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321 Lofts & Franklin Loft Apartments 2 Multifamily Properties Offered at $13,400,000 in Olympia, WA
Investment Highlights
- Attractive assumable debt at 3.38% rate through May, 2031
- Highly walkable 50 Yard Line Historic District location
- Quality construction with rental upside
- Strong employment and lack of new supply bolster submarket fundamentals
- Superb neighborhood demographics driven by close proximity to top employers
Executive Summary
Two adjacent apartment communities in the heart of downtown Olympia | 55 TOTAL UNITS
Taxes & Operating Expenses (Actual - 2024) |
Annual |
|---|---|
| Gross Rental Income |
$844,263
|
| Other Income |
$389,784
|
| Vacancy Loss |
-
|
| Effective Gross Income |
$1,234,047
|
| Taxes |
$71,060
|
| Operating Expenses |
$291,426
|
| Total Expenses |
$362,486
|
| Net Operating Income |
$871,561
|
Taxes & Operating Expenses (Actual - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $844,263 |
| Other Income | |
|---|---|
| Annual | $389,784 |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Effective Gross Income | |
|---|---|
| Annual | $1,234,047 |
| Taxes | |
|---|---|
| Annual | $71,060 |
| Operating Expenses | |
|---|---|
| Annual | $291,426 |
| Total Expenses | |
|---|---|
| Annual | $362,486 |
| Net Operating Income | |
|---|---|
| Annual | $871,561 |
Property Facts
| Price | $13,400,000 | Number of Properties | 2 |
| Price / SF | $170.88 / SF | Individually For Sale | 0 |
| Cap Rate | 6.40% | Total Building Size | 78,419 SF |
| Sale Type | Investment | Total Land Area | 1.03 AC |
| Status | Active |
| Price | $13,400,000 |
| Price / SF | $170.88 / SF |
| Cap Rate | 6.40% |
| Sale Type | Investment |
| Status | Active |
| Number of Properties | 2 |
| Individually For Sale | 0 |
| Total Building Size | 78,419 SF |
| Total Land Area | 1.03 AC |
Properties
| Property Name / Address | Property Type | Size | Year Built | Individual Price |
|---|---|---|---|---|
|
321 Lofts
321 Legion Way, Olympia, WA 98501 |
Multifamily | 51,859 SF | 2016 | - |
|
Franklin Lofts
600 Franklin St SE, Olympia, WA 98501 |
Multifamily | 26,560 SF | 1967 | - |
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321 Lofts & Franklin Loft Apartments
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