The Rex 410 Franklin St SE 18 Unit Apartment Building $7,707,278 CAD ($428,182 CAD/Unit) 6.35% Cap Rate Olympia, WA 98501

Introducing The Rex at 410 Franklin St SE in Olympia, WA. This iconic property nestled in Olympia’s Historic District presents a unique investment opportunity with 18 residential units and 6 retail spaces. The 16,822 NRSF building built in 1910 and updated in 2022 boasts an average apartment size of 465 SF. Experience immediate cash flow with a remarkable T-12 CAP rate of 6.35% and market CAP rate of 6.94%. Located steps away from the State Capitol, The Rex enjoys the stability of Olympia's economy supported by its government hub and diverse economic sectors. With the city's strategic growth and transformation underway, investing in The Rex means aligning with Olympia's future vision and waterfront redevelopment plans. Seize the opportunity to be part of Olympia's promising future. Benefit from the property's proximity to major employers like Providence St. Peter Hospital and Evergreen State College while capitalizing on the long-term potential driven by The Port of Olympia’s Vision 2050 Action Plan. Don't miss out on this exclusive chance to own a piece of history in Olympia's evolving landscape.
- Prime Downtown Olympia Location: The Rex is located in the heart of Downtown Olympia, offering immediate access to the State Capitol campus and the Port of Olympia, while being only a 20-minute drive from Joint Base Lewis-McChord.
- Historic Mixed-Use Asset: The property features 18 residential units - comprising studio, one-bedroom, and two-bedroom layouts - along with six ground-floor retail spaces, providing diversified income in a character-rich historic building.
- Proven Rental Growth: Current asking rents demonstrate exceptional market strength, with a 93.5% increase since 2015 and 22.9% growth since 2021 alone.
- Stable Commercial Income & Long-Term Retail Tenants: The Rex's ground-floor retail spaces generate over $154,000 in annual commercial income, anchored by long-term leases with built-in 3% annual rent increases. The retail tenant mix includes a popular Thai restaurant and a neighborhood favorite pizza spot, drawing consistent foot traffic.
- Affordability with Upside: In-place rents account for just 14.87% of the average household income, indicating strong affordability for tenants and clear potential for future rent increases.
- Positioned for Regional Growth: The Rex is strategically positioned near the Port of Olympia, which is driving regional economic and infrastructure expansion through its Vision 2050 Action Plan, supporting long-term investment, job creation, and enhanced community amenities.
- Exceptional Occupancy: At 95.8%, The Rex outperforms the submarket average of 94.2% reflecting strong tenant demand and operational stability.
- Strong Renter Pool: The surrounding area shows 55% renter-occupied housing within one mile - significantly higher than the 32% metro average.
- Reduced Tax Burden: Assessed value dropped $200,000 in 2026, lowering current property taxes (buyers should plan for reassessment post-acquisition).