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Stateside Flats 210 Bethel St NE 38 Unité Immeuble d’appartements 6 684 188 $ CAD (175 900 $ CAD/Unité) 6,22% Taux de capitalisation Olympia, WA 98506
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Faits saillants de l'investissement
- 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
Résumé de l'annonce
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.
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Faits sur la propriété
| Prix | 6 684 188 $ CAD | Classe d’immeuble | C |
| Prix par unité | 175 900 $ CAD | Taille du lot | 0,60 AC |
| Type de vente | Investissement | Taille du bâtiment | 17 595 pi² |
| Taux de capitalisation | 6,22% | Occupation moyenne | 93% |
| Nombre d’unités | 38 | Nombre d’étages | 3 |
| Type de propriété | Immeuble residentiel | Année de construction/rénovation | 1970/2023 |
| Sous-type de propriété | Appartement | Ratio de stationnement | 2,16/1 000 pi² |
| Style d’appartement | De faible hauteur | ||
| Zonage | HDC-1 | ||
| Prix | 6 684 188 $ CAD |
| Prix par unité | 175 900 $ CAD |
| Type de vente | Investissement |
| Taux de capitalisation | 6,22% |
| Nombre d’unités | 38 |
| Type de propriété | Immeuble residentiel |
| Sous-type de propriété | Appartement |
| Style d’appartement | De faible hauteur |
| Classe d’immeuble | C |
| Taille du lot | 0,60 AC |
| Taille du bâtiment | 17 595 pi² |
| Occupation moyenne | 93% |
| Nombre d’étages | 3 |
| Année de construction/rénovation | 1970/2023 |
| Ratio de stationnement | 2,16/1 000 pi² |
| Zonage | HDC-1 |
Commodités
Commodités des unités
- Balcon
- Lave-vaisselle
- Traitement des déchets
- Micro-ondes
- Cuisine
- Réfrigérateur
- Four
- Fourchette
- Bain/Douche
- Congélateur
- Sans fumée
Commodités du site
- Accès 24 heures
- Accès contrôlé
- Cour
- Installations de lessive
- CVCA contrôlé par le locataire
- Sans ascenseur
- Détecteur de fumée
Unité renseignements sur le mélange
| Description | Nombre d’unités | Loyer moyen/mois | pi² |
|---|---|---|---|
| 1+1 | 22 | - | 598 |
| 2+1 | 5 | - | 890 |
1 1
Walk Score®
Très pratique à pied (85)
Bike Score®
Très cyclable (83)
Impôts fonciers
| Numéro de lot | 66500002501 | Évaluation des bâtiments | 3 218 096 $ CAD |
| Évaluation du terrain | 1 405 180 $ CAD | Évaluation totale | 4 623 276 $ CAD |
Impôts fonciers
Numéro de lot
66500002501
Évaluation du terrain
1 405 180 $ CAD
Évaluation des bâtiments
3 218 096 $ CAD
Évaluation totale
4 623 276 $ CAD
Contacts
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Chad Blenz -
Brandon Lawler -
Jay Timpani -
Mitchell Belcher -
Steven Chattin -
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Stateside Flats | 210 Bethel St NE
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