Residential Income
For Sale
$959,000
6144 Waldrick Road Southeast, Olympia, WA 98513
Three separate residences accompany automotive workshop improvements, a machine shed, and private water infrastructure.
Property Size2,478 SF
Lot Size6.00 Acres
Price / SF$387.01
Days on Market461
Property Features for 6144 Waldrick Road Southeast
General Information
Standard status
Active
Size
2,478 SF
Lot size
6.00 Acres
Property subtype
Residential Income
Net Operating Income
$60,471
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$8,529
Amenities
heat pump
electric furnace
woodstove
ceramic tile and engineered hardwood flooring
freeze-proof faucets
private well system
water treatment system
compressor
water trap regulators
exhaust fans
piped for air
0, 0, 0, 0
No
Yes, Heat Pump
Ceramic Tile, Engineered Hardwood, Carpet
Composition
Metal/Vinyl, Wood
Building Details
Year Built
1973
Listing Agency:
Realty One Group Bold
(360) 634-8600
Listed By:
Donna Weaver · License #27418
(360) 634-8600
Source:
Compass
Added: May 9, 2025
Changed: Aug 11
Last Checked: Aug 11 at 12:24PM
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 Realty One Group Bold
Investment Insights
Based on property information with market context.
This residential income property combines three individual homes with substantial workshop improvements on nearly 6 acres. The main residence contains 2,478 square feet and includes a high-efficiency heat pump. A separate 1,344-square-foot mobile home offers independent living space, while the third unit incorporates a one-bedroom residence with a 3,360-square-foot shop. The attached home features ceramic tile and engineered hardwood flooring, a woodstove, and an energy-efficient heat pump.
The workshop is configured with a body shop on one side and a paint booth on the other. Piping for compressed air, a compressor, water trap regulators, and exhaust fans are included. A 2-bay machine shed provides additional covered storage for vehicles, boats, tractors, or heavy equipment. The property also includes freeze-proof faucets, a private well, and a dedicated water treatment system. The improvements date to 1973, with exterior materials including composition, metal/vinyl, and wood.
The workshop is configured with a body shop on one side and a paint booth on the other. Piping for compressed air, a compressor, water trap regulators, and exhaust fans are included. A 2-bay machine shed provides additional covered storage for vehicles, boats, tractors, or heavy equipment. The property also includes freeze-proof faucets, a private well, and a dedicated water treatment system. The improvements date to 1973, with exterior materials including composition, metal/vinyl, and wood.
Key Highlights
- Nearly 6 acres with 3 individual homes and extensive workshop improvements
- Main residence includes 2,478 square feet and a high‑efficiency heat pump
- Third unit features a 3,360‑square‑foot shop with an attached one‑bedroom home
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$31,074
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.24%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$621,480
$621.5K
Cap Rate 7%
$443,914
$443.9K
Cap Rate 9%
$345,267
$345.3K
Market Conditions
NOI Build-Up for 2,478 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$59.5K $24.00/SF
− Vacancy
−$3.0K −$1.20/SF
EGI
$56.5K $22.80/SF
− OpEx
−$25.4K −$10.26/SF
NOI
$31.1K $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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$621,480
Cap Rate 7%
$443,914
Cap Rate 9%
$345,267
Alternative Uses
Best Use
Apartment 5plus
$443.9K
$388.4K – $517.9K
NOI $31,074 @ 7.0% cap · market cap 3.24%
Second Best
Retail
$427.3K
$373.9K – $498.5K
NOI $29,911 @ 7.0% cap · market cap 3.12%
Theoretical Best
Office A
$725.6K
$634.9K – $846.5K
NOI $50,789 @ 7.0% cap · market cap 5.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
6
Businesses Nearby
Explore this area
Business Placement
Demographics for 98513, WA
36,059
Population
14,533
Households
2.5
Avg Household Size
39
Median Age
33%
College-Educated
94%
High-School Grad
49.9 sq mi
ZIP Area
723
Density / Sq Mi
$108,270
Median Household Income
$54,639
Median Earnings
$1,897
Median Rent
$443,300
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Three separate residences accompany automotive workshop improvements, a machine shed, and private water infrastructure.
Where is this residential income property located?
The property is located at 6144 Waldrick Road Southeast Olympia, WA.
What is the asking price?
The asking price for this property is $959,000.
What are key features of this property?
This property features: Nearly 6 acres with 3 individual homes and extensive workshop improvements; Main residence includes 2,478 square feet and a high‑efficiency heat pump; Third unit features a 3,360‑square‑foot shop with an attached one‑bedroom home
