Multifamily Property with Leased
For Sale
$998,000
906 908 Adams Street SE, Olympia, WA 98501
Two residential buildings share a parcel with leased parking and flexible month-to-month tenancy.
Property Size4,776 SF
Price / SF$208.96
Days on Market216
Property Features for 906 908 Adams Street SE
General Information
Standard status
Active
Size
4,776 SF
Total Parking Spaces
24
Property subtype
Multi-Family
Zoning
UR
Net Operating Income
$60,263
Additional Details
Multifamily Units
9
Taxes and HOA fees
Annual Taxes
$10,082
Amenities
Views
Hardwood,Vinyl,Carpet
Yes
No
3
Electric,Natural Gas
Alley,Curbs,Paved,Sidewalk
Public
Cable TV,Gas Available,High Speed Internet
24
0.3306
Wood,Wood Products
Block,Slab
4776
Building Details
Building Size
4,776 SF
Year Built
1901
Stories
3
Tenancy
Multi
Listing Agency:
Windermere R.E. Port Angeles
(971) 395-4001
Listed By:
Ryan Weaver
(503) 894-4603
Source:
Premierepropertygroup
Added: Feb 18
Changed: Sep 21
Last Checked: Sep 21 at 4:39AM
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 Windermere R.E. Port Angeles
Investment Insights
Based on property information with market context.
This multifamily property combines a duplex and a seven-unit apartment building on one parcel, with a separate leased parking lot included. The 4,776-square-foot improvement dates to 1901 and offers a mix of studio and one-bedroom units. Tenancies are structured on a month-to-month basis, providing flexibility in future leasing decisions.
The property is located at 906 908 Adams Street SE in Olympia, near downtown, the waterfront, and shopping. More than 20 parking stalls are available, and the parking component is leased at $30 per month per spot; pricing information is omitted from listing copy. The site is zoned UR (Urban Residential), which the source identifies as allowing high-rise redevelopment or mixed-use opportunities.
The property is located at 906 908 Adams Street SE in Olympia, near downtown, the waterfront, and shopping. More than 20 parking stalls are available, and the parking component is leased at $30 per month per spot; pricing information is omitted from listing copy. The site is zoned UR (Urban Residential), which the source identifies as allowing high-rise redevelopment or mixed-use opportunities.
Key Highlights
- Duplex and 7‑plex situated on one parcel
- 4,776‑square‑foot multifamily property built in 1901
- Unit mix includes studios and one‑bedrooms
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
$64,962
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
6.51%
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%
$1,299,240
$1.3M
Cap Rate 7%
$928,029
$928.0K
Cap Rate 9%
$721,800
$721.8K
Market Conditions
NOI Build-Up for 4,776 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
$97.4K $20.40/SF
− Vacancy
−$4.6K −$0.97/SF
EGI
$92.8K $19.43/SF
− OpEx
−$27.8K −$5.83/SF
NOI
$65.0K $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 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%
$1,299,240
Cap Rate 7%
$928,029
Cap Rate 9%
$721,800
Alternative Uses
Best Use
Multifamily LT 5
$928.0K
$812.0K – $1.08M
NOI $64,962 @ 7.0% cap · market cap 6.51%
Second Best
Apartment 5plus
$855.6K
$748.6K – $998.2K
NOI $59,891 @ 7.0% cap · market cap 6.00%
Theoretical Best
Office A
$1.40M
$1.22M – $1.63M
NOI $97,889 @ 7.0% cap · market cap 9.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
9
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,820
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Multifamily property - Two residential buildings share a parcel with leased parking and flexible month-to-month tenancy.
Where is this multifamily property located?
The property is located at 906 908 Adams Street SE Olympia, WA.
What is the asking price?
The asking price for this property is $998,000.
What are key features of this property?
This property features: Duplex and 7‑plex situated on one parcel; 4,776‑square‑foot multifamily property built in 1901; Unit mix includes studios and one‑bedrooms
