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 Market262
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:
Olympic Sotheby's Int'l Realty
(503) 908-1694
Listed By:
Stephen Sekora
(503) 522-6057
Source:
Premierepropertygroup
Added: Feb 18
Changed: Nov 4
Last Checked: Nov 6 at 7:01AM
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 Olympic Sotheby's Int'l Realty
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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 / Yr
$64,962
Cap Rate
6.51%
Suggested Prices Based on Cap Rates
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
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 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.
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Current Use
Lease Details
9
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,820
Businesses Nearby
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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
$485,200
Median Home Value
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Market
Average Price Trend$/SF for Multifamily properties in Thurston County, WA
Properties on Market for Multifamily properties in Thurston County
Vacancy Rate% for Multifamily in West region
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
