 
  
ON THE MARKET // 210 Bethel St NE Olympia, WA 98506
Stateside Flats
On The Market
$5,050,000
Built in 1970 and fully revitalized in 2022, Stateside Flats is a twenty-seven-unit community located just east of Downtown Olympia. Its walking distance from the Capitol Campus and proximity to major arterials make Stateside Flats a perfectly situated property in a location driven by stable economic factors and strong rental demand. From a tenant’s perspective, newly renovated one- and two-bedroom units in a walkable neighborhood, combined with a beautiful courtyard and amenities, make Stateside Flats an excellent place to call home.
Stateside Flats consists of twenty-two one-bedroom, one-bathroom units averaging ±598 square feet, and five two-bedroom, one-bathroom units averaging ±859 square feet. Each unit features a kitchen and living room separate from the large kitchen. At a purchase price of $5,050,000, Stateside Flats offers a great value to a buyer at $187,037 per unit, and an in place 6.42% cap rate. An incoming investor can steadily increase rents without making any major capital improvements and easily achieve a 10% annual return.
 
        
        
      
    
    Property Overview
ADDRESS
210 Bethel St NE
Olympia, WA 98506
RESIDENTIAL NRSF
±17,440
NEIGHBORHOOD
East Olympia
PARKING
34 Surface Spots
YEAR BUILT
1970 / 2022
USE CODE
13 Five-Plus Unit
UNITS
27 Units
SITE AREA
0.6 Acres
Executive Highlights
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       Pedestrian Friendly87/100 Walk Score, 83/100 Bike Score 
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       Attractive In-Place Cap RateIn-place 6.36% Cap 
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       Major Capital Expenses CompleteInterior and exterior renovations and roof completed in 2022 
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       Turn-Key Investment OpportunityStabilized current cash flows with low/no cost upside 
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       Upside through ancillary incomeUtility charges are 30% below market, and ample parking that is not being leased 
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       Excellent LocationDowntown Olympia is the heart of many major employers through the government and private corporations 
 
          
        
          
          
        
       
        
        
      
    
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