Hamlin Deal

According to today’s Daily Journal of Commerce, Hamlin Place apartments at the corner of Hamlin and Franklin (2800 Franklin Ave.) sold recently for just under $2.2 million. The corner lot is roughly the size of three or four residential lots in Eastlake, and with residential lots topping out at $1.5 million, the Hamlin sale appears to be a steal. Actually, it’s likely an internal business deal, as the DJC writes,

The seller was DK Hamlin Place LLC, which acquired the property in 1995 for $905,000.

The buyer was RL Hamlin Place LLC, which is associated with a private investor on Mercer Island.

Brokers were not announced. The buyer and the seller, who share the same surname, were partners in the 1995 investment. The deal was worth about $134,781 per unit.

The DJC goes on to note the building was constructed at the same time as I-5, 1959.

The four-story building has 16 units and an equal number of surface parking spaces.

With that much surface parking and an up zone increase that will allow the property to grow 10 feet taller and slightly wider, it’s ripe for possible re-development, but plans at this point are unknown.

Front view of 2800 Franklin Ave.

Side view

16-space rear parking lot