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Merritt Manor 3335 Martin Way E 82 Unit Apartment Building For Sale Olympia, WA 98506
INVESTMENT HIGHLIGHTS
- In place Multifamily Tax Exemption through 2032 with an option to extend, greatly reducing the tax load on the asset.
- 2020 construction with large two and three-bedroom units averaging 894 square feet.
- The convenient location provides residents easy access to major throughfares and downtown Olympia.
- Proposed 5% debt with two years of interest only through Olympic Federal Savings.
- Amenity rich community featuring a playground, basketball court, community lounge, full size washer and dryer, stainless-steel appliances.
- New construction asset priced well below replacement cost.
EXECUTIVE SUMMARY
Northmarq is pleased to present Merritt Manor. This 2020 built multifamily community is located at 3335 Martin Way in Olympia, Washington compiled of 82 units. This asset features multiple unique factors making it an excellent investment opportunity, including 5% proposed financing and an exclusive MFTE tax exemption.
Merritt Manor consists of large two-bedroom and three-bedroom units averaging 894 square feet. Each unit features full size washer and dryer, a moving kitchen island, granite countertops, and stainless-steel appliances. Additional community amenities include video patrol, EV charging stations, a basketball court, community lounge, playground, grilling area, elevator access, and a garden. Merritt Manor’s location provides residents with easy access to I5 and is a short drive from downtown Olympia.
Merritt Manor consists of large two-bedroom and three-bedroom units averaging 894 square feet. Each unit features full size washer and dryer, a moving kitchen island, granite countertops, and stainless-steel appliances. Additional community amenities include video patrol, EV charging stations, a basketball court, community lounge, playground, grilling area, elevator access, and a garden. Merritt Manor’s location provides residents with easy access to I5 and is a short drive from downtown Olympia.
PROPERTY FACTS
| Sale Type | Investment | Lot Size | 5.72 AC |
| No. Units | 82 | Building Size | 82,000 SF |
| Property Type | Multifamily | No. Stories | 4 |
| Property Subtype | Apartment | Year Built | 2020 |
| Building Class | B | ||
| Zoning | HDC-4 | ||
| Sale Type | Investment |
| No. Units | 82 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Building Class | B |
| Lot Size | 5.72 AC |
| Building Size | 82,000 SF |
| No. Stories | 4 |
| Year Built | 2020 |
| Zoning | HDC-4 |
AMENITIES
UNIT AMENITIES
- Kitchen
- Oven
- Range
- Tub/Shower
SITE AMENITIES
- Playground
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1 | 54 | - | 792 |
| 2+2 | 1 | - | 1,123 |
| 3+1 | 8 | - | 966 |
| 3+2 | 19 | - | 1,142 |
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Bike Score®
Very Bikeable (73)
PROPERTY TAXES
| Parcel Number | 41700100000 | Improvements Assessment | $15,481,400 |
| Land Assessment | $2,562,400 | Total Assessment | $18,043,800 |
PROPERTY TAXES
Parcel Number
41700100000
Land Assessment
$2,562,400
Improvements Assessment
$15,481,400
Total Assessment
$18,043,800
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Merritt Manor | 3335 Martin Way E
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