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About the Listing 7086 - 120656,50748
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.
Listing Highlights for 2231 Franklin Ave E
Interior Details
- Bedrooms: 37
- Bathrooms: 19 Full
- Appliances:
- Air Cond:
- Heating: Radiant
- Fireplaces: 0
- Floor: Laminate,Carpet
- Basement:
- Other:
- Water: Public
Exterior Details
- Lot Description: Zoning: Multi-Family
- Garage Capacity: N/A
- Parking Spaces: 20
- Zoning: Multi-Family
- Roof: Composition
- Others: Wood Products
- Sewer: Available
- Parking Features: Covered,4 or More Carport
Financial Details
- Tax Amount: $63,397
- Taxes w/Assessments: N/A
- Tax/Property ID: 2902200595
- Tax Year: 2026
Payment Calculator
Monthly Payment
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Listing Location
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2231 Franklin Ave E Seattle, WA 98102
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