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1103 Creekwood Ct SE - Creekwood Ct 4-Plex 4 Unit Apartment Building Offered at $899,000 at a 4.66% Cap Rate Olympia, WA 98501
INVESTMENT HIGHLIGHTS
- Olympia School District
- In-unit washer and dryer
- Individual 1-car garage for each unit
EXECUTIVE SUMMARY
Fully rented 4-plex in the Olympia School District. Each unit includes its own garage and in-unit washer and dryer, a rare combination that adds convenience and long-term appeal. Three of the four units have been beautifully remodeled top to bottom with updated kitchens, new flooring, and modern finishes. Major exterior updates include new concrete plank siding, newer roof, and windows, ensuring lower maintenance and long-term durability. Located minutes from parks, schools, and shopping, this well-maintained property attracts strong tenant demand. Reliable rental history, desirable unit features, and potential for increased rents make this a smart addition to any portfolio. A solid opportunity for new and seasoned investors.
FINANCIAL SUMMARY (PRO FORMA - 2025) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$67,200
|
$18.58
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$1,350
|
$0.37
|
| Effective Gross Income |
$65,850
|
$18.21
|
| Taxes |
$9,836
|
$2.72
|
| Operating Expenses |
$13,480
|
$3.73
|
| Total Expenses |
$23,316
|
$6.45
|
| Net Operating Income |
$42,534
|
$11.76
|
FINANCIAL SUMMARY (PRO FORMA - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $67,200 |
| Annual Per SF | $18.58 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $1,350 |
| Annual Per SF | $0.37 |
| Effective Gross Income | |
|---|---|
| Annual | $65,850 |
| Annual Per SF | $18.21 |
| Taxes | |
|---|---|
| Annual | $9,836 |
| Annual Per SF | $2.72 |
| Operating Expenses | |
|---|---|
| Annual | $13,480 |
| Annual Per SF | $3.73 |
| Total Expenses | |
|---|---|
| Annual | $23,316 |
| Annual Per SF | $6.45 |
| Net Operating Income | |
|---|---|
| Annual | $42,534 |
| Annual Per SF | $11.76 |
PROPERTY FACTS
| Price | $899,000 | Property Type | Multifamily |
| Price Per Unit | $224,750 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.22 AC |
| Cap Rate | 4.66% | Building Size | 3,616 SF |
| Sale Condition | 1031 Exchange | Average Occupancy | 100% |
| Gross Rent Multiplier | 14 | No. Stories | 2 |
| No. Units | 4 | Year Built | 1992 |
| Zoning | RM-18 | ||
| Price | $899,000 |
| Price Per Unit | $224,750 |
| Sale Type | Investment |
| Cap Rate | 4.66% |
| Sale Condition | 1031 Exchange |
| Gross Rent Multiplier | 14 |
| No. Units | 4 |
| Property Type | Multifamily |
| Building Class | C |
| Lot Size | 0.22 AC |
| Building Size | 3,616 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1992 |
| Zoning | RM-18 |
AMENITIES
UNIT AMENITIES
- Balcony
- Storage Space
- Washer/Dryer Hookup
- Double Pane Windows
- Vinyl Flooring
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1 | 4 | $1,400 | 904 |
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PROPERTY TAXES
| Parcel Number | 43060002800 | Total Assessment | $939,200 (2024) |
| Land Assessment | $281,300 (2024) | Annual Taxes | $9,836 ($2.72/SF) |
| Improvements Assessment | $657,900 (2024) | Tax Year | 2025 |
PROPERTY TAXES
Parcel Number
43060002800
Land Assessment
$281,300 (2024)
Improvements Assessment
$657,900 (2024)
Total Assessment
$939,200 (2024)
Annual Taxes
$9,836 ($2.72/SF)
Tax Year
2025
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1103 Creekwood Ct SE - Creekwood Ct 4-Plex
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