$3,350,000
Est. $18,556/mo2362 Franklin Avenue E, Seattle, WA 98102
• Listed May 27, 2026•147 days active · 147 cumulative
Listing Broker: Lee & Associates Commercial RE; Daniel Lim; 206-928-2311; dlim@lee-associates.com
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Listing Broker: Lee & Associates Commercial RE; Daniel Lim; 206-928-2311; dlim@lee-associates.com
About this home
We are pleased to present Franklin 8 in Seattle’s Eastlake neighborhood! Built in 1967, the 8-unit asset comprises ~7,458 SF and features 8 spacious 2BD, 1BTH units. Each features a private patio or balcony and the large 930 SF floorplans include dedicated dining spaces, large closets, and pantry storage. The top floors units feature Clerestory height ceilings and windows in the living space. 2 units have been fully remodeled and equipped with in-unit laundry, providing the template to realize additional upside in completing renovations on the remaining 6 units. Significant capital improvements have been completed in 2023, including a reseal roof, replaced cedar siding, updated fencing, and improved landscaping. The building also features double paned windows throughout. In addition to its steady in-place performance and renovation upside, the asset presents investors with a unique opportunity to further increase density through the redevelopment of the rear parking lot which should support a 4-story building addition programed either as townhomes or eight potential new apartments (Buyer to verify). Positioned in one of Seattle’s most supply constrained and high-demand rental submarkets, the property supports the execution of multiple strategies for significant value add and upside building on a base of consistent and durable cashflow.
Listed by Daniel Lim • Lee & Associates Commercial RE
Listing updated: October 16, 2026 at 11:58am
RexMont checked: moments ago
Source: NWMLS as Distributed by MLS Grid #2529866
Around this home
How much should you offer?
2362 Franklin Avenue E, Seattle, WA 98102
Source:RexMont analysis of Northwest MLS sales data for this ZIP code plus third-party market data (RentCast). The estimates are RexMont's, not Northwest MLS listing data.
Estimates only and not guaranteed. Consult a RexMont agent for accurate, personalized guidance before making an offer. RexMont OfferEdge™ · © 2026 RexMont Real Estate. Proprietary tool.
Property details
Layout
- 5-9 Units
Flooring
- Vinyl
- Vinyl Plank
- Carpet
Heating & cooling
- Radiant heating
- None cooling
Schools
Ratings via SchoolDigger- Tops K-8 SchoolPublic · Grades K-8 · 0.1 mi · State rank 184 of 1,1388/10
- Hamilton International Middle SchoolPublic · Grades 6-8 · 1.3 mi · State rank 12 of 51410/10
- Lincoln High SchoolPublic · Grades 9-12 · 1.5 mi · State rank 3 of 39610/10
Schools shown are the nearest public Elementary, Middle, and High school for this property and may not be the assigned schools. Verify attendance boundaries with the district before purchasing.
Multi-family facts
As entered by the listing broker on Northwest MLS
Units
- Total units
- 8
- Units in building
- 8
- Units below grade
- false
Income & expenses
- Gross scheduled income
- $260,040
- Total monthly income
- $21,647
- Additional monthly income
- $1,060
- Gross adjusted income
- $247,038
- Net operating income
- $178,764
- Cap rate
- 5.34%
- Gross rent multiplier
- 12.9
- Vacancy rate
- 5%
- Total expenses
- $80,994
- Insurance
- $7,735
- Other expenses
- $29,488
- Water / sewer / garbage paid by
- 14206
Parking & storage
- Parking spaces
- 8
- Uncovered parking
- 8
Taxes & assessment
- Annual taxes
- $29,565
- Tax year
- 2026
- Financing
- Cash, Conventional
Neighborhood mobility
Doorstep, Pedal & Station Scores
Three RexMont scores for this exact address: what is on foot, what is by bike, and what rides past the door.
Ground Truth™
The ground, the slope, the flood zone and the noise at this address
Read from public hazard, flood, terrain and noise maps for this exact home.
Address Insider™
The members' report
Commute, transit, zoning and ADU potential, internet providers and the lifestyle around the home: the nearest grocery, coffee, park, services and transit stop. One free registration opens every home on rexmont.com.
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Sales & Tax Records for 2362 Franklin Avenue E
NWMLS via MLS Grid · King County AssessorEvery listing, pending, price change and closing filed on this home with the NWMLS, the county’s recorded sales, and its assessed values by tax year.
- May 27, 2026ListedNWMLS via MLS Grid · #2529866$3,350,000
- Sep 29, 2023SoldNWMLS via MLS Grid · #2072907$3,250,000
- Jul 25, 2023PendingNWMLS via MLS Grid · #2072907$3,400,000
- May 25, 2023ListedNWMLS via MLS Grid · #2072907$3,400,000
Mortgage payment forecast
$21,858 per month
Great rateTakes about 5 minutes & won't affect your credit
Get pre-approvedSource: RexMont estimate, not Northwest MLS listing data. Interest rates from Freddie Mac's Primary Mortgage Market Survey via FRED (Federal Reserve Bank of St. Louis). Property tax and HOA dues from the NWMLS listing where provided, otherwise estimated; insurance estimated at 0.3% of price per year.
Estimate only. Actual payment depends on credit, lender, and program. PMI not included for down payments below 20%.
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Listing Broker: Lee & Associates Commercial RE; Daniel Lim; 206-928-2311; dlim@lee-associates.com
Market pulse
Seattle is a buyer's market.
Inventory is rising and homes are sitting longer. Buyers have room to negotiate.
Offer insight: Homes typically sell with one offer near asking price.
List to sale price: The average home sells for about 1% below list price.
Time on market: The average home goes pending in around 63 days.
Want a deeper read on this market?
Ask a RexMont agentMarket data from MLS GRID / NWMLS · Updated Oct 2026
Information and statistics derived from Northwest Multiple Listing Service. Source: Northwest Multiple Listing Service, as distributed by MLS GRID.
MLS GRID Disclaimer
Based on information submitted to the MLS GRID as of October 21, 2026 at 4:54 AM PT (date and time MLS GRID Data was obtained). 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.
Listing information courtesy of Northwest Multiple Listing Service (NWMLS). The listing data relating to real estate for sale on this web site comes in part from the Northwest Multiple Listing Service. Real estate listings held by brokerage firms other than RexMont Real Estate are marked with the “Listing courtesy of NWMLS” designation. Information provided is for the consumer’s personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.
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