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The Rex Apartments 410 Franklin St SE 18 Unit Apartment Building $5,050,000 ($280,556/Unit) 7.04% Cap Rate Olympia, WA 98501
Investment Highlights
- Prime Downtown Olympia Location
- Proven Rental Growth with Stable Commercial Income & Long-Term Retail Tenants
- Positioned for Regional Growth
- Historic Mixed-Use Asset
- Affordability with Upside & Reduced Tax Burden
- Exceptional Occupancy Supported by Strong Renter Pool
Executive Summary
Introducing The Rex at 410 Franklin St SE in Olympia, WA. This iconic property nestled in Olympia’s Historic District presents a unique investment opportunity with 18 residential units and 6 retail spaces. The 16,822 NRSF building built in 1910 and updated in 2022 boasts an average apartment size of 465 SF. Experience immediate cash flow with a remarkable T-12 CAP rate of 6.64% and Market CAP rate of 7.26%. Located steps away from the State Capitol, The Rex enjoys the stability of Olympia's economy supported by its government hub and diverse economic sectors. With the city's strategic growth and transformation underway, investing in The Rex means aligning with Olympia's future vision and waterfront redevelopment plans. Seize the opportunity to be part of Olympia's promising future. Benefit from the property's proximity to major employers like Providence St. Peter Hospital and Evergreen State College while capitalizing on the long-term potential driven by The Port of Olympia’s Vision 2050 Action Plan. Don't miss out on this exclusive chance to own a piece of history in Olympia's evolving landscape.
Data Room Click Here to Access
- Offering Memorandum
- Operating and Financials
Property Facts
| Price | $5,050,000 | Building Class | B |
| Price Per Unit | $280,556 | Lot Size | 0.25 AC |
| Sale Type | Investment | Building Size | 16,822 SF |
| Cap Rate | 7.04% | Average Occupancy | 100% |
| No. Units | 18 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1910/2022 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low-Rise | ||
| Zoning | D8 | ||
| Price | $5,050,000 |
| Price Per Unit | $280,556 |
| Sale Type | Investment |
| Cap Rate | 7.04% |
| No. Units | 18 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 0.25 AC |
| Building Size | 16,822 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1910/2022 |
| Opportunity Zone |
Yes |
| Zoning | D8 |
Amenities
Unit Amenities
- Kitchen
- Refrigerator
- Range
- Tub/Shower
- Freezer
Site Amenities
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 8 | - | 326 - 350 |
| 1+1 | 7 | - | 504 |
| 2+1 | 3 | - | 738 |
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Very walkable
80/100
Exceptionally drivable
100/100
Good public transit
70/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 78503400100 | Improvements Assessment | $1,538,700 |
| Land Assessment | $692,200 | Total Assessment | $2,230,900 |
Property Taxes
Parcel Number
78503400100
Land Assessment
$692,200
Improvements Assessment
$1,538,700
Total Assessment
$2,230,900
Contacts
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Chad Blenz -
Brandon Lawler -
Mitchell Belcher -
Steven Chattin -
Jay Timpani -
Berkadia
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