2231 Franklin Avenue E in Seattle

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.

This listing is provided courtesy of NWMLS.
Listing Broker: Paragon Real Estate Advisors; Michael Urquhart.

Show property location on a map

I want to see this property

Bookmark this listing

Notify me of similar listings

Mortgage Payment Calculator

Find listings near this property

Property Details

Similar Nearby Propertys

1.8 miles away

4731 12th
Seattle
$6,280,000