 988 sf avg. $1.97/sf avg $15,570
Annualized Operating Expenses Current
Real Estate Taxes (2020 actual) $31,098
Insurance (pf $325 per unit) $2,600
Utilities (2019 actual) $9,032
Maintenance & Repairs (pf $950 per unit) $7,600
Professional Management (5%) $9,534
Reserves (pf $250 per unit) $2,000
Total Expenses $61,864
Annualized Operating Data Current
Gross Scheduled Income $190,680
Vacancy (3%) ($5,720)
Gross Operating Income $184,960
Less Expenses ($61,864)
Net Operating Income $123,096
Annual Debt Service ($98,533)
Cash Flow Before Tax $24,563
Principal Reduction $34,478
Total Return Before Tax $59,041
Total Monthly Income CurrentRent Income $15,570
Utility Income $0
Parking Income $0
Laundry Income $160
Other Income $160
Total Income $15,890
operating summary_____________
Building OverviewUnits 8 Price $3,400,000
Year Built 1966 Price Per Unit $425,000
Net Rentable SF 7,904 Price/Net SF $430.16
Gross SF 8,708 Price/Gross SF $390.45
Down Payment $1,810,000 Current GRM 17.83
Loan Amount $1,815,000 Current CAP 3.62%
Interest Rate 3.56%
Amortization 30 Years
Current Operations
Expenses per Unit $7,733
Expenses per Foot $7.04
Percentage of Gross 29.40%
* unit currently unoccupied. denotes pro forma rent.
Year Built UnitsPrice
Per UnitPrice
Per SFGRM CAP Selling Price Sale Date
Subject Property2037 Franklin Avenue East Seattle, WA 98102
Franklin 8
1966 8 $425,000 $430.16 17.83 3.62% $3,400,000
Sales Comparable 12003 Franklin Avenue EastSeattle, WA 98102
Penn Apartments
1968 10 $452,750 $481.55 17.09 4.25% $4,527,500 11/15/2019
Sales Comparable 22220 Minor Avenue EastSeattle, WA 98102
Elizabeth
1968 16 $428,125 $451.85 18.31 3.65% $6,850,000 8/26/2019
Sales Comparable 32600 Eastlake Avenue EastSeattle, WA 98102
Roanoke Terrace
1968 16 $425,000 $444.44 22.68 2.57% $6,800,000 3/5/2019
Sales Comparable 3
Sales Comparable 2
Subject Property Sales Comparable 1
sales comparables ___________
Year Built UnitsPrice
Per UnitPrice
Per SFGRM CAP Selling Price Sale Date
Subject Property2037 Franklin Avenue East Seattle, WA 98102
Franklin 8
1966 8 $425,000 $430.16 17.83 3.62% $3,400,000
Sales Comparable 4100 East Boston StreetSeattle, WA 98102
1963 12 $270,417 $447.90 14.51 4.43% $3,245,000 10/17/2019
Sales Comparable 51210 East John StreetSeattle, WA 98102
Price Manor
1958 11 $277,273 $451.85 17.2 3.67% $3,050,000 1/16/2019
Sales Comparable 62355 10th Avenue East Seattle, WA 98102
Stanford Arms
1929 20 $320,000 $467.15 16.5 4.01% $6,400,000 10/23/2019
Sales Comparable 6
Sales Comparable 5
Subject Property Sales Comparable 4
sales comparables ___________
Subject Property Profile
building photography____________
Subject Property Profile
building photography____________
Subject Property Profile
building photography____________
Subject Property Profile
penthouse unit ______ _ _ _ ___
Subject Property Profile
penthouse unit ______ _ _ _ ___
for more informationplease contact
Will Gibsono: 206-274-8108 c: [email protected]
World Headquarters701 NE Northlake WaySeattle, WA 98105www.portagebayadvisors.com