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    515 21St Ave Olympia, WA 98511

    • Apartment buildings
    • 4,161 SF
    OFF-MARKET
    Value Estimation
    Location Intelligence

    Current Use by Public Records

    • Apartment buildings

    Property Details for 515 21St Ave

    Year built
    1968
    Property size
    4,161 SF
    Property type
    Apartment buildings

    Description

    This exceptional value-add multifamily investment property, located at 515 21st Street in Olympia, Washington, presents a compelling opportunity for discerning investors. The two-story, 4,161 square foot building, constructed in 1968, boasts 17 dorm-style studio units, each priced at $126,000. The property features six covered parking spaces, supplemented by ample street parking, catering to residents' needs. Recent renovations have modernized both the interior and exterior finishes, enhancing the overall appeal and functionality. The building includes two shared kitchens, three shared bathrooms, and a shared laundry room, providing convenient amenities for tenants. This property offers a pro-forma cap rate of 6.50% and a price per square foot of $516, reflecting its strong potential for return on investment. Its prime location in Olympia's Midtown neighborhood provides easy access to a variety of popular amenities, including La Costa Cafe, New Roma Bakery, Target, Bonfare Market, Ace Hardware, The Mill Coffee, At Ease Brewing, and several bus stops. The property's proximity to these establishments, combined with its affordability, ensures consistent occupancy and reliable cash flow when fully leased. The property's APN is 003-0132-001 and is situated in Thurston County, WA, zip code 98511. This is an ideal opportunity to acquire a well-maintained, high-performing multifamily asset in a thriving urban location.

    Value Estimation

    Powered by Realmo proprietary methodology Last update: July 3, 2025

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Olympia
    County
    Thurston
    State
    Washington
    Longitude
    -123.03
    Latitude
    46.95
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    515 21St Ave
    Olympia, WA 98511
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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