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Stateside Flats 210 Bethel St NE 38 Unit Apartment Building $4,900,000 ($128,947/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.
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Property Facts
| Price | $4,900,000 | Building Class | C |
| Price Per Unit | $128,947 | 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 | $4,900,000 |
| Price Per Unit | $128,947 |
| 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 | $3,432,900 |
| Land Assessment | $547,300 | Total Assessment | $3,980,200 |
Property Taxes
Parcel Number
66500002501
Land Assessment
$547,300
Improvements Assessment
$3,432,900
Total Assessment
$3,980,200
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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