210 Bethel NE St Olympia, WA 98506-4373

Property Details for 210 Bethel NE St

Year built

1970

Construction

WOOD FRAME

Lot size

0.60 lot acres

Property size

18,509 SF

Property type

Apartment buildings

APN

6650-00-02501

APU

66500002501

Description

Stateside Flats, a 27-unit apartment building located at 210 Bethel St NE, Olympia, WA 98506, presents a compelling investment opportunity. This stabilized, Class B multifamily property boasts 18,088 square feet on a 26,261 square foot lot, offering a current cap rate of 6.31% and a pro-forma cap rate of 6.54%. The asking price is $5,300,000, translating to $196,296.30 per unit and $293.01 per square foot. Built in 1970 and extensively renovated in 2022 ($600,000 in improvements), the property features a new roof, updated siding, landscaping, and modernized common areas including laundry facilities. All 27 units have undergone either full or light renovations, including new flooring and cabinets, presenting potential for further value-add opportunities. The property also benefits from a resurfaced parking lot with 34 stalls, updated electrical panels, relined sewer lines, and updated in-unit plumbing as needed. Currently operating at 100% occupancy, the property generates a Net Operating Income (NOI) of $334,647, with a pro-forma NOI of $346,525. An assumable Freddie Mac loan at a 3.36% interest rate (principal and interest) is available, with two years remaining on the initial five-year term, beginning July 1, 2021. The property is zoned 13-Five Plus and is conveniently located blocks from downtown Olympia and the state capitol, providing residents easy access to transit and major roadways. This is a well-maintained property in a desirable location with significant upside potential.

Location Insight

City

Olympia

County

Thurston

State

Washington

Longitude

-122.884

Latitude

47.0472

CBSA code

36500

CBSA name

OLYMPIA, WA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments