Fully Leased 11-Unit Transitional
For Sale
Contact for pricing
3532 Mary Elder Rd NE, Olympia, WA 98506
Triplex layout across three buildings with shared laundry and off-street parking on a nearly half-acre lot.
Property Size7,163 SF
Price / SF$244.31
Days on Market535
Property Features for 3532 Mary Elder Rd NE
General Information
Standard status
Active
Size
7,163 SF
Property subtype
Multifamily
Zoning
HDC-4
Occupancy
100%
Additional Details
Multifamily Units
11
Amenities
shared laundry
Building Details
Year Built
1950
Buildings
3
Stories
2
Units
11
Listing Agency:
Compass
Listed By:
Lisa Le · License #123519
(425) 242-6440
Source:
Crexi
Added: May 5, 2025
Changed: Oct 8
Last Checked: Oct 20 at 5:35PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Compass
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Investment Insights
Based on property information with market context.
This fully leased 11-unit transitional housing property offers a well-maintained triplex configuration spread across three buildings. The unit mix is diversified throughout the buildings, supported by shared laundry and ample off-street parking, arranged across a nearly half-acre lot.
Located at 3532 Mary Elder Rd NE in Olympia, the property is described as being in the heart of the city with close proximity to shops, dining, and transit. Long-term tenancy and mission-aligned operations are already in place, positioning the asset as a turnkey offering for buyers seeking established occupancy and operating continuity.
Located at 3532 Mary Elder Rd NE in Olympia, the property is described as being in the heart of the city with close proximity to shops, dining, and transit. Long-term tenancy and mission-aligned operations are already in place, positioning the asset as a turnkey offering for buyers seeking established occupancy and operating continuity.
Key Highlights
- 11‑unit transitional housing property reported annual NOI of $148,073 and is fully leased
- Triplex layout across three buildings with a unit mix and shared laundry
- Nearly half‑acre lot with ample off‑street parking
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$89,824
Cap Rate
5.13%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,796,480
$1.8M
Cap Rate 7%
$1,283,200
$1.3M
Cap Rate 9%
$998,044
$998.0K
Market Conditions
NOI Build-Up for 7,163 SF
Gross rent
$171.9K $24.00/SF
− Vacancy
−$8.6K −$1.20/SF
EGI
$163.3K $22.80/SF
− OpEx
−$73.5K −$10.26/SF
NOI
$89.8K $12.54/SF
Area
Thurston County, WA
Vacancy
5.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,796,480
Cap Rate 7%
$1,283,200
Cap Rate 9%
$998,044
Alternative Uses
Best Use
Apartment 5plus
$1.28M
$1.12M – $1.50M
NOI $89,824 @ 7.0% cap · market cap 5.13%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.10M
$1.84M – $2.45M
NOI $146,813 @ 7.0% cap · market cap 8.39%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Lease Details
11
Residential units
Location Intelligence
Trade Area within ½ mile
2,125
Businesses Nearby
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Business Placement
Demographics for 98506, WA
19,198
Population
9,041
Households
2.1
Avg Household Size
44
Median Age
51%
College-Educated
96%
High-School Grad
22.4 sq mi
ZIP Area
857
Density / Sq Mi
$93,968
Median Household Income
$50,388
Median Earnings
$1,431
Median Rent
$469,700
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - Triplex layout across three buildings with shared laundry and off-street parking on a nearly half-acre lot.
Where is this apartment building located?
The property is located at 3532 Mary Elder Rd NE Olympia, WA.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: 11‑unit transitional housing property reported annual NOI of $148,073 and is fully leased; Triplex layout across three buildings with a unit mix and shared laundry; Nearly half‑acre lot with ample off‑street parking
