SOLD // 3413 College Street SE, Lacey, WA 98503

College Street Duplexes

Closed for:

$1,020,000

Built in 1966, the College St Duplexes are a three-building and six-unit community located in the city of Lacey. Minutes away from I-5 and downtown Olympia to the West, and Joint Base Lewis-McChord to the Northeast, the College St Duplexes are perfectly situated to benefit from both economic and lifestyle drivers that will continue to improve over the long term. From a tenant’s perspective, spacious two-bedroom units combined with yard space and covered parking make the College St Duplexes the perfect place to call home.

College street duplexes consist of 6 two-bedroom, one-bathroom units averaging ~908 square feet. Washer-dryer hookups, and spacious living room separate from the large kitchen.

Property Overview

ADDRESS

3413 College St SE,

Lacey, WA 98503

RESIDENTIAL NRSF

± 5,450

NEIGHBORHOOD

Lacey

USE CODE

DU

YEAR BUILT

1966

HEATING

Baseboard

UNITS

6 Units

SITE AREA

28,750 SF (0.66 ACRES)

Executive Highlights

VALUE-ADD OPPORTUNITY

Ability to capture significant rental upside through minor renovations
STRONG RENTAL MARKET

50% of worker in Thurston are commuters to Seattle-Tacoma metro area
ATTRACTIVE IN-PLACE & PRO-FORMA CAP RATES

In-place 6.33% cap and pro-forma 7.22% cap
STRONG UNIT MIX

Two-bedroom and townhome units caters to Lacey demographic
RENTAL UPSIDE

Comparable rents allow for 11% increase for current in-place rents
EXCELLENT PROXIMITY TO MAJOR EMPLOYERS

• 11 minutes to Downtown Olympia
• 20 minutes to Joint Base Lewis-McChord
• 20 minutes to Madigan Army Medical Center
• 30 minutes to Downtown Tacoma