Log In/Sign Up
Your email has been sent.
Stateside Flats 210 Bethel St NE 38 Unit Apartment Building $6,684,188 CAD ($175,900 CAD/Unit) 6.22% Cap Rate Olympia, WA 98506
Investment Highlights
- Favorable Financing Dynamics
- Strong Rental Growth Trajectory with Significant Upside Potential
- Proximity to Major Employment Centers
- Prime Location with Exceptional Walkability
- Attractive Affordability Profile in Established Renter Market
- Turnkey Asset in a Thin Market
Executive Summary
Stateside Flats presents a prime investment opportunity at 210 Bethel St NE in Olympia, WA, centrally located in the city's thriving economic landscape. With 27 units averaging 652 SF each, this 1970-built property offers a lucrative purchase price of $4,900,000. Boasting a solid T-3 cap rate of 6.22% and market cap rate of 6.92%, Stateside Flats sits on a 26,136 SF lot in the desirable HDC-1 zoning area of Thurston County. The property's strategic position in Greater Olympia benefits from the region's economic diversity, attracting a growing number of high-income professionals opting for renting over owning. With recent renovations such as a new roof and unit upgrades, Stateside Flats promises stable cash flow potential and continual growth in one of Washington's fastest-growing areas. Don't miss the chance to capitalize on this lucrative real estate opportunity in a market ripe for investment.
- Favorable Financing Dynamics: Offers positive leverage from day one, with attractive debt options and a going-in cap rate of 6.22%.
- Prime Location with Exceptional Walkability: Stateside Flats is located just minutes from Downtown Olympia and the State's Capitol Campus, with a Walk Score and Bike Score of 87 and 83, providing easy access to transit and major arterials.
- Strong Rental Growth Trajectory: Submarket asking rents have increased 20.69% since 2021, demonstrating robust demand and clear income growth potential.
- Significant Upside Potential: Opportunity to increase NOI by over 11% by bringing all units to market rate with minimal operational expense changes.
- Attractive Affordability Profile: In-place rents represent just 15.68% of average household income, ensuring tenant affordability while maintaining substantial room for future rent increases.
- Surrounded by Affluent Demographics: Average household income rises from $87,855 within two miles to $101,133 within 10 miles, with over 18,000 households within five miles earning above $100,000 annually.
- Established Renter Market: 55% of housing units within one mile are renter-occupied, compared to 32% metro wide, reflecting a deeply embedded rental community.
- Proximity to Major Employment Centers: Eight miles from the 28-acre Lacey Business Park (home to Amazon, Target, and Home Depot) and one mile from the Port of Olympia, which supports over 5,000 jobs and generates $447 million in business revenue.
- Turnkey Asset in a Thin Market: An ideal acquisition for 1031 exchange buyers or family offices seeking cash flow from a well-maintained property in a market with strong buyer support and limited inventory.
- Favorable Financing Dynamics: Offers positive leverage from day one, with attractive debt options and a going-in cap rate of 6.22%.
- Prime Location with Exceptional Walkability: Stateside Flats is located just minutes from Downtown Olympia and the State's Capitol Campus, with a Walk Score and Bike Score of 87 and 83, providing easy access to transit and major arterials.
- Strong Rental Growth Trajectory: Submarket asking rents have increased 20.69% since 2021, demonstrating robust demand and clear income growth potential.
- Significant Upside Potential: Opportunity to increase NOI by over 11% by bringing all units to market rate with minimal operational expense changes.
- Attractive Affordability Profile: In-place rents represent just 15.68% of average household income, ensuring tenant affordability while maintaining substantial room for future rent increases.
- Surrounded by Affluent Demographics: Average household income rises from $87,855 within two miles to $101,133 within 10 miles, with over 18,000 households within five miles earning above $100,000 annually.
- Established Renter Market: 55% of housing units within one mile are renter-occupied, compared to 32% metro wide, reflecting a deeply embedded rental community.
- Proximity to Major Employment Centers: Eight miles from the 28-acre Lacey Business Park (home to Amazon, Target, and Home Depot) and one mile from the Port of Olympia, which supports over 5,000 jobs and generates $447 million in business revenue.
- Turnkey Asset in a Thin Market: An ideal acquisition for 1031 exchange buyers or family offices seeking cash flow from a well-maintained property in a market with strong buyer support and limited inventory.
Data Room Click Here to Access
Property Facts
| Price | $6,684,188 CAD | Building Class | C |
| Price Per Unit | $175,900 CAD | Lot Size | 0.60 AC |
| Sale Type | Investment | Building Size | 17,595 SF |
| Cap Rate | 6.22% | Average Occupancy | 93% |
| No. Units | 38 | No. Stories | 3 |
| Property Type | Multifamily | Year Built/Renovated | 1970/2023 |
| Property Subtype | Apartment | Parking Ratio | 2.16/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | HDC-1 | ||
| Price | $6,684,188 CAD |
| Price Per Unit | $175,900 CAD |
| Sale Type | Investment |
| Cap Rate | 6.22% |
| No. Units | 38 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.60 AC |
| Building Size | 17,595 SF |
| Average Occupancy | 93% |
| No. Stories | 3 |
| Year Built/Renovated | 1970/2023 |
| Parking Ratio | 2.16/1,000 SF |
| Zoning | HDC-1 |
Amenities
Unit Amenities
- Balcony
- Dishwasher
- Disposal
- Microwave
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
- Freezer
- Smoke Free
Site Amenities
- 24 Hour Access
- Controlled Access
- Courtyard
- Laundry Facilities
- Tenant Controlled HVAC
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 22 | - | 598 |
| 2+1 | 5 | - | 890 |
1 1
Walk Score®
Very Walkable (85)
Bike Score®
Very Bikeable (83)
Property Taxes
| Parcel Number | 66500002501 | Improvements Assessment | $4,768,126 CAD |
| Land Assessment | $760,172 CAD | Total Assessment | $5,528,299 CAD |
Property Taxes
Parcel Number
66500002501
Land Assessment
$760,172 CAD
Improvements Assessment
$4,768,126 CAD
Total Assessment
$5,528,299 CAD
Contacts
-
Chad Blenz -
Brandon Lawler -
Jay Timpani -
Mitchell Belcher -
Steven Chattin -
Berkadia
1 of 58
Videos
Matterport 3D Exterior
Matterport 3D Tour
Photos
Street View
Street
Map
1 of 1
Presented by
Stateside Flats | 210 Bethel St NE
Already a member? Log In
Hmm, there seems to have been an error sending your message. Please try again.
Thanks! Your message was sent.
Your message has been sent!
Activate your LoopNet account now to track properties, get real-time alerts, save time on future inquiries, and more.