Building Details

Year Built 1962

Listing Agency: Keller Williams Realty PS

Listed By: Julia Galleher · License #14230 Show Phone

Source: Katrinahalterman

Added: Aug 24 Changed: Oct 3 Last Checked: Oct 7 at 1:11PM

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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 Keller Williams Realty PS

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Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$21,872

Cap Rate

4.37%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$437,440 $437.4K

Cap Rate 7%

$312,457 $312.5K

Cap Rate 9%

$243,022 $243.0K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,608 SF

Gross rent

$32.8K $20.40/SF

− Vacancy

−$1.6K −$0.97/SF

EGI

$31.2K $19.43/SF

− OpEx

−$9.4K −$5.83/SF

NOI

$21.9K $13.60/SF

Area

Thurston County, WA

Vacancy

4.75%

Lease Rate

$20.40 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$437,440

Cap Rate 7%

$312,457

Cap Rate 9%

$243,022

Alternative Uses

Best Use

Multifamily LT 5

$312.5K

$273.4K – $364.5K (±1% cap)

NOI $21,872 @ 7.0% cap · market cap 4.37%

Second Best

Apartment 5plus

$288.1K

$252.1K – $336.1K (±1% cap)

NOI $20,164 @ 7.0% cap · market cap 4.03%

Theoretical Best

Office A

$470.8K

$412.0K – $549.3K (±1% cap)

NOI $32,958 @ 7.0% cap · market cap 6.59%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Duplexes

Suggested Use

Top Pick Restaurant Parking Lot & Garage Big Box & Wholesale Store HVAC Service Pharmacy (Bike/Boat/Book/etc) Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

829

Businesses Nearby

Explore this area Business Placement

Demographics for 98501, WA

45,274

Population

19,969

Households

2.3

Avg Household Size

40

Median Age

48%

College-Educated

97%

High-School Grad

34.9 sq mi

ZIP Area

1,297

Density / Sq Mi

$95,695

Median Household Income

$55,909

Median Earnings

$1,600

Median Rent

$485,200

Median Home Value

Market

Vacancy Rate% for Multifamily in West region

7% 2022

7.8% 2023

8.6% 2024

8.6% 2025

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Frequently Asked Questions

Where is this duplex located?

The property is located at 521 & 523 Boulevard Rd SE Olympia, WA.

What is the asking price?

The asking price for this property is $499,950.